OCTOBER 2009
State of the Market Report
October 13, 2009
We have now passed the peak in the selling season, and we expect that the number of transactions that happen from now until February will start falling off. We have seen a fairly strong rally in the market in the last few weeks, and while no one expects the activity to be anywhere near as low as it was in the latter months of 2008, we are certainly not likely to see the activity levels we expect in the spring in the next few months.
So where does that leave you as a seller? I would like to take a few moments and discuss what I see as emerging trends in the market in the Central Okanagan. As your agent, I feel it is important to keep you in touch with what’s going on, as I see it also my role to help you a) preserve as much capital in your home as possible, and b) facilitate the sale of your home so that you can move to the next chapter of your life.
I see a few emerging trends which are making me a little wary. They are:
1. Current inventory of homes and Condos
2. The HST
3. New Home and Condo Inventory.
4. Interest rate increases
5. The strength of the Canadian Dollar.
I am attaching some information on the market, and some commentary about each of these because I feel the next few months are going to be very important to you. In general, while I do believe there will be a healthy number of homes sold over the next several months, I believe that what will be selling and the prices things will be selling at will change. The information attached will explain what I see happening.
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