KELOWNA – Re/Max is forecasting some great news for housing markets across the country in 2015. Regional Executive Vice President of Re/Max Western Canada, Elton Ash, predicts Kelowna will see the highest increase in average home prices in the country.
“Kelowna is a destination market, recreational property is a big plus here and then the local economy is doing really well. So if you take those three factors and put them together, it means it’s a great time for Kelowna real estate prices,” says Ash.
As for sales in Kelowna, the Okanagan Mainline Real Estate Board (OMREB) reports activity in November of all property types rose by 4% over the last year. Sales activity also improved by 24% compared to this time last year according to the OMREB.
However, these positive projections come after some difficult times according to Ash. He says Canadians saw prices fall off between 2010 and 2013.
“That is in large part due to just regular economic conditions, uncertainty over what’s going on and recreational property really being hit hard.”
He says that was because the Canadian dollar value increased, leading to less American investment here. Now that the Canadian dollar value has dropped, Ash says more Americans are starting to look at the Okanagan and Canada in general as an investment location.