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On the heels of huge numbers for home sales in the Okanagan last year, the first month of 2015 seems to have cooled off, according to Castanet.net. The Okanagan Mainline Real Estate Board reported that January sales activity declined 15 per cent compared to the same month in 2014. “While demand typically slows in January, Okanagan-Shuswap home sales declined more than expected after the steady upward trend and solid end to 2014,” says Darcy Griffiths, OMREB President.
Realtors cleaning up on storage real estate
Self-storage is becoming a hot commercial real estate sector, with many B.C. properties seeing as much as a 90 per cent occupancy levels and per-square-foot rents that can surpass that of a condominium, according to an article on Business in Vancouver. In Metro Vancouver, the rent for a 100-square-foot self-storage unit ranges between $1.84 and $2 per square foot, which, according to an Urban Analytics study, is equal to a typical condo rent in Burnaby or Richmond. The venture represents a simple, but effective investment tool for investors and is providing realtors with an opportunity for added growth.
MLS sales drag in Calgary
The Calgary Real Estate Board (CREB) reported sales in the city last month were the lowest in five years because of falling consumer confidence brought on by low oil prices and a shifting outlook in the energy sector. “Economic conditions this year are expected to be weaker than original estimates provided in December 2014,” said CREB chief economist Ann-Marie Lurie. “This change is partly connected to continued low energy prices, which impact consumer confidence. A lack of recovery in oil has many concerned about their employment status and this concern is reflected through the weaker sales activity in Calgary’s January resale figures.” Total sales in Calgary in January were down 39 per cent year over year, led by apartment sales, down 41 per cent, attached homes, down 40 per cent and single-family homes, down 38 per cent.
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