CMHC just released their latest housing market outlook for spring 2012 in Kelowna.

Highlights:

• Stronger employment growth coupled with favourable interest rates will support demand for housing in Kelowna in 2012 and 2013
• MLS home sales are expected to increase 8% this year and 14% in 2012.  Buyers will continue to benefit from an ample supply of listings and strong price competition among sellers.
• Existing home prices are forecast to be stable in 2012. Expect prices to edge higher, increasing 2% in 2013 as demand improves and the supply of listings is drawn down.
• Kelowna are housing starts are forecast at 820 house in 2012 compared to 934 homes in 2011.  Housing starts are expected to pick up, increasing to 1,150 homes in 2013.

See the full report here: http://www.cmhc-schl.gc.ca/odpub/esub/64359/64359_2012_B01.pdf