Buyer's Market in the Shuswap! April Sales Stats OMREB 2010

MEDIA RELEASE

April 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 momentum.

"Sales activity has seen a marked improvement in the Shuswap as Buyer interest in recreation properties is typically renewed as Spring unfolds," says Karen Singbeil, OMREB Director and REALTOR® in the Shuswap Zone. "Overall sales in April jumped 47% to 71 units compared to the 48 sold during the same month last year and rose 42% over the 50 sold in March. It's becoming a Buyer's market with a wide selection of properties to choose from as new listings continue to come on to the market. "

Listings were up 10% over April 2009 (from 321 to 354) and increased 9% over last month (325), while inventory rose 10% from 2009 (1,725 units from 1,567), and improved 12% over March (1,531).

Total residential sales in April rose 19% to 49 units from the 41 sold last year - a 28% increase from last month (38). The 31 single family homes sold saw a 24% increase compared to the 25 sales at this time last year - up 47% from the 21 units sold in March. "Potential Buyers from Alberta and other parts of BC are being spurred into action with the sense of urgency created by the threat of further increasing mortgage rates and tighter lending criteria," Singbeil notes. "Activity is picking up as a wider selection of properties provides more opportunity forthose looking for a vacation or retirement home while mortgage rates are still comparatively low andprices relatively affordable. The implementation of the HST on new properties may create more investor interest in resale properties, particularly in the condo market. "Karen says. "It is important to have realistic expectations when buying or selling a house in this competitive marketplace," Karen says. "Consult with your REALTOR® to get the facts on prices and activity in your area, and to determine local market value."

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 1,161 member REALTORS® and 85 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

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For more information:

Karen Singbeil, Director - Shuswap Zone e-mail: 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

DISCLAIMER: Monthly sales statistics are based on the sales reported by real estate offices as of the last day of the month. There may be some lag time in reporting sales and minor adjustments in total results are made accordingly.