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Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported April 2012 sales activity of all MLS® property types were up compared to the same month last year and have improved over the first four
months of 2011, as the housing market remains steady and continues to see modest gains.

“Okanagan‐Shuswap home sales saw gradual improvement during April,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President. “We continue to see up and down fluctuations in each Zone as there are a lot of dynamics in our area – depending on the community, housing type and price point. Now more than ever, it is important for anyone thinking of buying or selling to ask their REALTOR® how their property type is currently faring in the overall market and, more significantly, in their particular neighbourhood.“

Shaw notes, “In April, sales were the strongest in the North Okanagan with a 30% improvement over 2011 and single family homes saw the most significant gain with a 48% increase in units sold. Overall sales for the
month also picked up 18% in the Shuswap, and lot sales jumped significantly over April 2011 – from 2 to 8. In the Central Okanagan, it is encouraging to see a 26% rise in the number of lots sold year‐to‐date compared to
the first four months in 2011. The bump‐up indicates that builders and developers are purchasing land in our Board area, and more lots are being listed and added to the inventory.”

Board‐wide (Peachland to Revelstoke): Overall sales in OMREB’s Board area improved by 11.7% during the month of April compared to this time last year (to 537 from 481), and sales volumes were up 18.0% to $202.7
million from $171.8 million. Sales year‐to‐date (January through April) improved 5.0% over the same period in 2011 (to 1,810 from 1,724) with sales volumes 4.0% higher at $653.1 million compared to $628.0 million.
While units sold in April improved marginally (0.8%) over March (to 537 from 533), sales volumes jumped 34.8% ($202.7 million compared to $193.0 million). Inventory for April 2012 was up 0.9% to 8,926 units
compared to 8,851 last year, while 1,852 new listings for the month rose 2.2% over 1,813 in April 2011.

Central Zone (Peachland to Lake Country): Overall sales in the Central Zone for the month rose 5.3% to 341 units compared to 324 in April 2011, while sales volumes improved 17.0% at $140.9 million compared to $120.6 million. Total residential sales for April were up 8.1% to 321 units compared to 297 sold last year, and improved 1.9% over 315 in March. Single family home sales (179 units) jumped 11.9% compared to last April (160) – a 7.2% improvement over last month (167 in March). Apartment sales for the month showed a 23.5% gain over last year (to 63 from 51 units). While the number of townhouses sold in April were similar to 2011
(49), this segment improved 28.9% compared to March (38). Lot sales year‐to‐date were up by 26.3% to 48 ($10.4 million) compared to 38 in 2011 ($7.7 million). Inventory for the month rose 2.3% over 2011 (to 4,943
units from 4,834), and the 1,044 new listings added were up 1.4% from the 1,030 last year at this time.

North Zone (Predator Ridge to Enderby): Overall sales in the North Zone for April jumped 29.5% to 136 units compared to 105 in 2011, and sales volumes were up 26.1% to $45.9 million from $36.4 million. Sales for the
month also improved 8.8% over March to 136 from 125. Total residential sales for April (123 units) showed a 26.8% improvement over last year (97) – a 7.9% increase over the 114 last month. Single family home sales (83) for the month were up 48.2% compared to the units sold in April 2011 (56), and improved by 25.8% compared to sales this March (66). Inventory during April dropped 4.7% to 2,366 compared to 2,483 this time last year, and the 466 new listings taken for the month dipped 3.1% from 481 in 2011.

Shuswap Zone (Salmon Arm to Revelstoke): During April, overall unit sales in the Shuswap Zone improved 17.7% to 60 units ($15.9 million) compared to 51 ($14.5 million) in 2011 – up 5.2% over the 57 sold in March. Total residential sales rose 4.2% to 50 units compared to April 2011 (48), and saw an 11.1% jump over last month (45). While single family unit sales were up marginally (3.7%) from last year (28 versus 27), sales improved by 47.4% over last month (19 in March). Lot sales jumped to 8 in April compared to 2 last year, and leapt 125% year‐to‐date to 18 from 8 in 2011. Inventory was up 5.9% compared to last April (1,612 from 1,522), while new listings rose 12.9% over the same month in 2011 (to 340 from 301).

“The market is definitely up over last year,” says Shaw. “We are seeing modest improvements in sales and small gains in overall demand, and are confident the outlook for the rest of spring and early summer is good –
especially with interest rates expected to remain low and keep affordability at an even keel for at least the next quarter or so. The Alberta economy is looking better so we could see some spill‐over into BC with perhaps more activity in the new home and recreation markets sparked by recently introduced government incentives.”

