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November 2018 North Okanagan Real Estate Update

The OMREB reports:

"Influencing market demand can be tricky and with two levels of government continuing to tinker independent of each other. Outcomes could quickly shift from balanced conditions that favour both buyers and sellers to a situation that could precipitate a market slide, which would benefit no one."

Here are the November real estate numbers for the North Okanagan

Units Listed = 218   Units Sold = 147   Average Days to Sell = 105

Average Prices

Condos = $208,193   Townhouses = $342,579   Lots = $378,948   Residential = $487,022 

Read the full report 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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