Vernon Real Estate.com

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

May Home Sales Volumes in Sharp Contrast to Recent Years

"New listings were 1764, up 16% over April and 7% over this time last year. Average price, typically the last indicator to normalize, was $532,972, just 1% over April and 4% over this time last year." 

- Marv Beer OMREB President

Read more...

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

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%)