Capital News file

Real estate prices from Peachland to Revelstoke cooling down: report

Average condo price down 14 per cent month-over-month

Real estate listings from Revelstoke to Peachland are cooling off heading into winter, according to the Okanagan Mainland Real Estate Board (OMREB).

Between September and October the board said new real estate listings dropped by 10.5 per cent to 936 new units.

According to the report, the average price for a home in October was down by six per cent to $516,940, however the average price was five per cent higher year-over-year.

READ MORE: Okanagan real estate market heads into spring

OMREB President Michael Loewen said it’s normal for sales to cool off this time of year.

“With the holiday season approaching it’s not unusual for consumers to have other financial priorities on their mind, perhaps putting home purchases on the backburner until the new year,” said Loewen.

“Typically, we see less market activity as we head into the colder months as those that are not in a rush to move prefer to do so when weather conditions are more agreeable.”

A closer look by housing category shows the average price for single-family properties and townhomes’ both tracking five per cent higher year-over-year. The condominium category on the other hand, saw the largest shift with the average price for a condo dropping by 14 per cent month-over-month and down five per cent from this time last year.

“It is too early to say whether this shift in the condo category is an anomaly or the beginning of a trend or mearly just a case of construction of more compact and affordable units having caught-up to consumer demand creating competitive market conditions,” said Loewen.

OMREB is a not-for-profit association that represents approximately 1300 realtors and 88 real estate offices in the region.


@connortrembley
connor.trembley@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Former Kelowna cop faces fourth lawsuit alleging sexual assault

Ex-Mountie Brian Mathew Burkett is also separately facing seven charges of breach of trust

QUIZ: A celebration of apples

September is the start of the apple harvest

Smoky skies clearing throughout B.C. Interior

Environment Canada expects “widespread” improvement for all affected areas by Sunday

Penticton wildfire crew goes from Christie Mountain to Cold Springs

The team at Eagle Ridge Consulting is helping fight fires across the border

B.C. or Ontario? Residential school survivors fight move of court battle

It’s now up to Ontario’s Court of Appeal to sort out the venue question

B.C. transportation minister will not seek re-election

Claire Trevena has held the position since 2017

Squabble over mask policy at LUSH in Kelowna mall

The woman filmed the encounter at LUSH Cosmetics, where wearing a mask in-store is company policy

Cops For Kids ride wraps in Okanagan

No pomp, no circumstance for end of milestone 20th anniversary fundraising bicycle trip

Province opens ‘middle income’ housing in Kelowna

Prices on the units are $1,300 for a one-bedroom and $1,780 for a two-bedroom, nearing area-average prices

Young B.C. cancer survivor rides 105-km with Terry Fox’s brother

Jacob Bredenhof and Darrell Fox’s cycling trek raises almost $90,000 for cancer research

B.C. migrant, undocumented workers rally for permanent residency program

Rally is part of the Amnesty for Undocumented Workers Campaign led by the Migrant Workers Centre

Reward offered for return of Okanagan puppy

An 11-week-old boxer-mastiff cross pup was allegedly taken from its Kelowna Friday, Sept. 18

Preparations underway for pandemic election in Saskatchewan and maybe B.C.

Administrators in B.C. and around the country are also looking to expand voting by mail during the pandemic

Most Read