Media Release ~ Spring Brings Renewed Interest in Shuswap Housing Market

MEDIA RELEASE

For Immediate Release:

April 8, 2010

Spring Brings Renewed Interest in Shuswap Housing Market

Sicamous, BC - The Shuswap Zone of the Okanagan Mainline Real Estate Board (OMREB) reported March 2010 sales activity of all MLS® property types has improved over 2008, the early part of 2009 and last month as the housing market gains more strength moving into Spring.

"Spring typically brings renewed interest in recreation properties and marks the start of sales activity in the Shuswap," says Karen Singbeil, OMREB Director and REALTOR® in the Shuswap Zone. "Following this trend, overall sales in March rose 32% to 50 units compared to the 38 sold during the same month last year and rose 6% over the 47 sold in February. Buyers will have more choice as new listings increased 45% this month to 325 compared to 224 in March 2009 and were up 11% over the 292 last month."

March saw total residential sales of 38 units - similar to the 37 sold last year and the same as last month (38). However, the sale of 21 single family homes this month increased by 50% compared to the 14 sold at this time last year - a slight drop from the 25 units sold in February.

"The Shuswap market focuses on recreational and retirement properties, and relies on out-of-town investors. As Spring unfolds and the weather improves, potential Buyers begin to arrive from Alberta and other parts of BC," Singbeil notes. "Activity will likely pick up as a wider selection of properties provides more opportunity to find that dream vacation home. Mortgage rates are still comparatively low and our house prices are relatively affordable - despite the recent increase in interest. These factors and upcoming changes to lending criteria could prompt investors to make their move sooner rather than later to avoid potentially higher mortgage rates and the implementation of the HST."

"The guidance of a REALTOR® to help determine local market value in this competitive marketplace is important for both Buyers and Sellers," says Karen.

The Shuswap Zone of OMREB includes the areas of Salmon Arm, Sicamous, Sorrento, North Shuswap and east along Highway 1 to Revelstoke. The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,157 member REALTORS® and 86 real estate offices in the Southern Interior of BC.

For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at www.realtor.ca and www.icx.ca. To find out about the advantages of using a REALTOR^®, visit www.howrealtorshelp.ca

All OMREB listings are published in the MLS® Real Estate Review magazine available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

For more information:

Karen Singbeil, Director - Shuswap Zone karen@shuswap4sale.com (250) 836-2223

Brenda Moshansky, President (Board-wide statistical information) (250) 860-7500 bmoshansky@coldwellbanker.ca

Cameron Muir, Chief Economist, BCREA (Province-wide statistical information) cmuir@bcrea.bc.ca (604) 742-2780