Okanagan Shuswap housing sales cooling off

Regional sales for October six per cent off 2016, says Kelowna report

Regional real estate sales for October were slightly lower than previous months and down six per cent over October 2016, according to the Okanagan Mainline Real Estate Board.

MLS housing sales for the Peachland-Revelstoke corridor totaled 736 in October, compared to 740 for September, according to the Okanagan Mainline Real Estate Board (OMREB).

“Not unusual for this time of year, October sales and new listing volumes were both slightly lower than previous months, with both indicators in the range of what we were seeing this time last year,” said OMREB president Tanis Read.

“The average number of days on market rose over previous months, also typical as we head into the winter months.”

New listings were 898 in October, compared to 1118 in September, while the average number of days it took to sell a home in October was 83 as compared to 78 in September and 92 this time last year.

Read notes that average price, at $526,418, was an irregularity, likely due to the mix of properties sold as compared to the previous month. The October average price was six per cent higher than September and up 16 per cent over this time last year.

“While a lack of available homes for sale continues to be a problem and a major contributor to pricing, the good news, at least for some parts of the region we serve, is the number of new, multi-family residences that are closing in on completion,” Read said.

“This, coupled, with a surge in housing starts, could mean good news in terms of availability and affordability.”

More housing supply offers benefits not only for prospective buyers but those looking to rent and even those considering selling. While a seller’s market, where there are fewer homes for sale to a larger pool of buyers, can be attractive for those considering listing, it can also pose challenges for those same sellers when they look to find a new home at a price they can afford, Read explained.

Turning to buyers of homes in the region, results compiled from monthly OMREB buyer surveys year to date (January through September 2017), indicate that first time buyers accounted for 20 per cent of purchasers, with move-up buyers at 17 per cent.

Those moving within the region were 56 per cent, followed by those from the Lower Mainland/Vancouver Island at 18 per cent and Alberta at 11 per cent.

“It’s encouraging that first time buyers continue to be a strong force within the region as they stimulate the chain of housing ownership,” said Read, noting that move-up buyers tend to rely on first time buyers to purchase their existing homes.

To report a typo, email: edit@kelownacapnews.com.


@BarryGerding
barry.gerding@blackpress.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Penticton bellydancer makes impression on dance show judges

Celine Blais won’t know until the end of March if she made it on dance show, but signs look good

OneWorld: a multicultural celebration of diversity

Fifth annual event showcasing the cultural diversity of the South Okanagan

NHL official from Penticton celebrates milestone

Shane Heyer will officiate his 2,000th NHL game on Feb. 25

A taste of the Olympics

Nearly 300 students at Uplands Elementary School took part in their own Olympics

Okanagan Falls pot shop proposal causes concern

Concerns rising in rural areas about marijuana stores

President praises nearly 1,800 volunteers at B.C. Games

Ashley Wadhwani sits down with the Kamloops 2018 B.C. Winter Games President Niki Remesz

The way government learn someone has died is getting a digital overhaul

Governments in Canada turned to private consultants 2 years ago to offer blueprint

Bobsleigh team misses Olympic medal finish

Canadian team finishes four-man event 0.84 seconds behind first place, 0.31 seconds from podium

A most delicious competition at the Mall at Piccadilly

Salmon Arm hosts the Best of the Shuswap Pie Baking Contest

B.C. Games: Athletes talk Team Canada at PyeongChang 2018

From Andi Naudie to Evan McEachran there’s an Olympian for every athlete to look up to

Snowboarders sliding into fresh territory at B.C. Games

Athletes hit the slopes for first appearance as an event at the B.C. Winter Games in Kamloops

Looking back at the 1979 B.C. Games: Good memories, even better jackets

39 years later, Kamloops is hosting the Winter Games again, with some volunteers returning

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Most Read