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Okanagan Mainline Real Estate Board

October 2017 Survey Summary

Property Type:
21.5% by Relocating and moving to similar property type (up from 17.6% in September)
18.2% buying Revenue/Investment Property (down from 20.2%)
15.5% by First Time Buyers (up from 15.3%)
13.9% by Move-Up Buyers (up from 13.7%)
11.5% by Buyers Downsizing (down from 15.3%)
7.6% buying Recreation Property (up from 6.9%)
5.2% moving from Single Family Home to Strata Unit (up from 4.6%)
3.6% moving from Strata Property to Single Family Home (down from 4.2%)
2.7% moving into Retirement Home/Seniors Community (up from 1.2%)

Buyer Type (Family Dynamic):
28.8% Two Parent Family/Children (up from 25.9% in September)
23.3% Couple without Children (down from 26.6%)
18.5% Empty Nester/Retired (down from 21.7%)
13.3% Single Female (up from 10.7%)
10.9% Single Male (up from 10.3%)
4.2% Single Parent with Children (up from 3.4%)
 
Moving From:
56.3% from Within OMREB Board Area (up from 52.3% in September)
16.6% from Lower Mainland/Vancouver Island (down from 19.1%)
13.6% from Alberta (down from 13.7%)
6.0% from Other Areas in BC (down from 7.6%)
3.3% from Eastern Canada/Maritimes (up from 3.1%)
2.1% from Saskatchewan/Manitoba (down from 2.7%)
2.1% from Outside Canada (up from 1.2%)
0.0% from NWT/Yukon (down from 0.4%)




Strong Residential Sales Despite Summer Slowdown

KELOWNA, B.C. – Aug 4 th , 2017. Residential sales in the Okanagan region of Revelstoke to Peachland moderated slightly in July, with 961 sales posted to the Multiple Listing Service (MLS®), down 6% from June, and just 2% fewer than July last year reports the Okanagan Mainline Real Estate Board (OMREB).

 

“While sales activity typically slows over the summer months, with this July no exception, pricing and days on market continue to show strong demand for available housing supply,” says OMREB President and active Central Okanagan REALTOR® Tanis Read.

 

At $504,712, the average July price in the region was a mere 1% lower than June and 6% higher than this time last year, while days on market, or the average time it takes to sell a home, was 63 in July, as compared to 73 in June and 79 last year. “Although these figures offer a general overview of market conditions, averages tell only part of the story and prospective buyers and sellers can benefit from consulting a real estate professional about how current conditions impact the neighbourhood or housing type of interest,” comments Read.

 

“One might be surprised at how sales and pricing within certain communities and/or housing types can run counter to general market conditions,” notes Read, adding that a REALTOR® who knows the local market can bring a level of knowledge and in-depth data analysis that can help inform decision-making. Year to date, buyers of homes in the region served by OMREB were primarily those who already live in the area, at 56%, with first-time buyers accounting for 20% of the buying population, followed by moveup buyers at 17%.

 

Buyers from the Lower Mainland and Vancouver Island accounted for 19%, followed by Alberta buyers at 10%, with buyers from outside Canada comprising a mere 2%, according to a monthly survey that OMREB has conducted since 2010. “OMREB collects this data to inform our knowledge of the market and current trends, which, in turn, enhances our members’ service to Okanagan real estate consumers,” says Read, noting that, since survey inception, buyers have largely been those who already live in the region. While Alberta buyers were the next populous group until 2015, this group has since been displaced by buyers from the Lower Mainland/Vancouver Island.

 

OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics specific to each of the three regions served by OMREB, visit www.omreb.com.

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Residential sales totaled 824 across the region of Revelstoke to Peachland, generally on par with sales this time last year and a 58% increase over February, reports the Okanagan Mainline Real Estate Board (OMREB).

 

Other key market indicators include average price, which was $475,172.74, comparable to February and just 10% over March last year. Days on market, or the average length of time it takes to sell a home, crept down to 79 in March from 87 days in February and 96 a year ago. Inventory, or the number of available homes for sale, remains low at 37% lower than this time last year.

 

“While sales volumes and other indicators are reflective of this time last year, our market continues to be hampered by a lack of properties for sale,” comments Tanis Read, recently inducted 2017 President of OMREB and active Central Okanagan REALTOR®. “This means we will likely not have the volume of inventory needed to support the typically busy spring months.”

 

Read suggests that, with the growth in demand that generally occurs towards summer, the persistently low inventory is likely to create challenges for consumers and the REALTORS® serving them. Prospective buyers may find themselves competing for those properties that are available for sale and REALTORS® may find themselves managing high-pressure multiple offer situations.

“While those selling their homes may benefit from this scenario, they are likely find themselves facing similar challenges if they are exchanging their current property for another one in the Okanagan market,” says Read.

 

Given these challenges, Read advises buyers and sellers alike to consider engaging a professional, a local REALTOR® to act as guide and trusted advisor throughout the buying or selling process. Read stresses qualities to consider when choosing a REALTOR® include familiarity with local markets, regional anomalies, neighborhoods of interest and the type of home consumers wish to buy or sell (single family, condominium, etc.)

 

An OMREB survey concerning buyers of property sales that closed in February found first time buyers tying for first place with move-up buyers at 21.5%, edging out those relocating and moving to similar property types at 17.5%. The top three buyer types were couples without children at 30.9%, two parent families with children at 25.8% and empty nesters or retired at 18.9%. The majority of buyers continue to be those who already live here at 63.5%, followed by those from the lower Mainland and Vancouver Island at 12% and Alberta at 9.9%. Foreign buyers came in at just 3%.

 

OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke).

 

For comprehensive Board-wide statistical information, please visit our public site at www.omreb.com.

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BUYER STATISTICS 2016

                                           

BC Home Sales Post Record Year 


Vancouver, BC – January 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a record 112,209 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2016, an increase of 9.5 per cent from the previous year. Total sales dollar volume was a record $77.6 billion, up 18.8 per cent from 2015. The average MLS® residential price in the province climbed 8.6 per cent to $691,144 on an annual basis in 2016.

 

"Broad-based consumer demand driven by strong economic conditions, employment growth, consumer confidence, and an expanding population base pushed home sales to record levels in many BC regions last year," said Cameron Muir, BCREA Chief Economist. "However, home sales have fallen back from their lofty peaks early last year." The seasonally adjusted annual rate of sales activity was approximately 92,000 units in December.

 

A total of 4,721 residential unit sales were recorded by the MLS® in December, down 28.4 per cent from the same month last year. Total sales dollar volume was $3.1 billion last month, a decline of 33.1 per cent compared to the same month the previous year. The average MLS® residential price in the province was $654,699 in December, a 6.6 per cent decline from December 2015.

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The British Columbia Real Estate Association (BCREA) is the professional association for over 21,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

 

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

 

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.

 

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

 

SOURCE - BCREA

The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.