Demand For Existing Homes Forecast to Strengthen in 2012

In its Fall 2011 Housing Market Outlook report, Canada Mortgage and Housing says that demand for new and existing homes in Kelowna is expected to strengthen in 2012. Favourable mortgage interest rates coupled with stronger employment growth will support modest growth in demand for housing next year.

Sales of existing homes are expected to increase 11 per cent in 2012. Home buyers will continue to benefit from an ample supply of listings available for sale. Expect existing home prices to edge up by three per cent as demand improves and the supply of listings is drawn down later next year.

Kelowna area housing starts are forecast to increase 18 per cent to 1,125 homes in 2012.

To view the complete report click here.