YLW Connection - Summer 2009 - (Page 24)

| BY BRE N D A M OS H AN S K Y T his spring, the Okanagan housing market rebounded with an exuberant amount of activity. This market goes through peaks and valleys, with the most recent downturn descending upon us at the end of 2007. This was an abrupt end to the record level sales activity we had been experiencing over the past several years. This cooling of activity actually created a necessary break in the upward pressure that had been facing the region. This upward pressure was driving prices up to a point where affordability was becoming a concern for first time home buyers. By the fall of 08, global economic uncertainty was another factor affecting sales, and inventory levels began to creep up. This spring the market activity began to pick up as it didn’t take buyers long to realize that the lowest interest rates in history, following several months of a very quiet market with declining prices, and lots of selection created an enormous opportunity to buy into the market. Strong increases month over month since the beginning of this year have been indicative of this in our marketplace. First time home buyers were finally able to break into the market with these factors, and investors came back to the market realizing an immediate positive cash flow. The importance of first time buyers in the market is that it positions other sellers to move upwards in the market. Many buyers wait when prices start to fall hoping to be able to buy in at the lowest point. The reality is that the lowest point isn’t usually obvious until the prices/activity levels have started to climb up again. This is where we are right now, coming out of a soft market and trending towards more balance. It appears that the majority of the decline in prices has already occurred and that interest rates could edge upwards towards the end of the year. It is hard to resist wanting to own property in the Okanagan Valley-- there seems to be something for everyone. With three major ski resorts, an International Airport, award winning vineyards, orchards, water sports, fishing, hiking and a growing cultural district how can one go wrong? The real estate market has embodied all of these areas by building products to accommodate each niche of the market. For the recreational buyer, the developments created unending opportunities for buyers both on the ski hills and the waterfront. Fractional ownership was implemented to assist with affordability allowing buyers from all price Today we are heading towards a balanced market once again as the listing inventory and unit sales reconcile to compatible numbers. points the chance to buy into the market and Retirement concepts built all styles of retirement properties for varying ages and abilities. Kelowna has revitalized its downtown core with an urban flavour to appeal to the cultural crowd; newly built condos in this area were both trendy and had an urban design to them. The pent up demand for condos was met by too many new condo projects coming online at the same time. As the demand was met by these developments, it seemed to encourage more developments to be created. Eventually, too many units were available at the same time with an overwhelming 24 YLW CONNECTION Photos: Stephanie Tracey/Photography West

Table of Contents for the Digital Edition of YLW Connection - Summer 2009

YLW Connection - Summer 2009
Contents
Airport Services
Volunteers Key to Customer Service Experience at YLW
Vancouver- Games Ready
The Right Model for the Right Times?
What's in a Name
Passenger Demand Dictates Growth at YLW
The Shuswap
History of the Flight Attendant
Golfer's Paradise
Kelowna is Ripe with Surprises
Okanagan Housing Market Full of Activity
YLW News
Trivia & Games

YLW Connection - Summer 2009

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