From Peachland to Revelstoke, housing sales take a dip

The real estate market is continuing on a cooling trend.

The real estate market is continuing on a cooling trend, with home sales from Revelstoke to Peachland slowing.

There were 709 sales posted to the Multiple Listing Service in August, which is a five per cent drop from the previous month. That figure is also 20 per cent decline from this time last year, said the Okanagan Mainline Real Estate Board.

“We are now six months into a cooling trend, with a curb in demand arising from natural market shifts, but intensified by government intervention in the form of tougher mortgage rules, higher interest rates and the threat of a possible speculation tax,” said OMREB President Marv Beer, in a press release.

Of note is an increase in average days on market, now at 78, up from 65 days the previous month and 69 last August.

READ MORE: IN BETTER TIMES

“While we are not seeing it as yet, downward pressure on price typically tends to occur when days on market lengthen,” said Beer, noting that average price in August was $511,916, an eight per cent drop from the previous month, but five per cent higher than this time last year.

Beer said the changes are both good and bad, pointing to the fact that moderating demand is helping ease a chronic shortage of housing supply.

On the other hand, he claims government intervention has also had the effect of making homes less affordable, as the new mortgage rules and higher interest rates mean that the buyer’s dollar doesn’t go as far as it used to. OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.

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


@KelownaNewsKat
kmichaels@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Controversial supportive housing project gets green light from Kelowna city council

Land for 52-unit project on Agassiz Road rezoned after lengthy, packed public hearing

Youth losing human connection in digital era

Forum offers advice to Kelowna parents about managing a child’s social media screen time

Okanagan youth invited to speak at TEDx event in Kelowna

Application deadine Jan. 31 to be selected as TEDx Youth presenter

Windmills returns to the stage for what could be the last time

The musician took a break from music for a year to recover from his last EP

Kelowna Art Gallery hosts new exhibition, Poetics of Space

The exhibition can be viewed from Feb. 2 until May 5

Fashion Fridays: Inspirational gym outfits

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Russian fighter jets collide over Sea of Japan crews eject

One plane crashed after its crew ejected safely, the other crew also ejected but they have not been found

Judge to deliver verdict in British sailor’s gang rape case

The alleged gang rape took place at a Halifax-area military base in 2015

B.C. minister fears money laundering involves billions of dollars, cites reports

The government had estimated that it was a $200-million a year operation, instead estimates now peg the problem at $1 billion annually

Heavy snowfall expected on the Coquihalla

Snowfall warning in effect for the Coquihalla Highway, from Hope to Merritt

BC Hydro scammers bilked customers out of nearly $45,000 in 2018

Nearly 2,000 people reported scams to the utility, as they continue to be more common

Olympian snowboarder Max Parrot diagnosed with Hodgkin’s lymphoma

Each year in Canada, approximately 900 people are diagnosed with Hodgkin’s lymphoma

Hergott: Memories of crashes fade

Lawyer Paul Hergott writes about the importance of journaling after a crash

‘Prince of Pot’ Marc Emery accused of sexual assault, harassment

Emery denied the allegations, but a Toronto woman says she is not the only one speaking out

Most Read