(File photo)

Real estate market steady, but average prices jump 7.4 per cent in Central Okanagan

Residential sales were 11 per cent higher in September compared to this time last year

The residential real estate market is staying the course as the Okanagan enters the fall season.

Residential sales across the region from Revelstoke to Peachland dropped to 652 sales in September compared to 725 sales in August, however September’s sales were 11 per cent higher compared to this time last year, according to the Okanagan Marine Real Estate Board.

In Central Okanagan sales dropped 9.6 per cent last month, but the average price for a residential home increased by 7.4 per cent to $602,285.

Comparing this September’s average price to last year by housing category shows single-family residences cost an average of $552,189, nudging three per cent higher than the same time last year, with the average price for condominiums 11 per cent higher. The average price for townhouses increased by 2.5 per cent compared to September 2018.

Though there were some changes in the real estate market, the report said the fluncations are normal in the fall season.

“The local real estate market is following typical seasonal changes, suggesting normal market conditions are very much in play despite the downturn earlier this year,” said OMREB president Michael Loewen.

The changes are on par across the province, with overall active listings at 4,150 which is just below the numbers at this time last year.

READ MORE: Kelowna photographer frames Okanagan candidates for fundraiser

READ MORE: Airport Inn residents begin to vacate with help from district

Loewen said the introduction of the new First-Time HomeBuyer Incentive that was introduced by the government of Canada on Sept. 2 could change things for Okanagan buyers.

“With Kelowna’s robust population of renters it will be interesting to see what, if any, is the potential uptake of the new first-time home-buyer incentive,” he said.

“It’s unlikely that many people will want to share equity – in the biggest purchase of their lives – with the government.”

The incentive gives first-time home-buyers the option to secure a 10 per cent down payment for a new home from the government as an interest-free and payment-free loan.

READ MORE: Spending, ICBC, vaping on agenda as B.C. legislature resumes

More information about the local real estate market can be found at omreb.com.

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


@KelownaCapNews
newstips@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Overtime heroics help Vees to 2-1 overtime victory

Vees cracked Chenard late in the overtime frame as, with only 15 seconds remaining in extra time

Pecha Kucha returns to Cannery Brewing to Move It on Dec. 5

Speakers for the upcoming show haven’t been announced yet.

Summerland takes the 100 Radon Test Kit Challenge

Take on Radon and the Summerland Healthy Community Initiative are partnering on the campaign.

Vees take 6-3 win against rival Salmon Arm Silverbacks

Vees’ Jay O’Brien and Lukas Sillinger both had multiple-point games.

Interior Health issues warning about opioid-laced stimulants causing recent overdoses

Interior Health is urging residents using or considering using drugs to reconsider… Continue reading

Abortions rights advocates urge Liberals to turn politics into policy

Conservative Leader Andrew Scheer was pressed to clarify his stance abortion over several weeks

Closing arguments begin in B.C. case launched in 2009 over private health care

Dr. Day said he illegally opened the Cambie Surgery Centre in 1996 in order to create more operating-room time

MacLean says “Coach’s Corner is no more” following Cherry’s dismissal from Hockey Night

Cherry had singled out new immigrants in for not honouring Canada’s veterans and fallen soldiers

MacKinnon powers Avs to 5-4 OT win over Canucks

Vancouver battled back late to pick up single point

Dallas Smith, Terri Clark to perform on CP Holiday Train’s B.C. stops

Annual festive food bank fundraiser rolling across province from Dec. 11 to 17

Poole’s Land finale: Tofino’s legendary ‘hippie commune’ being dismantled

Series of land-use fines inspire owner Michael Poole to sell the roughly 20-acre property.

Port Alberni mom takes school district to court over Indigenous smudging, prayer in class

Candice Servatius, who is an evangelical Christian, is suing School District 70

Family of B.C. man killed in hit-and-run plead for tips, one year later

Cameron Kerr’s family says the driver and passengers tried to cover their tracks

Chilliwack family’s dog missing after using online pet-sitting service

Frankie the pit bull bolted and hit by a car shortly after drop off through Rover.com

Most Read