Central Okanagan housing market off to a strong start in 2020

Central Okanagan housing market off to a strong start in 2020

The Okanagan Mainline has seen a 8.7 per cent change from Jan. 2019

The Central Okanagan housing market is off to a strong start in 2020, according to a report by the British Columbia Real Estate Association (BCREA).

According to the report, 375 residential unit sales were recorded in January 2020 with the average unit selling for $522,163.

“Housing markets in BC are off to a strong start in 2020,” said BCREA chief economist Brendon Ogmundson.

“We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced slowdown of the past two years.”

READ MORE: Kelowna metropolitan area grew by 43 per cent over 20 years

Province wide, a total of 4,426 residential unit sales were recorded by the Multiple Listing Services (MLS) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in Janunary 2019.

The average MLS residential price in BC was $725,370, a 9.1 per cent increase from $664,633 recorded the year prior. Total sales dollar volume in Jan. was $3.2 billion, a 35 per cent increase over 2019.

At the same time, total MLS listings fell 12.6 per cent to 25,790 units compared to the same month last year. The ratio of sales to active residential listings increased to 17.2 per cent from just 12.1 per cent last January.

“While many markets are showing strong signs of recovery, the struggling forestry sector is having a clear impact on housing demand, particularly in the north and parts of Vancouver Island,” added Ogmundson.

Here is the complete breakdown for the year-over-year per cent change.

READ MORE: Average real estate prices in Kelowna jumped by 70 per cent between 2012-2018 

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