With significant active inventory plus the expected seasonal increases in listings, and the demand for housing growing at a slow but steady rate reflective of the economy and employment, Shaw notes that prices are
holding steady in most segments in the Board area.

“Working with a real estate professional to understand current local market conditions and to provide comparisons specific to your neighbourhood is essential as home values vary based on property type and location. Pricing continues to be of utmost importance when selling a home. Consult with your REALTOR® to make sure your pricing is strategic and reflective of the current values in your area. Remember that serious buyers are motivated by well‐priced properties with great curb appeal and room to negotiate.”

It is important to have realistic expectations when buying or selling a house, Shaw adds. “Buyers and sellers must agree to come together if they are serious about closing the deal.”

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported March 2012 sales activity of all MLS® property types declined compared to the same month last year but improved over the first quarter of 2011 and from last month (February), as the housing market continues to strengthen going into spring. “Home sales were steady in the Okanagan‐Shuswap during March with some fluctuations depending on the community and the housing type,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President. “Continuing to trend on long‐term averages, the modest rise in unit sales reflects the gradual growth in the economy and points toward a brighter seasonal market ahead.“

Board‐wide (Peachland to Revelstoke): Overall sales in OMREB’s Board area during the month of March were down slightly (1.1%) compared to this time last year (to 533 from 539), but sales for the first quarter of this
year were up 2.4% compared to the first three months of 2011 (to 1,273 from 1,243). And, the 533 units sold in March saw a 25.5% jump over February sales (418). Sales volumes of $193.0 million for the month slipped
6.3% compared to $205.9 million in 2011, but year‐to‐date volumes were down only 1.3% compared to the first quarter last year (to $450.4 million from $456.2 million). Inventory (active listings) for March 2012 dipped marginally (0.4%) to 8,363 units compared to 8,395 last year, while the 1,832 new listings for the month dropped 2.6% compared to March 2011 (1,881).

Central Zone (Peachland to Lake Country): Overall sales in the Central Zone for the month dipped 1.4% to 351 units ($133.1 million) compared to 356 ($138.7 million) in March 2011, but improved by 21.5% over the units
sold last month (289 in February). Total residential sales for March were down 2.2% to 315 units compared to 322 sold last year but jumped 19.8% from 263 in February. Single family home sales (167 units) dropped 8.2%
compared to last March (182), but climbed 28.5% compared to last month (130). Apartment sales in March showed a 39.3% improvement over 2011 (to 78 from 56), and were up 44.4% from units sold in February (54).
While inventory for the month (4,765 units) was up 1.8% over 2011 (4,683), the 1,106 new listings for March dipped 1.1% from the 1,118 last year at this time.

North Zone (Predator Ridge to Enderby): Overall sales in the North Zone for March jumped 6.9% to 125 units compared to 117 in 2011, but sales volumes were down 7.9% (to $43.5 million from $47.3 million). However,
sales improved 42.0% over February (to 125 from 88). Total residential sales for March (114 units) were up 11.8% compared to last year (102), but rose 54.1% over last month (74). Single family home sales (66) for the
month were up 29.4% compared to the units sold in March 2011 (51), and improved by 57.2% compared to unit sales this February (42). Inventory during March dropped 5.0% to 2,199 compared to 2,314 this time last
year, and the 456 new listings taken were down 10.0% from 507 in 2011.
Shuswap Zone (Salmon Arm to Revelstoke): Overall unit sales in the Shuswap Zone during March dropped 12.3% to 57 units ($16.4 million) compared to 65 ($19.4 million) in 2011, but improved 39.0% over the 41 sold in February. Total residential sales slipped 15.1% over March 2011 (to 45 units from 53), but jumped 40.6% compared to last month (32). While single family unit sales were down 26.9% compared to last March (to 19
from 26), sales rose 11.8% over last month (17 in February). Inventory was up 1.0% from last March (1,395 compared to 1,381), and new listings rose 7.2% over 2011 (to 270 from 252)

“We expect sales to brighten as the weather starts to improve and people think about moving during the next three months. Residential sales in April, May and June are typically good as many households tend to choose to sell their homes then,” Shaw notes.  “Going forward, we hope to see renewed interest in the residential, recreation, investment and retirement
property opportunities in the Okanagan‐Shuswap, as consumer confidence continues to be positively influenced by improving economic and employment conditions in BC and Alberta,” he adds.

