As we move into Spring the Real Estate Market in Kelowna is showing some very positive signs of increased activity, sales for March were up 52% over February and April is looking even better [OMREB MLS Statistics]. The interest rates have continued to fall with rates available as low as 3.85% for 5 years this week, these low rates are convincing many that have been sitting on the fence that now is the time to purchase, buyers who have wanted to purchase for the last 3 years but couldn't afford to are now moving back into the market. This increased activity is taking place mostly in the low to medium price range homes and condos and in the single family homes is stabilizing the prices, a very positive sign. For anyone thinking of buying or even selling and moving to a different property now is the perfect time, it is likely interest rates will not stay at these historically low levels for very long so it is wise to arrange with a broker to lock into todays rates for 90-120 days then start shopping.

March has seen a marked increase in the number of buyers viewing Kelowna properties and that has translated into more sales, in some price points and locations I am finding the selection has decreased and sales are taking place faster. What I am noticing is detached single family housing in the $300,000-400,000 range is becoming very active with first time family buyers, also town homes in the $200,000-300,000 range are selling well also to the first time family buyers. Condos are still lagging in activity and sales considering the large selection and excellent pricing, it should be attractive to the first time single and couple buyers with no kids. With the low mortgage rates  the best values are now being bought up "Now" is definitely the best time to take advantage of the lower prices and interest and it won't last forever.

Kelowna buyers and sellers will benefit from the new requirement that Home inspectors must now be licensed to offer services in BC, this is good news for the Real Estate Industry in BC and Kelowna. You can read this Article for the full story.  

Kelowna real estate has never been a better value than today, the prices have come down from 20-30%, the selection in Kelowna has increased in some categories over 100% and the Interest Rates have not been this low in over 50 years. What a combination but it won't last forever, likley the first thing to change will be interest rates, the first hint of good news in the economy and they will rise.If you are a first time buyer take advantage of all the perks, no Property Transfer Tax, use your RRSP+ Tax Credit  or if you are wanting to move to Kelowna or within Kelowna this could be the best time.