A Closer Look 

Okanagan Mainline real estate board lists 173 foreclosures

80 are single family homes

87 are condos

 The Single Family Homes are fairly well spread throughout the area, with 31 being inKelowna. They are in all price ranges, including 7 over a million dollars. 

The good news is that last year 107 were sold, so the 80 for sale now represents an 8 month inventory. 

 The condos are a different story

11 are at Big White ski resort

13 are new condos in Brookstone and Sitara in Lake Country

35 are new condos in Copper Sky in West Kelowna

That leaves 28 spread throughout the area with only 21 in Kelowna.

 The good news is that last year, 81 were sold so there is about 12 month inventory.

 What is impressive is that with these foreclosures being sold at sometimes bargain prices, the average sale price of homes and condos in the Central Okanagan is still holding up well.

 Stats Courtesy of OMREB

See our website for a graph of average sale prices 1983-2011 www.pcrealty.ca

 What should you do now?

Look at some of these court sales and maybe pick up a bargain. Get expert help to avoid the pitfalls.

Lakeshore foreclosuresClick the following URL to see the listings:
http://matrix.omrebmls.ca/DE.asp?ID=371634533

Contact us at Premier Canadian Properties 250.717.1886 or Toll Free 1.877.717.1886 or by email: bert@pcrealty.ca

 Still? Why not watch those who could be leading the way?

With Canada’s conservative financial management, we’ve had our tougher times, too, but seem to be coming around nicely. Our unemployement rates, while higher than a few years ago are steady or modestly improving; housing prices have dropped from their peak (as they always do), but are flat or slightly improving in many areas; interest rates are amongst the lowest in 30 years; our cost of living is not increasing radically; union workers are still seeking double digit increases. Does this not indicate to you that Canada is not only a wonderful place to live, but should be the model of what to watch?http://www.theprovince.com/business/Economists+clouds+horizon/5955917/story.html

Read their article:http://www.theglobeandmail.com/globe-investor/canadian-banks-call-truce-in-easy-money-mortgage-battle/article2331673/

1350 Ridgeway Drive, Kelowna- nearly new building, no age or rental restrictionsrentals ok, 1 small pet OK. Close to Kelowna Golf and Country Club, Spall Plaza, Parkinson Rec Centre. 

Unit 316-2 bed, 2 bath 931 sq ft , like new, stainless steel appliances, great floor plan Asking $279,900 http://www.pcrealty.ca/listing/316-1350-ridgeway-drive/

Unit 207- 2 bed, 2 bath 934 sq ft, like new, stainless steel apliances asking $269,900 http://www.pcrealty.ca/listing/207-1350-ridgeway-drive/

Unit 415- Top floor, 931  sq ft, granite counters, stainless steel appliances, Asking $294,900 http://www.pcrealty.ca/listing/415-1350-ridgeway-294900/

Unit 1306-1875 Country Club Drive 2bed,2 bath + den 1166 sq ft  Asking $285,000 http://www.pcrealty.ca/listing/1306-1875-country-club-drive-2/

Unit 1416-1875 country Club Drive 2 bed, 2 bath, 2 parking–view over golf course $289,000 http://www.pcrealty.ca/listing/1416-1875-country-club-drive/

Unit 2411 1 bed + den –rent to UBCO students for positive cash flow $218,900 http://www.pcrealty.ca/listing/2411-1873-country-club-drive/

    This graph shows the yearly average selling price of a single family home in the Central Okanagan from Peachland to Lake Country for the years 1983 to 2011. While there have been some flat spots, overall there has been tremendous growth. It also shows why now could be the time to make your home purchase before prices take the next upswing.This combined with the population increase from the last census you can see why the Okanagan continues to have excellent investment potential.