Shaw is hopeful that recently introduced government incentives like enhanced HST housing rebates, first‐time home buyer’s bonus, and grants for new second homes and vacation homes will spark more activity in the
new home and recreation markets. “With historically low interest rates keeping affordability at an even keel, and prices holding steady in most
segments in the Board area, now is an optimum time to buy or to sell,” Shaw says. “Inventory is declining but new listings and active inventory remain relatively high, and continue to provide a good selection and choice
of properties.”

During these ongoing buyer’s market conditions, sellers can benefit from working with a professional REALTOR® to price strategically at current values. Serious buyers are motivated by well‐priced properties with
room to negotiate. Homes with good curb appeal and listed by sellers with the sharpest pencils are being sold quickly in this highly competitive market.

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported February 2012 sales activity of all MLS® property types improved over the same month last year as the housing market continues on a moderate
but steady upward trend.

“February home sales remained strong in the Okanagan‐Shuswap, and on par with the 10 to 15 year average for unit sales,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB Vice President. “The trend
in modest rising sales over the past few months is in line with the gradual growth in the economy and indicates market improvement. Province‐wide, prices are staying relatively flat and holding steady in most segments in our Board area.”

Board‐wide (Peachland to Revelstoke): Overall sales in OMREB’s Board area during February were up 8.9% compared to this time last year (to 418 from 384), and unit sales jumped 29.8% from the 322 sold last month (January 2012). Sales volumes of $145.0 million for the month improved 8.6% compared to $133.5 million in 2011. Inventory (active listings) for February 2012 dipped marginally (0.4%) to 7,840 units compared to 7,870
last year, while the 1,458 new listings for the month dropped 6.4% compared to February 2011 (1,557).

Central Zone (Peachland to Lake Country): Overall sales in the Central Zone for the month rose 16.0% to 289 units ($100.4 million) compared to 249 ($95.5 million) in February 2011, and improved by 58.0% over the units
sold last month (183). Total residential sales for February were up by 11.4% to 263 units compared to 236 sold last year, and jumped 39.2% from 189 in January. Single family home sales (130 units) remained similar to last February (129), but climbed 27.5% compared to last month (102). Townhouse sales in February showed a 113.0% improvement over 2011 (to 49 from 23), and were up 96% from units sold in January (25). While inventory for the month (4,500 units) was up 1.4% over 4,437 in 2011, the 954 new listings for February dropped 6.7% from the 1,022 last year at this time.

North Zone (Predator Ridge to Enderby): Overall sales in the North Zone for February dropped 7.4% to 88 units compared to 95 in 2011, but improved by 20.6% over 73 January. However, sales volumes for the month
rose to $31.7 million from $25.1 million in 2011. Total residential sales for February (74 units) were down 9.8% compared to last year (82), but up 15.6% over last month (64). Single family home sales (42) for the month were up 10.5% compared to the units sold in February 2011 (38), and improved by 13.5% compared to unit sales this January (37). February’s inventory dropped 3.3% to 2,056 compared to 2,125 this time last year,
and the 343 new listings taken were down 6.0% from 365 in 2011.

Shuswap Zone (Salmon Arm to Revelstoke): Overall unit sales of 41 units in the Shuswap Zone in February remained the same as 2011, but rose 10.8% over the 37 sold in January. However, sales volumes for the month were down from last year ($12.9 million compared to $13.3 million). Total residential sales slipped 11.1% over February 2011 (to 32 units from 36), but remained level with last month (33). Single family unit sales declined 19.0% compared to last year (to 17 from 21), and dropped 22.7% from January (22). Inventory dipped 1.0% from last February (1,280 compared to 1,294), and new listings were down 5.3% over 2011 (to 160 from 169).

Shaw points out that while the market has picked up, current conditions still favour buyers. “Although inventory is trending downward, new listings and active inventory remain relatively high, and continue to provide a good selection and choice of properties. Interest rates have been maintained at a 25‐year low and are keeping affordability at an even keel.”

Noting that the Provincial Government recently introduced the enhanced HST new housing rebate, first‐time home buyer’s bonus, and grant for new second and recreation homes programs, Shaw says, “We are hoping that these incentives will encourage new home sales, peak interest in the recreation market, and further stimulate the economy.”

While the Okanagan is closing the gap with the Lower Mainland market, overall consumer demand is still impacted by outside factors as consumer confidence is being held back with global debt crisis and American
economic woes.

“However, considering the great residential, recreation, investment and retirement property opportunities in the Okanagan‐Shuswap,” Shaw notes, “we are confident that interest from potential buyers in Alberta and
Saskatchewan will be renewed as economies strengthen, and employment stabilizes.”

