North Okanagan residential sales dip, prices rise

Despite average prices rising, OMREB says market transitioning to more equal for buyers and sellers

Despite slower sales activity of 73 residential sales in September compared to 103 last year, the average price across the North Okanagan rose 13.4 per cent compared to this time last year, the Okanagan Mainline Real Estate Board (OMREB) said.

“We’re seeing a shift across the region with all signs, save average price, pointing to a market continuing to transition from a sellers’ market to one that would favour buyers and sellers more equally,” said OMREB President Marv Beer.

“While average price, at $534,943 ($522,585 in the North Okanagan), crept past both the previous month’s pricing and this time last year, houses are sitting on the market longer so it’s likely only a matter of time before we start to see downward pressure on price.”

Beer noted that average price can swing from month to month, depending on the mix of higher and lower-priced homes that sell in that timeframe.

Related: House sales dip in August

Related: More affordable rental housing coming to Vernon

Other indicators of a normalizing market include an increase in the time it takes to sell homes, with 77 average days on market for September, compared to 56 last year. Rising housing inventory is another signal, now 34.33 per cent higher than a year ago with more supply slated to come on-stream within the next year or two.

“More supply means buyers have more choice and, as a result, tend to become more discerning. This can ultimately can affect price, however, real estate markets are never quite that simple, as other factors are also at play,” said Beer.

Beer noted that buyer profiles for the region have remained consistent over the eight years of data collection.

“While the BC government would have us believe that speculation by foreign buyers and those from other provinces are making homes here less affordable, the reality is that at 84 per cent, the vast majority of buyers in this area, are B.C. residents, and that figure changes only slightly year over year” said Beer. “Clearly, the solution to greater affordability lies elsewhere.”


@VernonNews
newstips@vernonmorningstar.com

Like us on Facebook and follow us on Twitter.

Just Posted

WATCH: Animal rights activist defends Monday’s Ribfest protest

Amy Soranno was one of seven activtists that chained themselves to a bank to protest Ribfest

Sponsors needed to help Kelowna families this season

Okanagan Boys and Girls Club “Adopt-A-Family” program kicks off for another year

Kelowna RCMP need 56 more officers by 2025: report

The additional officers would cost the city nearly $10 million

Central Okanagan Sports Hall of Fame welcomes 6 new inductees

Okanagan athletes and sports pioneers were added to the HOF Thursday

Pedestrian hit on corner of Burtch Road and Sutherland Avenue in Kelowna

Man has since been released with minor injuries

Get your head out of clouds, North Okanagan

Fall fog sticks around all day in northern portion of valley

65-million-year-old triceratops makes its debut in Victoria

Dino Lab Inc. is excavating the fossilized remains of a 65-million-year-old dinosaur

B.C. widow suing health authority after ‘untreatable’ superbug killed her husband

New Public Agency Health report puts Canadian death toll at 5,400 in 2018

Changes to B.C. building code address secondary suites, energy efficiency

Housing Minister Selina Robinson says the changes will help create more affordable housing

Security guard at Kamloops music festival gets three years for sexually assaulting concertgoer

Shawn Christopher Gray walked the woman home after she became seperated from her friends, court heard

Keremeos Fire Department acquires new truck

Regional District of Okanagan Similkameen approves fire truck purchases for Keremeos, Willowbrook

Wharton Street in Summerland open for traffic once again

Road closure had been in place for past five months for upgrade work

Penticton RCMP do not intend to review sexual assault stats

Eleven out of 29 sexual assault cases in Penticton were deemed unfounded in 2018

Most Read