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Mario Paré Mario Paré

250.215.6977 (Mobile)
250.860.1100 (Office)

Royal LePage Kelowna
1 - 1890 COOPER
Kelowna, BC V1Y8B7

In this issue...
· Featured Listing
· Real Estate stats for Central Okanagan
· How Well Do You Know the Real Estate Business
· Living In The Okanagan
Kelowna House Prices Rise 7%

The Royal LePage House Price Survey and Market Survey Forecast, showed the aggregate price of a home in the region rose about 7 per cent year-over-year to $478,310.

The median (middle) price of a two-storey home jumped 11 per cent to $605,245, while bungalow prices rose about 5 per cent to $477,143.

Condominiums had smaller increases in price, up by 1.4 per cent year-over-year to $304,463.

"This is the second exceptionally strong year in a row for this market..."

Read more at: https://goo.gl/94fW8K
Featured Listing
Featured Listing $377,500 Condo

1224 sq. ft, 2 bdrm, 2 bth condo with 2 parking & storage. Enjoy the beautiful Okanagan sunshine on 300 sq. ft. deck w/gas outlet for BBQ. 9' ceilings, cork floors, granite countertops, spacious master w/ ensuite, walk-in closet, central air and more. High ceilings and large windows let in beautiful natural light. Close to shopping, amenities, restaurants, theatre and Mission Green Way.
MLS#10110219 < http://goo.gl/i5PvzF >.

Real Estate stats for Central Okanagan

January will always show goofy numbers for Year to Date totals, since it's based on only one month...you will see a more accurate view by the end of the 1st quarter - March.

Sales YTD are down -1.15%. Median price last month was $488,500. Listings YTD are down -7.01%. List/Sales Ratio last month 34.13%. Months of inventory is 8.34.

Sales YTD are up 63.16%. Median price last month was $237,000. Listings YTD are down -7.69%. List/Sales Ratio last month 46.97%. Months of inventory is 6.11.

Sales YTD are down -7.50%. Median price last month was $324,089. Listings YTD are down --25.58%. List/Sales Ratio last month 57.81%. Months of inventory is 6.73.

Sales YTD are up 15.38%. Median price last month was $250,000. Listings YTD are up 2.22%. List/Sales Ratio last month 32.61% Months of inventory is 21.13.

Sales YTD are unchanged 0.00%. Median price last month was $85,950. Listings YTD are down 36.67%. List/Sales Ratio last month 73.68%. Months of inventory is 14.

The List/Sales Ratios give an indication of whether we are moving into a balanced or seller's market. Once we get below 6 months of inventory, combined with a 60% or more List /Sales Ratio, we know this is a good indication that we are moving into a seller's market.

How Well Do You Know the Real Estate Business

Lately I've been asked a lot about what I think is going to happen to real estate in the Okanagan.

Those who've been reading my Newsletters already know I've gotten myself in trouble in the past. Even when I tell people, "This is just my personal opinion, and there's no way I can predict the future and I don't want you to make decisions based on it."

So I'll ask a few questions instead and let YOU decide what's going to happen.

1) Are people in Vancouver and area starting to take advantage of their hot market, by selling their high priced homes and buying in the Okanagan?
2) Are baby boomers in Alberta thinking it's time to cash out and retire where the climate is warmer?
3) Are we still a couple of years away from another peak of real estate prices, making this still a good time to buy?
4) Are interest rates eventually going to start going up?

There are a lot more questions, but I think you get the picture. Most people can figure out when's the right time for them, to buy, sell or retire. They don't need me to give an opinion on when that is.

So...what do you think the market is going to do in the Okanagan? :)

Living In The Okanagan

Local wineries showcased...An online culture magazine from the U.K. is shining a light on the Okanagan with a recent collaboration of stories on local wineries.

Crane.tv based in London, England, released a short documentary on Summerhill Winery, marking the Kelowna establishment as the largest organic winery in Canada.

Prenille Raven is a part of the Crane.tv team that helped to produce the film. She says there is still three more films to be released in their Food Travel series which centre around other Okanagan wineries.

Working with Tourism BC and Tourism Kelowna, Quail’s Gate, Gray Monk and 50th Parallel were selected as the other focus wineries.

See more: http://crane.tv/canada-s-largest-organic-winery.

TESTIMONIALS: http://goo.gl/vtq35S
All offices are independently owned and operated, except those offices marked as "Royal LePage Real Estate Services Ltd." Not intended to solicit currently listed properties. The above information is from sources believed reliable, however, no responsibility is assumed for the accuracy of this information.

©2016 Brookfield Real Estate Services Manager Limited.