With serious buyers motivated by well‐priced properties and room to negotiate, sellers can benefit from working with a professional REALTOR® to price strategically at current values. In this highly competitive market, homes with good curb appeal and listed by sellers with the sharpest pencils are being sold quickly.

VICTORIA – New housing transition measures give certainty to an important economic sector and help to keep taxes equitable throughout the transition as the province returns to the PST, Finance Minister Kevin Falcon announced today.

B.C. will return to the PST on April 1, 2013, meeting the Province’s commitment to return to the PST as quickly and responsibly as possible, while ensuring businesses can plan their training and systems switch-over effectively to apply the sales tax correctly.

Government is announcing new relief measures that will benefit purchasers and builders of new homes. The B.C. new housing rebate threshold will be increased to $850,000, effective April 1, 2012, meaning more than 90 per cent of newly built homes will now be eligible for a provincial HST rebate of up to $42,500. It is important to note that the HST does not apply to resale housing.

In addition, to help support workers and communities in B.C. that depend on residential recreational development, purchasers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital regional districts priced up to $850,000 will now be eligible to claim a provincial grant of up to $42,500 effective April 1, 2012.

The housing transition rules help ensure when people buy a newly constructed home under the PST, whether built entirely under the HST, entirely under the PST, or partly under HST and partly under the PST, they will all pay a consistent and equitable amount of tax.

Specifically:

· B.C.’s portion of the HST will continue to apply before April 1, 2013. Purchasers will be eligible for the new higher B.C. HST new housing rebate, of up to $42,500, and builders will continue to claim input tax credits.

· B.C.’s portion of the HST will no longer apply to newly built homes where construction begins on or after April 1, 2013. Builders will once again pay seven per cent PST on their building materials. On average, about two per cent of the home’s final price will again be embedded PST.

· For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the seven per cent provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of two per cent on the full house price. This ensures equitable treatment among purchasers and will help mitigate distortive market behaviour. Builders will receive temporary housing transition rebates to offset PST on materials to help prevent double-taxation on homebuyers.

The transition rules outlined today provide certainty for new-home construction and sales, particularly during the transition period.

For goods and services that will be subject to PST, PST will generally apply where tax becomes payable on or after April 1, 2013. Detailed general transitional rules for goods and services will be available with the full PST legislation introduced in the legislature this spring.

The provincial changes are subject to the approval of the legislature.

Quotes:

Finance Minister Kevin Falcon –

“These measures ensure that there is fairness and equity throughout the transition period, and provide a roadmap for the housing industry to make the transition back to PST as smooth as possible.”

“The relief measures announced today are a boost to home buyers purchasing either a new primary residence or a secondary home. At the same time, they help an important job-creator in all parts of the province.”

Quick Facts:

· Raising the B.C. HST rebate threshold to $850,000 is expected to save purchasers about $60 million in 2012-13. The maximum value rises to $42,500 from $26,250, a 60 per cent increase.

· More than 90 per cent of newly built homes sold in B.C. are below the new higher rebate threshold.

· Average amount of embedded sales tax in newly built homes under PST: two per cent.

· Tax paid by purchasers on an $850,000-newly built home after HST rebate: two per cent.

· Tax rate on a newly built home during transition: two per cent.

· The temporary housing transition measures will be in place for two years, until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.

· The temporary housing transition tax and the temporary housing transition rebates will be administered by the Canada Revenue Agency on behalf of B.C. The Province is administering the grant for new secondary vacation and recreational homes.

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported January 2012 sales activity of all MLS® property types rose marginally over the same month last year as the housing market continues to show
moderate but steady improvement.

“January home sales were strong in the Okanagan‐Shuswap as most segments in our market remain stable going into 2012, with indications that we are on our way to the 5,000 units forecast for this year – a 4.0%
improvement over 2011, ” says Rob Shaw, an active REALTOR® in the North Zone and OMREB Vice President.

“Province‐wide, unit sales are trending at a 15‐year average and house prices are staying relatively flat. The differentiation between the Lower Mainland market activity and the rest of BC is beginning to narrow.”
Board‐wide (Peachland to Revelstoke): While overall sales in OMREB’s Board area during January rose slightly compared to this time last year (up by 0.6% to 322 from 320), unit sales improved 9.9% from the 293 sold in
December. Sales volumes of $112.3 million were down 3.8% for the month compared to $116.7 million in 2011. Inventory (active listings) for January 2012 rose marginally (0.9%) to 7,387 units compared to 7,320 last year, while the 1,366 new listings for the month climbed 2.6% compared to 2011 (1,331).

