Spring gets things moving – at last!

Springing forward wasn’t just for wall clocks this month.The typical spring surge of sales activity has been reported by the Central Zone of the Okanagan Mainline Real Estate Board, increasing by 42% in one month from 114 sales in January to 162 in February.Total sales dollars of all properties sold in February was also up by 51% from January, and new listings taken in February were marginally above January at 888 says Brenda Moshansky, OMREB Director.

“Buyers are talking to mortgage brokers and bankers about getting pre approved, recognizing the opportunity to take advantage of the lowest interest rate in history. The federal incentive plans such as the home renovation tax credit and the increase to the Home Buyers Plan from a maximum of $20,000 per individual to $25,000 for first-time home buyers to draw from their RRSPs for a down payment will also help sweeten the pot for buyers.”

She says all of these factors combined with improved affordability are adding up to much more activity.

“Rate commitment periods on pre approvals for mortgages are typically 60 to 90 days. We will likely see buyers start to test the market as spring gets rolling.”

Copyright Castanet