Subscribe with RSS ReaderMortgage Rate Forecast
"Canadian mortgage rates continued to decline in the third quarter as rising trade tensions between the United States and China fed growing fears of a global economic slowdown. Those fears pulled long-term Canadian interest rates low enough to invert the Canadian yield curve, a frequent—though not infallible—pre cursor to recession." Brendon Ogmundson, Deputy Chief Economist BCREA
Read the FULL Rate Forecast here
North Okanagan Real Estate Market Update April 2019
“While spring is usually hustle and bustle, we were curious about what would happen in the market this year, given the relatively slow lead-up and government measures to cool demand,” comments OMREB President Michael Loewen, adding “April’s indicators suggest our market may not be dampening as much as markets elsewhere.”
North Okanagan Stats:
Units Listed - 443
Units Sold - 208
Days to Sell - 101
Active Listings - 1,033
Average Prices:
Condo - $221,450
Townhouse - $344,237
Lots - $231,563
Residential - $533,300
Read the full news release for the Okanagan here
North Okanagan Real Estate Market Update March 2019
"Despite steady increases in new listings over the past several months, housing supply is light as we head into the spring market, which is concerning and points to a problem we've been stressing for a while: a generalized lack of housing supply."
-Marv Beer OMREB President
North Okanagan Stats:
Units Listed - 347
Units Sold - 157
Days to Sell - 103
Active Listings - 1,237
Average Prices:
Condos - $196,632
Townhouse - $358,192
Lots - $282,717
Residential - $546,022
Read the full news release for the Okanagan here
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 - $395,629
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
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!
