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North Okanagan Real Estate Market Update February 2019

The OMREB reports:

“Despite a cold snowy February, the market behaved true to form for the time of year, picking up from the last couple of months,” comments 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.

Average Prices:

Condos - $221,707

Townhouse - $35,629 

Lots - $400,571

Residential = $495,833

Read the full OMREB media release here

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 

North Okanagan Real Estate Market Update September 2018

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

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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