OMREB Media Release March 9, 2009
Buyer Activity Leads Spring Market
Kelowna, BC -
The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported February sales activity of all MLS® property types picked up with the typical spring surge, increasing by 42% in one month from 114 sales in January to 162 in February. Total sales dollars of all properties sold in February was also up by 51% from January, and new listings taken in February were marginally above January at 888.
“REALTORS® are reporting that February activity and interest has picked up considerably,” says Brenda Moshansky, OMREB Director and REALTOR® in the Central Zone. “Buyers are talking to mortgage brokers and bankers about getting reapproved, recognizing the opportunity to take advantage of the lowest interest rate in history. The federal incentive plans such as the home renovation tax credit and the increase to the Home Buyers Plan from a maximum of $20,000 per individual to $25,000 for first-time home buyers to draw from their RRSPs for a down payment will also help sweeten the pot for Buyers.” “All of these factors combined with improved affordability are adding up to much more activity out there,” she adds. “The guidance of a REALTOR® to help determine market value in this competitive marketplace is important for both Buyers and Sellers.” Moshansky summarizes, “Rate commitment periods on preapprovals for mortgages are typically 60 to 90 days. We will likely see Buyers start to test the market as spring gets rolling.” The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Highway 33 to Westbridge (including the Christian Valley). The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,165 member REALTORS® and 89 real estate offices in the Southern Interior of BC. For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at
www.realtor.ca and www.icx.ca. Our local public website is available at www.omreb.com . All OMREB listings are published in the MLS® Real Estate Review magazine available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas.
For comprehensive Board-wide statistical information please visit
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