Okanagan real estate board says house sales dipped in August

OMREB says sales were down eight per cent last month compared to July.

The Okanagan Mainline Real Estate Board says it’s still a seller’s market but the pace of residential home sales in the Okanagan has cooled slightly of late.

According to OMREB, whose territory stretches from Peachland to Revelstoke, there were 882 residential sales in August, down eight per cent from July and down 14 per cent compared to August 2016.

“Conditions still favour the seller, and will likely continue to do so until inventory grows or demand lessens,” said OMREB president Tanis Read.

“While August is typically a slower month in terms of sales volume, this imbalance between demand and supply is propping (up) home prices in the Okanagan and may lead to a more sustained drop in home sales if supply can’t catch up.”

The average price for homes in August was $489,130 across the region, three per cent lower than in July, but five per cent higher than in August last year. New listings stayed relatively consistent with the previous month, while days on market rose slightly to 70 from 63 in July, but lower than the 85 days recorded at this time last year.

Read predicted demand will continue to be fuelled by strong economic conditions and population growth, driving consumer confidence and housing demand. Earlier this week, the Bank of Canada raised it’s benchmark lending rate which could lead to a modest increase in mortgage interest rates.

“We know there was a high volume of building permits taken out in 2016 and as construction on new builds is completed, supply will hopefully start to catch up to demand, which will, in turn, have a positive effect on affordability,” said Read.

According to the latest OMREB statistics of buyers surveyed in July in the region, those relocating and/or moving to a similar property topped the list at 19 per cent followed by first time buyers and those upgrading, both at 17 per cent. Two-parent families with children were the largest buying group at 29 per cent, closely followed by couples without children at 26 per cent.

The vast majority of buyers—56 per cent—are from within the region, followed by 17 per cent from the Lower Mainland and Vancouver Island and 11 per cent from Alberta. A low percentage of buyers came from elsewhere in Canada and outside the country.

“While millennials are now reaching ages where they will start to form their own households, it’s interesting, yet perhaps not surprising, to note that we are seeing more parents and even grandparents participating in home purchases for their children and grandchildren,” said Read.

Just Posted

New multi-million baggage system up and running at YLW

Kelowna Airport’s $39 million outbound baggage system can handle 900 bags an hour

New safety doors aim to protect transit drivers

These new full-length doors will be tested in Victoria, Kelowna and Abbotsford

Death and fire not treated as suspicious

RCMP has turned the invesigation of Monday’s fire on Gaggin Road over to the BC Coroners Service

Reworked plan for Kelowna’s Green Square development approved

After rejecting first version of residential development expansion, council says yes to new plan

Police searching for GoPro owner

Police are looking for the owner of a GoPro seized by police in Kelowna

One person sent to hospital after fire near Keremeos

Fire ripped through a shed and Winnebego at Sunkatchers RV Park Co-operative

Penticton Indian Band selects five new councillors

PIB aiming for internal reconciliation after by-election

Chiefs ground Rockets in Spokane

Former Rockets’ head coach Dan Lambert leads his Chiefs past Kelowna Wednesday in WHL action

Education minister blasts Chilliwack school trustee on gender issues

Fleming calls Neufeld’s behaviour ‘shameful’ and ‘unacceptable’

Two types of civic engagement in PIB

Some voted in the byelection, others protested the polls, as Penticton Indian Band fissures continue

‘Fresh eyes’ looking into three missing Cowichan Tribes men

First Nations want answers to their disappearances

Pedestrian hit moments after receiving safety reflector from police

The Vancouver Island man was treated for minor injuries by police at the scene

FortisBC LNG site exports first shipment of gas to China

The shipment is part of a pilot project that could see more exports in the future.

BC RCMP hunt for white SUV that rammed cruiser

Kamloops RCMP are looking for a white SUV headed north on the Yellowhead Highway

Most Read