The Okanagan Real Estate Market is seeing a rise in property owners from the Lower Mainland. They are purchasing properties in Kelowna and the Okanagan they can easily monitor and maintain from their base in the Lower Mainland.
In an article in the Vancouver Sun, Jane Hoffman Group Vice-President of Marketing helps uncover this new Kelowna real estate investment trend.
Lora Proskiw, vice-president of marketing for the luxury realtors, Jane Hoffman Group of Kelowna, agrees the drop in Alberta’s oil economy has led to many Albertans sitting on the sidelines until the economic outlook becomes clearer.
“What we have found interesting and counterbalancing that is the interest from the Lower Mainland. We have a Vancouver pool of buyers in the last six to nine months that is almost filling that void.”
Proskiw said sales of homes over $1 million in Kelowna are up from 2010: 20 homes have sold in the first quarter of this year, compared to 18 properties in the first three months of 2010. Realtors are also seeing an increase in buyers from the other Prairie provinces and the Toronto area.
Read the full article here.