MEDIARELEASE

ForImmediateRelease: February7,2012

OkanaganShuswapMarketSteadyGoinginto2012
Kelowna,BCTheOkanaganMainlineRealEstateBoard(OMREB)reportedJanuary2012salesactivityofall MLSpropertytypesrosemarginallyoverthesamemonthlastyearasthehousingmarketcontinuestoshow moderatebutsteadyimprovement. JanuaryhomesaleswerestrongintheOkanaganShuswapasmostsegmentsinourmarketremainstable goinginto2012,withindicationsthatweareonourwaytothe5,000unitsforecastforthisyeara4.0% improvementover2011,saysRobShaw,anactiveREALTORintheNorthZoneandOMREBVicePresident. Provincewide,unitsalesaretrendingata15yearaverageandhousepricesarestayingrelativelyflat.The differentiationbetweentheLowerMainlandmarketactivityandtherestofBCisbeginningtonarrow. Boardwide(PeachlandtoRevelstoke):WhileoverallsalesinOMREBsBoardareaduringJanuaryroseslightly comparedtothistimelastyear(upby0.6%to322from320),unitsalesimproved9.9%fromthe293soldin December.Salesvolumesof$112.3millionweredown3.8%forthemonthcomparedto$116.7millionin 2011.Inventory(activelistings)forJanuary2012rosemarginally(0.9%)to7,387unitscomparedto7,320last year,whilethe1,366newlistingsforthemonthclimbed2.6%comparedto2011(1,331). CentralZone(PeachlandtoLakeCountry):OverallsalesintheCentralZoneslippedby0.9%to211units ($74.8million)comparedto213($81.4million)lastJanuary,butimproved15.3%overthe183unitssoldin December.Whiletotalresidentialsalesdippedby3.6%to189unitscomparedto196soldlastJanuary,they jumped14.5%fromthe165inDecember.Singlefamilyhomesalesof102unitsrose3.0%comparedto99last year,andclimbed6.3%comparedtoDecember(96).While,Januarysinventoryof4,231unitswasup4.0% comparedto4,067in2011,the902newlistingsforthemonthdipped1.1%fromthe912lastyear. NorthZone(PredatorRidgetoEnderby):OverallsalesintheNorthZoneforJanuarydropped8.8%to73units ($24.6million)comparedto80($28.3million)in2011,andslipped5.2%fromthe77unitssoldinDecember. TotalresidentialsalesforJanuarydippedby3.0%to64unitscomparedto66lastyear,anddeclined5.9% fromthe68soldinDecember.Singlefamilyhomesales(37)weredown2.6%comparedtotheunitssoldin January2011(38),butimprovedby5.7%comparedtounitsalesinDecember(35).Lastmonthsinventory dropped2.5%to1,946comparedto1,996lastJanuary,andthe292newlistingstakenweredown1.0%from 295in2011. ShuswapZone(SalmonArmtoRevelstoke):OverallsalesintheShuswapZoneimprovedby37.0%to37units ($12.6million)comparedto27units($7.0million)inJanuary2011,androse12.1%overthe33soldin December.Totalresidentialsalesof33unitsclimbed32.0%overthe25soldinJanuary2011and25in December.The22singlefamilyunitsalesimproved83.3%overthe12unitssoldlastyeara57.1%jump fromthe14salesduringDecember.Whileinventorydipped2.7%fromlastJanuary(1,206comparedto1,220 in2011),newlistings(172)jumped42.2%over2011(121).

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Mortgageratesareexpectedtostayatornearrecordlowsformostof2012,andcontinuetopositivelyimpact purchasingpowerandimproveaffordabilityforbuyers.Homepricesareforecasttoexperiencelittle movementasthesupplyofhomesmorecloselymatchesconsumerdemandmovingforward. Theseoptimumconditionsmakenowagoodtimeforbuyerstotakeadvantageofgreatresidential, recreation,investmentandretirementopportunitiesintheOkanaganShuswapwhilethereisgoodselection ofpropertiesavailable,Shawnotes. DespiteongoingglobaleconomicwoesandthesluggishAmericaneconomylimitingconsumerconfidence andslowingdemand,weareoptimisticthatmodestgrowthinBCandthePrairieprovinceswillfuelasurebut steadyincreaseinsalesactivityinourmarketduringthecomingyear,headds.Wearebeginningtosee growingandrenewedinterestfrompotentialbuyersinAlbertaandSaskatchewanastheystarttorecognize theaffordabilityofhomesinourBoardarea,sotherecouldbemoremovementasSpringrollsaround. WithseriousBuyersmotivatedbywellpricedpropertiesandroomtonegotiate,Sellerscanbenefitfrom workingwithaprofessionalREALTORtopricestrategicallyatcurrentvalues.Inthishighlycompetitive market,homeswithgoodcurbappealandlistedbysellerswiththesharpestpencilsarebeingsoldquickly. TheresultsofOMREBsBoardwidemonthlyBuyersSurveyprofilingwhothebuyersare,whattheyarebuying andwheretheyarefromshowsthatthemajorityofbuyersarefromwithintheBoardarea.Moveupbuyers andfirsttimebuyersaredrivingfactors,andstimulatethechainofownership. TheOkanaganMainlineRealEstateBoardiscomprisedof1,080memberREALTORSand90realestateoffices intheSouthernInteriorofBC.TheBoardareacoverstheCentralOkanagan,NorthOkanaganandShuswap fromPeachlandtoRevelstoke. Forthemostcomprehensivesourceofallrealestatelistings,homebuyingandsellinginformation,visitour nationalwebsitesatwww.realtor.caandwww.icx.ca.TofindoutabouttheadvantagesofusingaREALTOR, checkoutwww.howrealtorshelp.ca. AllOMREBlistingsarepublishedintheMLSRealEstateReviewandMLSCommercialReviewmagazines availableatallrealestateofficesandvariouslocationsintheCentralOkanagan,NorthOkanagan,theShuswap andRevelstokeareas.ForcomprehensiveBoardwidestatisticalinformation,pleasevisitourlocalpublicsite: www.omreb.com 30 Formoreinformation:

RobShaw,OMREBVicePresident(Boardwidestatisticalinformation) shawrealty@shaw.ca (250)5455371

CameronMuir,BCREAChiefEconomist(Provincewidestatisticalinformation) cmuir@bcrea.bc.ca(604)7422780

DISCLAIMER: MonthlySalesstatisticsarebasedonthesalesreportedbyrealestateofficesonorbeforethelastdayofthemonth. Salesnotreportedbymonthendandcollapsedsalesarereflectedinthesubsequentmonthsstatistics.