Download - Kelowna Real Estate Housing Boom by 2015?
Kelowna Real Estate Market Update
Kelowna Real Estate Housing Boom by 2015?
Overall Housing Market Showing Signs of Recovery…
• The housing market has been showing several signs of recovery, including home prices and home sales on the rise, new construction up, foreclosures falling, and mortgage rates near record lows.
• Some economists are getting very bullish about the housing recovery and even predicting that the market will return to its “boom” level days in just three years.
• Will Kelowna real estate follow suit?
Recent Barclays Capital Report Predicts Prices Could Return to Peak by 2015
• Barclays predicting house prices to increase by 5% - 7.5% per year
Stephen Kim an Analyst with Barclays says…
• "In our view, the housing market had undergone a dramatic over-correction during the prior five years, resulting in pent-up demand for housing purchases that would spark a rapid rise in
housing starts,"
New Home Construction Expected to Rise 20% or More..
• Home construction is also expected to soar, rising 20 percent or more a year for the next year, according to some economists’ forecasts. The new-home market could return to its pre-bubble average of about 1.5 million new homes a year by 2016, CNNMoney reports. That would double the construction level
expected this year.
Roger Altman of Evercore Partners says…
• "That turn in the [housing] market is occurring now and it should become a boom by 2015,”
• What will the Kelowna Housing Market do? Will it follow suit?
• Time will tell…