slow down in house market?

[Jason_B]

Is there a significant slow down in the housing market over there this year ?

by what we see lately in the uk, we wondered if there was a similar drop over in Canada, specifically the okanagan.

[Brell]

Hi - what we have happening here is an increase in inventory and a decrease in the number of sales - which has had the effect of slowing the increase in prices. We have not yet seen the prices start to decline.

In Vernon - we are seeing some changes at the lower end of the market as new townhome developments put pressure on the sellers of older smaller homes (which was really needed.) I will post some graphs and stats in the next week to show the picture of whats been going on.

[4d32ftw]

im getting sent houses daily from my realtor in kamloops and i'm definatly starting to see a downturn in prices
and a definate slow down of sales,

the houses i looked at on our reccie are all still for sale and some over $50k cheaper than in july.

[Brell]

Without a doubt - you will certainly be seeing price reductions. That trend will continue - as the market is adjusting - and that can happen without affecting the median price in a negative manner for quite a while.

Houses that were priced in the spring that have not sold will definetly need to be reduced substantially in order to sell. What is priced right sells in fairly short order.

I am seeing a significant increase of homes on the market in the under $300K range - for the first time in the last 18 months which is long over due. Part of this is the inventory level of new condo's or townhouses -which is putting downward pressure on the "starter home"market.

I will be doing some in depth analysis in September and will post it here for people to have a look
Brell

[swoops]

How is the property market looking since the fall of the big banks in America and the UK...

[Moops]

Some of you might be interested in this article about Kelowna's housing market (Kelowna Capital News, Nov 9, 2008) ...

http://www.bclocalnews.com/okanagan_sim ... 55209.html

[Brell]

Here is a presentation we put together based on an online presentation by Century 21 Canada that shows Canadain Real Estate trends from 1980 to 2007 . CREA ( the Canadian Real Estate Association) has not released information for 2008 yet.

Please visit my website, noted in my signature, and click on the tab entitled "Market-Wise", located on the left.

There is a lot of information on stats and pricing available on our blog as well.. just click below.

[Jason_B]

good reading, sounds like the same problem in the market only a different flavour in Canada!!