Central Zone (Peachland to Lake Country): Overall sales in the Central Zone slipped by 0.9% to 211 units ($74.8 million) compared to 213 ($81.4 million) last January, but improved 15.3% over the 183 units sold in
December. While total residential sales dipped by 3.6% to 189 units compared to 196 sold last January, they jumped 14.5% from the 165 in December. Single family home sales of 102 units rose 3.0% compared to 99 last year, and climbed 6.3% compared to December (96). While, January’s inventory of 4,231 units was up 4.0% compared to 4,067 in 2011, the 902 new listings for the month dipped 1.1% from the 912 last year.

North Zone (Predator Ridge to Enderby): Overall sales in the North Zone for January dropped 8.8% to 73 units ($24.6 million) compared to 80 ($28.3 million) in 2011, and slipped 5.2% from the 77 units sold in December.
Total residential sales for January dipped by 3.0% to 64 units compared to 66 last year, and declined 5.9% from the 68 sold in December. Single family home sales (37) were down 2.6% compared to the units sold in January 2011 (38), but improved by 5.7% compared to unit sales in December (35). Last month’s inventory dropped 2.5% to 1,946 compared to 1,996 last January, and the 292 new listings taken were down 1.0% from 295 in 2011.

Shuswap Zone (Salmon Arm to Revelstoke): Overall sales in the Shuswap Zone improved by 37.0% to 37 units ($12.6 million) compared to 27 units ($7.0 million) in January 2011, and rose 12.1% over the 33 sold in December. Total residential sales of 33 units climbed 32.0% over the 25 sold in January 2011 and 25 in December. The 22 single family unit sales improved 83.3% over the 12 units sold last year – a 57.1% jump from the 14 sales during December. While inventory dipped 2.7% from last January (1,206 compared to 1,220 in 2011), new listings (172) jumped 42.2% over 2011 (121).

Mortgage rates are expected to stay at or near record lows for most of 2012, and continue to positively impact purchasing power and improve affordability for buyers. Home prices are forecast to experience little
movement as the supply of homes more closely matches consumer demand moving forward.

“These optimum conditions make now a good time for buyers to take advantage of great residential, recreation, investment and retirement opportunities in the Okanagan‐Shuswap while there is good selection
of properties available ,” Shaw notes.

“Despite ongoing global economic woes and the sluggish American economy limiting consumer confidence and slowing demand, we are optimistic that modest growth in BC and the Prairie provinces will fuel a sure but steady increase in sales activity in our market during the coming year,” he adds. “We are beginning to seegrowing and renewed interest from potential buyers in Alberta and Saskatchewan as they start to recognize
the affordability of homes in our Board area, so there could be more movement as Spring rolls around.”

With serious Buyers motivated by well‐priced properties and room to negotiate, Sellers can benefit from working with a professional REALTOR® to price strategically at current values. In this highly competitive market, homes with good curb appeal and listed by sellers with the sharpest pencils are being sold quickly.

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported December 2011 sales activity of all MLS® property types improved over the same month last year as the housing market continued to normalize with prices stabilizing and inventory on the decline at year end.

As 2011 came to a close, overall sales activity in the recovering Okanagan-Shuswap market continued to strengthen with moderate but steady improvement during the last two quarters of the year, and showed remarkable resiliency despite ongoing global economic and financial uncertainty. Sales in most segments are stable and holding their own compared to 2010, as historically low interest rates continue to positively impact purchasing power and improve affordability for buyers. However, modest economic recovery and job growth have affected disposable income for potential recreation and investment purchasers so these sectors remain sluggish.

Despite concerns about employment, personal debt load and net worth which dampened consumer confidence and slowed overall demand in most BC markets during 2011, OMREB ended the year on a positive note and is moving forward with optimism. A modest improvement is anticipated for 2012 with a slow but steady increase in sales activity, downward trend in listings, and stable home prices for balanced market conditions in our Board area. Ongoing near record low interest rates will keep affordability on an even keel and relieve some of the big purchase apprehension for home buyers across the country this year.

Although tepid economic growth is forecast for our province, the Alberta economy and jobs are expected to improve as the oil patch continues to rebound in 2012. We are hopeful that better household balance sheets will free up funds and bring back potential purchasers who are looking for good recreation, investment and retirement opportunities in the Okanagan-Shuswap. We have already begun to see more interest in these areas with more Europeans and Albertans on the scene for ski vacations over Christmas and New Years.

