Vernon Foothills

A gas line and phone line were ruptured today just below the Foothills area. The incident occured sometime before noon. The ruptured gas line could be heard making a very loud hiss and gas could be smelled throughout the Foothills area.

Telus is currently installing fibre in the Foothills. It looks like their plan is to offer fibre right to our doors which will allow them to offer all sorts of new services like Telus TV and much higher internet speeds.  I’ve heard rumours that Telus will begin offering services over this new fibre sometime around June 2009.

I have just finished perusing the latest stats from the Okanagan Mainline Real Estate Board. Here’s a breakdown of some of that data:

•  There are close to 10,000 active listings in the North Okanagan
• There were approximately 500 units sold in each of July and August 2008, which is roughly half the volume of July and August 2007.
• The above translates into a roughly 20 month supply of real estate.
•  recreational properties were hit hard in 2008. 8 units have sold so far this year compared to 27 during the same period in 2007.
• 9 lots sold in August 2008. The current inventory is at 497.  At that pace it will take over 4 years to sell existing inventory and there are many lots continuing to be developed in the North Okanagan. 
• average price of a detached single family house is still up about 8% so far in 2008 compared to same period in 2007.
• There are 146 active residential listings over $1 million dollars. Only 3 sales were made in that category in August 2008 (5 in July). 

Conclusion: Prices will be coming down. If you are a buyer, take your time.