Capital News file

Real estate prices from Peachland to Revelstoke cooling down: report

Average condo price down 14 per cent month-over-month

Real estate listings from Revelstoke to Peachland are cooling off heading into winter, according to the Okanagan Mainland Real Estate Board (OMREB).

Between September and October the board said new real estate listings dropped by 10.5 per cent to 936 new units.

According to the report, the average price for a home in October was down by six per cent to $516,940, however the average price was five per cent higher year-over-year.

READ MORE: Okanagan real estate market heads into spring

OMREB President Michael Loewen said it’s normal for sales to cool off this time of year.

“With the holiday season approaching it’s not unusual for consumers to have other financial priorities on their mind, perhaps putting home purchases on the backburner until the new year,” said Loewen.

“Typically, we see less market activity as we head into the colder months as those that are not in a rush to move prefer to do so when weather conditions are more agreeable.”

A closer look by housing category shows the average price for single-family properties and townhomes’ both tracking five per cent higher year-over-year. The condominium category on the other hand, saw the largest shift with the average price for a condo dropping by 14 per cent month-over-month and down five per cent from this time last year.

“It is too early to say whether this shift in the condo category is an anomaly or the beginning of a trend or mearly just a case of construction of more compact and affordable units having caught-up to consumer demand creating competitive market conditions,” said Loewen.

OMREB is a not-for-profit association that represents approximately 1300 realtors and 88 real estate offices in the region.


@connortrembley
connor.trembley@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

COVID-19: SD67 approves budget reductions

Staff positions will be cut to balance budget

COVID-19: Pre-recorded graduation events planned for students in School District 67

Graduates from Penticton Secondary have created petition to urge postponement of grad ceremonies

COVID-19: SD67 plans restart program for Penticton, Summerland students

District following provincial guidelines as students return to classrooms on June 1

Petition seeks to clean up Okanagan forests ‘carpeted’ with shotgun shells

Penticton man says making shot-gun shells refundable would create cleaner forests

Eco-friendly bus service seeks to add Kelowna to Osoyoos route

Bus would stop in Kelowna, West Kelowna, Peachland, Summerland, Penticton, Kaledan, Oliver, Osoyoos

Video: Okanagan mayors encourage water conservation this summer

Water conservation this summer could be more important than ever, experts say

Enderby’s drive-in not safe from top doc’s 50-car limit

Starlight Drive-In opened with reduced capacity, COVID-19 safety measures in place

Parking lot patios a go in Vernon

Council votes in favour of allowing businesses to expand commercial space into on-street parking spots

Shuswap cabin owner disputes request to stay home in Alberta

Alberta resident redrafts response to CSRD request to stay home

Kelowna’s main drag will be closed to vehicles this summer

Kelowna’s Bernard Avenue will be a pedestrian-only roadway from June 29 through the Labour Day long weekend

Vernon gym knocked out by COVID-19

9Round Fitness in Vernon Square Mall owners announce permanent closure of facility

Snapshot: Distanced dancing in Salmon Arm

Friends use picnic shelter at Blackburn Park for safe practice

Kelowna’s Homebase Baseball Tournament cancelled

A live auction will still take place to raise funds for Joeanna’s House

Kelowna General Hospital Foundation launches fundraising initiative to support local health care

The initiative also highlights workers at Kelowna General Hospital

Most Read