(AP Photo/David Zalubowski)

Residential sales in Okanagan fizzle

Real estate board says that sales are down from this time last year

Residential sales for the region of Revelstoke to Peachland rose to 407 in February, up from January’s 310 and December’s 324, yet 19 per cent fewer than this time last year reports the Okanagan Mainline Real Estate Board.

“Despite a cold snowy February, the market behaved true to form for the time of year, picking up from the last couple of months,” said OMREB president Marv Beer. Other indicators further signifying a shift away from the strong sellers’ market of the past several years include an increase in new listings, a growing inventory of homes for sale and lower average pricing.

New listings were 965 compared to January’s 913 and 912 this time last year. The supply of homes for sale continues to climb, currently at 3201 compared to about 2300 a year ago. Average price, at $490,760, was on par with January at just 2 per cent higher and 4 per cent lower than last year. In keeping with more activity, the average number of days to sell a home was 88 versus January’s 102 and last year’s 89.

Comparing this February’s average price to last year by housing category show

s single family residences averaging $596,372, just 1 per cent lower than last year, whereas the average price for condominiums was 10 per cent lower. Pricing for townhouses averaged 4 per cent higher.

RELATED: UBCO students create co-housing project in Kelowna

“It’s not really surprising to see the largest price movement in the condominium category, given the volume of new condos that continue to come available and the shift towards construction of smaller, more affordable condo units,” said Beer. “The increase in townhome pricing could be due to sales of new, more upscale units or competition for relatively scarce units of this type, or a combination of both factors.”

“I imagine no one is surprised that single family unit pricing has, so far, stayed stubbornly consistent. Despite two-parent families with children consistently the largest group of home buyers in the region, we’re still lacking a supply of affordable single home units to meet their needs – a need that won’t be met through more government housing-related tax and stricter mortgage rules,” Beer said.

READ MORE: CMHC sets target to make housing affordable for every Canadian by 2030

It’s important to take steps to protect your interests and reduce risk when making a financial transaction as significant as buying or selling a home. Home sellers can benefit from the market knowledge and resources a local real estate professional can bring to bear in pricing the property and executing a marketing plan, including appropriately positioning the property on MLS and across multiple real estate portals. Home buyers can benefit from a local professional’s knowledge in evaluating properties for sale and ensuring an offer to purchase includes appropriate conditions and terms. Both buyers and sellers can benefit from a real estate professional’s skill and practice in negotiation.

For more information visit www.omreb.com

To report a typo, email:
newstips@kelownacapnews.com
.


@KelownaCapNews
newstips@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Ripley strives for family atmosphere

Summerland business has manufactured stainless steel tanks for 40 years

DeLongs create sterling silver jewelry

Studio in Summerland has many unique pieces available

Summerland skater excels at 2019 Victoria Day Super Series

Yuzuki Onishi competed at recent skating event

Sentencing for South Okanagan man who sent Christmas card to shooting victim

A South Okanagan dangerous offender tacked on another nine months of prison time

Gucci Mane concert officially postponed in Penticton

Agency is looking at new tour dates between the Sept. 3 and 15

Kelowna toddler suffers cracked skull after fall from balcony

Neighbour who found the two-year-old boy said he has a bump the size of a golf ball on his head

Black bear spotted near Salmon Arm elementary school

The bear was sighted at around 4 p.m. after school was out

Multiple black bear sightings in residential area near Okanagan elementary

Pictures of the bear have been posted on the Armstrong Community Forum frequently

RCMP probe if teen was intentionally hit with ski pole by mystery skier on B.C. mountain

The incident happened on March 20 on Grouse Mountain. Police are urging witnesses to come forward

Pipeline protester chimes in on Justin Trudeau’s B.C. fundraising speech

The government purchased the Trans Mountain pipeline and expansion project for $4.5 billion

Baby boom seniors putting pressure on B.C. long-term care: report

B.C. leads Canada in growth of dementia, dependence on care

UPDATED: B.C. man says he’ll take People’s Party lawsuit as far as he can

Federal judge shut down Satinder Dhillon’s ‘nonsensical’ motion to bar use of PPC name in byelection

Canada stripping citizenship from Chinese man over alleged marriage fraud

The move comes amid severely strained relations between Ottawa and Beijing

Most Read