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported November 2011 sales activity of all MLS® property types were up 9% over this time last year as the housing market continues to normalize, prices stabilize and inventory declines moving into winter and year‐end.

“As 2011 comes to a close, overall sales activity in the Okanagan‐Shuswap market continues to strengthen with moderate but steady improvement seen for four consecutive months. Most segments are stable and holding their own, while recreation and investment sectors remain sluggish as modest economic recovery and job growth have continued to impact disposable income for potential buyers in BC and Alberta,” says Rob Shaw, OMREB Vice President and active REALTOR® in the North Zone.

“With historically low interest rates continuing to positively impact purchasing power and homes that buyers can afford, now is a good time to buy while there is still an ample supply and good selection of properties
available in our market,” Shaw notes. “Listings are trending downward and keeping inventory in check. The 936 new residential listings reported for the month have not been this low since November 2005 (971). If this
downward trend continues through winter, over‐supply conditions will be reduced going into spring.”

Board‐wide (Peachland to Revelstoke): During November, the 412 overall sales in OMREB’s Board area improved by 8.7% compared to last year’s 379, but dipped 6.3% from the 440 sold this October. Sales volumes of $146.5 million were down 12.4% for the month compared to $130.3 million in 2010. Inventory (active listings) for November was up 1.1% to 8,031 units compared to 7,941 in 2010, while new listings for the month dropped 11.4% to 936 from 1,056 last year at this time. Overall inventory is on the decline with 16,933 units listed year‐to‐date – down 8.5% compared to 18,507 during the first 11 months of 2010.

Central Zone (Peachland to Lake Country): Overall unit sales and sales volumes in the Central Zone jumped by 16.7% to 258 units ($98.1 million) compared to 221 ($76.9 million) last November, and were down 6.6%
compared to the 277 units sold in October. Total residential sales improved by 19.9% to 236 units compared to 197 sold last November, and were down 6.7% from 253 in October. Single family home sales of 124 units rose 12.7% compared to 110 last year, but remained the same as this October (125). November’s inventory of4,475 units was up 3.1% compared to 4,339 in 2010, but the 574 new listings for the month declined 18.9% over the 708 last year.

North Zone (Predator Ridge to Enderby): Overall unit sales and sales volumes in the North Zone for November fell 12.0% to 95 units ($31.6 million) compared to 108 ($37.3 million) in 2010, and slipped 5.0% from the 100 units sold this October. Total residential sales for November dropped 14.6% to 82 units compared to 96 last year, and dipped 8.9% from the 90 sold in October. Single family sales (47) were comparable to the units sold in November 2010 (48) , but were down 7.8% compared to unit sales in the previous month this year (51).

While last month’s inventory dipped slightly to 2,189 compared to 2,211 last year, the 234 new listings taken showed a 6.8% decline from 251 in 2010. Shuswap Zone (Salmon Arm to Revelstoke): Overall unit sales and sales volumes in the Shuswap Zone improved by 18.0% to 59 units ($16.8 million) compared to 50 units ($16.1 million) in November 2010, but
were down 6.3% from the 63 sold this October. Total residential sales of 53 units climbed 43.2% over the 37 in 2010, but dipped 5.35% from the 56 sales in October. The 27 single family unit sales improved by 42.1% over the 19 units sold last November but dipped 6.9% from the 29 sales during the previous month this year (October). While inventory remained similar to last November (1,361 compared to 1,372 in 2010), new listings (126) were up 32.6% compared to last year (95).

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. Year to Date: During the first 11 months of 2011, year‐to‐date unit sales Board‐wide were down 4.0% compared to the same period in 2010 (to 5,358 units from 5,586), while YTD sales volumes for 2011 dipped by 6.3% ($1.9 billion compared to $2.1 billion). Central – YTD sales unit sales were off by only 1.3% compared to this time last year (to 3,427 from 3,474), while YTD sales volumes dipped 5.6% ($1.3 billion compared to $1.4 billion). North – YTD unit sales were down 12.2% compared to 2010 (to 1,259 from 1,434), while YTD sales volumes were down 10.8% ($434.1 million compared to $487.1 million). Shuswap – YTD unit sales to November 2011 slipped by only 0.9% compared to 2010 (to 672 from 678), while YTD sales volumes were down just 0.3% ($204.8 million compared to $208.4 million).

