This is an excellent time to buy in Kelowna as expected home sales continue to soar in 2014, also a good sign for construction in the city. While new homes continue to sell, new inventory will continue to increase as Kelowna and surrounding areas make room for a growing population.
You can expect both new home construction and MLS home sales to move higher in 2014.
That according to Canada Mortgage and Housing Corporation’s ‘Fall 2013 Kelowna Housing Market Outlook Report.’
“Stronger employment growth coupled with low mortgage interest rates will support increased demand for housing in Kelowna,” says CMHC market analyst, Paul Fabri.
Kelowna area housing starts are forecast to reach 1,125 homes in 2014, up from 900 in 2013 and 836 in 2012.
This includes both single-detached and multiple-family starts.
Fabri says declining inventories of new, completed and unabsorbed homes will contribute to higher levels of construction next year.
According to CHMC, the uptick in MLS home sales in 2013 is also expected to carry over into 2014.
Fabri says existing home prices are forecast to stabilize before edging higher during the second half of 2014 as demand picks up and the supply of homes available for sale slowly shrinks.
The city’s apartment vacancy rate is also expected to move lower in 2013 and 2014.