The economic turmoil is becoming more prevalent as the COVID-19 pandemic continues.
And it shows in local real estate statistics.
According to the Okanagan Mainline Real Estate Board, which reports on sales from Revelstoke to Peachland, sales totalled 299 in April, down from March’s 551 sales and down 58 per cent from this time last year.
New residential listings declined 41 per cent compared to last month’s new listings. Overall active listings saw a 4 per cent uptick over March’s inventory of 3,341 totalling 3,467 yet not reaching April 2019’s inventory of 4,046.
Despite the decrease in sales, prices remain relatively stagnant. The prices of both single-family homes and townhouses increased across the board, albeit only slightly. Condo and apartment prices decreased by less than one percentage point in both the Central Okanagan and Shuswap/Revelstoke regions, but saw a two per cent increase in the North Okanagan.
“Market activity for this time of year is usually quite healthy,” says OMREB president Kim Heizmann. “The economy has taken a big shock to the system due to the pandemic and, no surprise, so has the real estate market.
Heizmann said this will change in the coming weeks and months as businesses reopen and consumers who temporarily pushed pause on their buying or selling activities due to the virus will resume their real estate plans.
To report a typo, email:
Penticton Search and Rescue respond to six calls in less than a week
Two hikers rescued in early morning search near Greyback Lake latest in series of searches
In photos: Modified, yet traditional graduation gives Penticton graduates a sense of normalcy
Students around Penticton take part in pre-recorded graduation ceremonies
Penticton RCMP arrest man found ‘unlawfully in home’
Police are asking anyone with information to contact them
‘It’s about equality’ says Penticton man rallying for Black Lives Matter
“Canada is not exempt from racism and oppression,” said Geoff Stathers, standing with his #BLM sign
No active confirmed COVID-19 cases in Interior Health: BCCDC
Numbers from the BCCDC’s dashboard show 193 of the 195 COVID-19 cases in the region have recovered
March dental conference key to many of B.C.’s COVID-19 cases
Early infections from China, Iran were quickly contained
Police seek help identifying person of interest in Salmon Arm arson investigation
A fire in a garage was extinguished but it is being treated as an arson.
Regional District of Kootenay Boundary rescinds all Grand Forks-area evacuation orders
Evacuation alerts for 1,136 Boundary properties remain in effect as officials monitor forecasts
MAP: Dr. Henry reveals which B.C. regions have seen most COVID-19 cases
B.C. health officials release a first look at how the novel coronavirus has reached all corners of the province
Filming to resume safely later in June: Okanagan Film Commission
Film commissioner Jon Summerland said they want to start filming again later in June
Kelowna RCMP investigate woman’s sudden death
Criminality is not suspected at this time, according to RCMP
Tla-o-qui-aht First Nation woman, 26, fatally shot by police in Edmundston, N.B.
Police were conducting a well-being check at the time of the incident
WATCH: Burned out car be gone thanks to Vernon dealership, ski resort
Bannister GM Vernon and SilverStar Mountain Resort team up in road cleanup