“Lagging consumer confidence cooled the overall demand in most BC markets during 2011 due to concerns about employment, personal debt load and net worth fuelled by economic uncertainty, equity market
volatility and global instability. However, incredibly low interest rates are anticipated to continue for another year or so, and could offset some of the big purchase apprehension for home buyers,” Shaw points out. “We expect to end the year at close to or slightly below year‐to‐date unit sales and volumes seen in December 2010 with about 5,700 units at $2.1 billion. Moving forward into 2012, we anticipate another year of modest but steady sales activity in our Board area. We hope to see a positive impact from the improving Alberta economy and job growth as better household balance sheets may free up funds for potential purchasers who are looking for good recreation, investment and retirement opportunities in the Okanagan‐Shuswap,” he notes.

“Serious buyers are motivated by well‐priced properties and room to negotiate, so sellers can benefit from working with a professional REALTOR® to price strategically at current values. In this highly competitive market, homes with good curb appeal and listed by sellers with the sharpest pencils are being sold quickly.”

The results of OMREB’s Board‐wide monthly Buyers Survey profiling who the buyers are, what they are buyingand where they are from shows that the majority of buyers are from within the Board area. Move‐up buyers
and first‐time buyers are driving factors, and stimulate the chain of ownership.

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported October 2011 sales activity of all MLS® property types remained similar to this time last year and were down slightly from the previous month (September 2011) as the housing market continues to stabilize.

“Overall, the Okanagan‐Shuswap market has experienced steady sales activity during the past six months of 2011. Most segments in our Board area have remained remarkably stable and continue to hold their own, despite comments on the state of the economy. However, recreation and investment sectors remain sluggish as moderate economic recovery and modest job growth in BC, Alberta and across the country have impacted disposable income for potential buyers who are now looking south of
the border for bargain properties,” says Rob Shaw, OMREB Vice President and REALTOR® in the North Zone.

“The dramatic divide between the Lower Mainland and Interior markets has narrowed considerably as lagging consumer confidence and apprehension about making big purchases has cooled the overall demand in most BC markets,” he adds. “Concerns about employment, personal debt load and net worth continue to be fuelled by economic uncertainty, equity market volatility and global instability.”

Board‐wide (Peachland to Revelstoke): During October, the 440 overall sales in OMREB’s Board area were in line with those last year (441), but dipped 8.33% from the 480 sold this September. However, sales volumes of $154.6 million were down 16.6% compared to $185.3 million in 2010. Inventory (active listings) for October was up 1.74% to 8,670 units compared to 8,522 in 2010, while new listings for the month jumped 2.79% to 1,289 from 1,254 last year at this time.

Central Zone (Peachland to Lake Country): Overall unit sales and sales volumes in the Central Zone dipped by 1.07% to 277 units ($106.4 million) compared to 280 ($135.5 million) last October, and were down 6.41% compared to the 296 units sold in September. Total residential sales last month slipped by 0.78% to 253 units compared to 255 last year, and were down 8.99% from 278 in September. Single family home sales of 125 units showed a 10.17% drop compared to 139 last year, and were down 13.79% from the 145 homes sold this September. October’s inventory of 4,761 units was up 3.37% compared to 4,606 in 2010, and the 834 new listings for the month rose 10.17% over 757 last year.

North Zone (Predator Ridge to Lumby): Overall unit sales and sales volumes in the North Zone for October slipped by 15.25% to 100 units ($30.4 million) compared to 118 ($36.8 million) in 2010, and dipped 7.4% from the 108 units sold this September. Total residential sales for October fell 5.89% to 90 units compared to 107 last year, and dropped 8.88% from the 98 sold in September. Single family sales rose 4.08% to 51 units over 49 in October 2010, and improved by 9.8% compared to 46 sold in the previous month this year. While last month’s inventory dipped slightly (0.91%) to 2,390 compared to 2,412 last year, the 324 new listings taken showed a 10% decline from 360 in 2010.

Shuswap Zone (Salmon Arm to Revelstoke): Overall unit sales and sales volumes in the Shuswap Zone improved by 50% to 63 units ($17.6 million) compared to 42 units ($12.6 million) in October 2010. However, the overall sales for the month (63) were down 17.1% from 76 units sold in September. Total residential sales of 56 units climbed 60% over the 35 in 2010, but dipped 9.67% from the 62 sales in September. The 29 single family unit sales improved by 38.1% over the 21 units sold last October and
jumped 20.83% over the 24 sales during the previous month (September 2011). Inventory rose by 1.75% to 1,511 units this October from 1,485 in 2010, while new listings dropped by 3.68% to 131 compared to 136 last year.

“With low interest rates continuing to positively impact purchasing power and the home you can afford, now is a good time to buy. New listings are trending downward and inventory is staying in check, but there is still an ample supply and good selection of homes available in our market,” Shaw notes.

