Real Estate Statistics
August 2020 BC Real Estate Update
"Very strong provincial homes sales continued in August. While pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall"
BCREA Chief Economist, Brendon Ogmundson
10,172 residential sales were recorded in August, which was an increase of 42.8% over last year. The average residential price was $771,309. Last year the average price was $684,093. This shows an increase of 12.7%.
Read the full report here
Whether buying or selling, no other real estate agent or real estate group in the North Okanagan delivers more! Call us at 250-260-4711 or email email@example.com for any real estate questions you might have!
July 2020 BC Real Estate Update
"The strong recovery in sales activity continued in July. Increased demand for more living space combined with an undersupplied market is producing significant upward pressure on home prices, particularly in the market for single-family homes."
Brendon Ogmundson, BCREA Chief Economist
A total of 10,090 residential sales were recorded by the MLS in July, an increase of 26.6% from July 2019. The average residential price was $770,810 which is 12.9 higher than in July 2019.
Read the full BCREA news release here
November 2019 BC Real Estate Update
"After several months of strong gains, home sales are now firming around
long-run averages," said BCREA Chief Economist Brendon Ogmundson. "We
expect 2020 will be a much more typical year for markets compared to the
volatility of recent years."
There were a total of 6,616 residential unit sales in BC in November, an increase of 27.5% increase from November 2018. The average residential price came in at $746,939 which was an increase of 5.5% over last year.
Read the full report here
September 2019 BC Real Estate Update
"Markets across BC built on momentum from the summer. While the year-over-year increase in provincial sales was quite strong, home sales in most areas are simply returning to historically average levels." - Brendon Ogmundson BCREA Chief Economist.
The average residential price in the province was $697,943 = an increase of 2.1% over the same time last year.
Total sales dollar amount was $4.84 billion = an increase of 26.5% over last September
Read the full news release here
BC HOME SALES TREND LOWER IN JUNE
“BC home sales moderated lower in June after a stronger showing in May,” said BCREA Deputy Chief Economist Brendon Ogmundson. “While mortgage rates offered by lenders have moved below 3 per cent, a static qualifying rate has limited the impact of the lower cost of borrowing.”
Read the full June 2019 BCREA News Release HERE
Strong Economy Supports Robust Housing Demand
Read the BCREA Real Estate Housing Forecast Update Here.
Who is Buying Homes in the Okanagan-Shuswap?
Kelowna, BC – Ever wonder where home buyers come from? Since September 2010, the Okanagan Mainline Real Estate Board (OMREB) has been collecting information from our members with regards to where our buyers are coming from – both geographically and demographically. The purpose of collecting this data is to add another element to our market knowledge and a better understanding of current trends. The longer record, the more insight the Board will have. Results of OMREB’s Board-wide monthly Buyers Survey indicate that serious buyers are taking advantage of the current market and leveraging their positive purchasing power while it lasts.
Buyer profiles gathered through each monthly survey include property type, family dynamic, financing, and areas moving from and to. 2017: First Quarter Year-to-Date (January to March), Move-up Buyers have accounted for 17.07% of the purchasers while First-Time Buyers comprised 20.7%. Home Buyers have been coming from:
• Within the OMREB Board area (57.97%)
• Lower Mainland/Vancouver Island (16.93%)
• Alberta (9.97%) • Other Areas of BC (5.9%)
• Eastern Canada/Maritimes (3.77%)
• Saskatchewan/Manitoba (2.67%)
• Outside Canada (2.67%)
• North West Territories/Yukon* (0.10%)