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North Okanagan Real Estate Market Update December 2018


“Looking to 2019, we can expect that the market will continue to moderate, as compared to recent years, with all signs pointing to more balanced conditions where buyers and sellers are benefitted more equally. Demand is dampening as a result of government policies that erode affordability and purchasing power, yet these effects are continuing to be offset by relatively strong economic performance”


Marv Beer OMREB President


North Okanagan Stats


Units Listed= 121

Units Sold =111

Days to Sell = 116


Average Prices Sold:


Condo = $22,875

Townhouse = $348,484

Lots =$404,889

Single Family = $477,904


Read Full OMREB Media Release here 




The OMREB Reports:


"Already checked by higher interest rates, the market may react to predictions of more hikes, now more likely with the US Federal Reserve’s most recent rate increase and the Bank of Canada’s pledge that rates will rise in October. Government policy changes, such the proposed speculation tax slated to be voted on in October can also have a dampening effect. Conversely, the market is bolstered by strong provincial economic fundamentals such as low unemployment and demographics that include millennials ready to purchase their first home."


Here's what happened with real estate in the North Okanagan in September:


Units Listed - 302


Units Sold - 167


Days to Sell - 98


Average Prices:


Condo/Apartments - $217,869


Condo/Townhouse - $352,210


Lots - $370,125


Single Family - $522,585

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North Okanagan

 

Units Listed - 217     Units Sold - 131

 

Average Prices:


Condo = $216,887 Townhouse = $291,960 Lots = $368,121


Single Family = $489,217

 

 

Shuswap/Revelstoke 

 

Units Listed - 157     Units Sold - 61

 

Average Prices:

 

Condo = $290,813 Townhouse = $318,000 Lots = $148,047 Single Family = $462,933

 

 

(stats supplied by OMREB)

 

 

Have questions about the real estate market in the Norh Okanagan or Shuswap areas? We would love to help! Call us today at 250-260-4711

 

 

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The results of OMREB's DECEMBER 2016 Buyer Survey are now in! This survey reflects data compiled from 190 survey responses, representing 41.5% of the 458 deals closed on behalf of Buyers in December.

 

DECEMBER SURVEY SUMMARY


Property Type:
19.7% by First Time Buyers (down from 21.7% in November)
18.6% by Relocating and moving to similar property type (up from 16.1%)
16.0% by Move-Up Buyers (down from 17.1%)
14.9% buying Revenue/Investment Property (up from 11.5%)
13.8% by Buyers Downsizing (down from 18.4%)
5.3% moving from Single Family Home to Strata Unit (down from 7.4%)
5.3% buying Recreation Property (up from 5.1%)
3.2% moving from Strata Property to Single Family Home (up from 1.8%)
1.1% moving into Retirement Home/Seniors Community (down from 1.4%)


Buyer Type (Family Dynamic):
30% Couple without Children (up from 29.7% in November)
29.5% Two Parent Family/Children (up from 20.1%)
14.7% Empty Nester/Retired (down from 18.3%)
12.1% Single Female (up from 11.0%)
9.5% Single Male (down from 13.2%)
4.2% Single Parent with Children (down from 4.6%)


Moving From:
60.8% from Within OMREB Board Area (down from 61.5% in November)
11.1% from Alberta (up from 9.2%)
10.1% from Lower Mainland/Vancouver Island (down from 16.5%)
5.8% from Other Areas in BC (up from 4.1%)
4.2% from Outside Canada (up from 3.2%)
4.2% from Saskatchewan/Manitoba (up from 2.8%)
3.7% from Eastern Canada/Maritimes (up from 2.8%)
0% from NWT/Yukon (no change from 0%)

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April 2018 North Okanagan and Shuswap Real Estate Update



Residential sales for the region of Peachland to Revelstoke tallied 746, 19% more than March, but 9% down from this time last year, reports the Okanagan Mainline Real Estate Board (OMREB).


“Markets are cyclical and what we hope for are smaller peaks and valleys, but it’s difficult to know if that’s what we will get, given the volume of tinkering occurring in the form of Federal mortgage tightening rules and higher interest rates and now a proposed Provincial speculation tax.” - OMREB President Marv Beer


In the North Okanagan there were 391 units listed and 190 units sold in April. The average prices of properties SOLD were as follows: Condo = $197,911 Townhouse = $322,840 Lots = $196,450 Residential = $510,372


In the Shuswap areas there were 298 units listed and 117 units sold in April. The average prices of properties SOLS were as follows: Condo = $322,400 Townhouse = $319,057 Lots = $127,531 Residential = $430,918


Need help navigating the market in the North Okanagan or Shuswap? Contact us today at 250-260-4711 for dedicated, professional, award winning service!



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