“Serious buyers are motivated by well‐priced properties and room to negotiate, so sellers can benefit from working with a professional REALTOR® to price strategically at current values. In this highly competitive market, homes with good curb appeal and listed by sellers with the sharpest pencils are being sold quickly.”

The results of OMREB’s Board‐wide monthly Buyers Survey profiling who the buyers are, what they are buying and where they are from shows that the majority of buyers are from within the Board area. Move‐up buyers and first‐time buyers are driving factors, and stimulate the chain of ownership.

Kelowna, BC – The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported September 2011 sales activity of all MLS® property types improved over this time last year and were up slightly from the previous month (August 2011) as the housing market shows signs of stability going into fall.

During September, overall sales improved 25.42% over last year (to 296 units from 236) and were up 3.4% from August (286), with sales volumes of $121 million compared to $94.7 million in 2010. Total residential sales last
month climbed 25.23% compared to September 2010 (to 278 units from 222) – up 7.33% over August (259).

Single family home sales rose 16% over last year (145 compared to 125) – up 9.84% from the 132 homes sold in August. Inventory was up slightly (0.14%) over 2010 (to 4,986 units from 4,979), but new listings for the month were down 4.7% from last September (832 compared to 873).

“The market in the Okanagan‐Shuswap is beginning to stabilize as autumn unfolds, especially in the Central Zone with the bump‐up in sales during September and steady activity over the past few months. Most segments
continue to hold their own while the recreation and investment sectors remain sluggish, being most impacted by opportunities south of the border, and Canada’s slower than anticipated economic recovery and modest job
growth,” says Kent Jorgenson, OMREB Director and REALTOR® in the Central Zone. “Overall demand in most BC markets has cooled along with lagging consumer confidence. Belt‐tightening and apprehension about making big purchases has continued as ongoing concerns over personal debt load, net worth and employment are being influenced by news of American economic uncertainty, global instability and equity market volatility.”
Jorgenson notes, “Serious buyers are looking for well‐priced properties – recognizing that now is the time to buy while there is still an ample selection of homes and room to negotiate, and while low interest rates continue to
positively impact their purchasing power and determine the home they can afford.

Sellers can benefit from working with a professional REALTOR® to price strategically at current values and make the most of buyer activity. Homes with good curb appeal that are listed by sellers with the sharpest pencils are
selling quickly in this competitive market.

The results of OMREB’s Board‐wide monthly Buyers Survey profiling who the buyers are, what they are buying and where they are from shows that the majority of buyers are from within the Board area. First‐time buyers and
move‐up buyers are a driving factor, and stimulate the chain of ownership.

Kelowna, BC – The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported August 2011 sales activity of all MLS® property types slower than this time last year and down marginally compared to July as a
buyers’ market continues into the fall.

During August, overall sales dipped 2.05% over last year (to 286 units from 292) and were down 16.12% over July (from 341), with sales volumes of $113.3 million compared to $155.7 million in 2010. Total residential sales last month were down 3.72% compared to August 2010 (to 259 units from 269). Single family home sales rose 1.54% over last year (to 132 compared to 130) – a 2.94% drop from the 136 homes sold in July. While inventory
continues to decline over last year (down 1.23% to 5,230 units from 5,295), new listings for the month rose over last August (up 0.97% to 832 from 824) but declined 13.6% compared to listings taken in July (from 963).

“The summer finished with steady home sales and stable home prices in the Central Zone. Most market segments continue to move along and hold their own in the Okanagan‐Shuswap, while the recreation and investment
segments are still sluggish – being most affected by attractive U.S. opportunities and a slower than expected recovery in Canada,” says Kent Jorgenson, OMREB Director and REALTOR® in the Central Zone. “Concerns over personal debt loads, net worth and employment fueled by reports of American economic instability have cooled consumer confidence and overall demand in most BC markets, and volatility in the equity markets could result in further belt‐tightening and apprehension about making big purchases moving into fall. However, we’re hopeful the BC Government will reveal its HST transition plan quickly to alleviate some market uncertainty. ”
Jorgenson notes, “Serious buyers are looking for well‐priced properties – recognizing that now is the time to buy while there is still a good selection of homes and room to negotiate, and knowing that higher interest rates
anticipated later this year could impact their purchasing power and determine the home they can afford.

Sellers can benefit from working with a professional REALTOR® to price strategically at current values and make the most of buyer activity. Homes with good curb appeal that are listed by vendors with the sharpest pencils are selling quickly in this competitive market. “