After six consecutive monthly declines, Canada housing starts increased in March albeit at a level that is well below the pace of recent years. The increase was mainly due to a rebound in multiple-unit starts, which increased by 28.3% after plunging 14.5% in February. Single-unit starts rose by a more modest 1.3%. However, any positive news is a welcomed change from the negativity we have seen in past months. The Okanagan is experiencing some solid turnaround in the first quarter as well. It seems the nasty weather has broke and it is supposed to be warm in the Okanagan all Easter Weekend. It is amazing how this affects our residential market. The overall market is up slightly for the first time in 18 months …just activity not prices. Downward pressure in prices is still there but slowing. Activity is up 30% over last month and 3% over last year at this time. This is good news. This is starting to reduce the inventory in the Okanagan Valley but inventory has a long way to go before prices begin to go up again. For now they have stabilized or at least starting to stabilize. I have always said that the Okanagan and Victoria are insulated from the woes of the world for a 20 year period because of baby boomer demographics. When we saw the correction coming we predicted that we would experience a correction but our “insulation” would protect us. That is exactly what has happened. Although a lot of people are hurting in the Okanagan our correction isn’t even close to what is going on in the States and Southern Ontario. Even Alberta is hit harder than us. From Grand Prairie to Lethbridge price reductions to the median prices were approximately double what ours were. Our recovery is starting and we can now show it statistically. Victoria is actually a little ahead of us and their prices have dropped very little. We are even starting to get the odd call about lakefront. Prices have dropped but people are starting to see opportunity instead of negativity in the most desirable area of the country to live in. Hopefully, this will continue. We are launching a new advertising campaign basically we have hired a couple of geeks. No I am not insulting them I know they would feel complimented. We are discovering that marketing on the net is no longer just having a good website. We now must have an entire internet strategy. Starting at a web page and extending to Pay per click, multiple websites and something called Internet Social Networking. Our internet strategy is now designed to get our seller’s information to all the places that potential buyers go on the net. It is becoming old news to expect all the potential customers to show up at our website. Now we are going to where they are going on the net.
Give us a call or email and discuss how we can take your business, development or commercial property to your buyer that is waiting for us to find him or her.
Bill Hubbard
Comments(1)