The Real Estate Market in Kelowna

Came across an interesting commentary on the real estate market in Kelowna (hat tip to 'Best place on meth' in the comments section of Vancouver Condo Info).

According to a local real estate agent in the Okanagan city, 5% of Kelowna listings right now are foreclosures.

Some comments from R/E agent Jason Neumann:

The Central Okanagan foreclosure inventory levels continue to show steady increases from month to month as 2012 is now well under way. Buyers ask me all the time if I foresee a large influx of future court ordered sales coming to the Kelowna real estate market? Having watched the foreclosure inventory rise from 10-12 average listings per month in 2006 versus the over 170 listings already in early 2012 obviously I would have to say yes I do!

There are currently 171 active foreclosures (as of February 10,2012) amongst the entire listing inventory (3,934 properties) for the Central Okanagan. There are currently 82 active foreclosures (as of February 10,2012) amongst the entire listing inventory (1,792 properties) for the North Okanagan.

Areas outside the Lower Mainland of greater Vancouver continue to languish and it appears the foreclosure rate is ramping up significantly.

According to this agent there were an average of 10-12 foreclosure listings per month in Kelowna during 2006. Currently foreclosure listings are running at about 28 per week. And given the long time it takes for the foreclosure process to play out, what we are seeing today isn't close to being a reflection the past 12 months. Hence the realtor's strong assertion that he foresee's a "large influx of future court ordered sales in the Kelowna area."

Downward pressures are clearly only going to intensify.

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