OMREB reports slight downtick in home sales since last June. (File photo)

Kelowna real estate market seasonally on-trend heading into summer

“Despite muted demand and growing housing inventory, prices continued to remain buoyed,” said OMREB

According to the Okanagan Mainland Real Estate Board, residential sales are down 9 per cent from this time last year in the Revelstoke to Peachland area.

“While sales levels have maintained momentum more than in other markets, we continue to see the fallout of federal mortgage policy creating pent-up demand,” said OMREB president, Michael Loewen.

READ MORE: Level Up 2019 leadership conference bringing major speakers to Kelowna

READ MORE: 40 years of tacos: Kelowna restaurant’s resolve is harder than its burritos

The number of new listings in June were down 17 per cent from last month and 14 per cent fewer from last year this time, yet the number of homes available rose 12 per cent over this time last year

“We typically see the market slow as compared to the busy spring months and this past June was no different. This, coupled with an increase in housing supply helped move the market closer to balanced conditions,” notes Loewen, adding “despite muted demand and growing housing inventory, prices continued to remain buoyed.”

“What we really need is for government to focus on creating more favourable conditions to facilitate builders and developers to bring housing projects to market faster in order to better respond to increases in demand.”

The average time it took to sell a home was 84 days in June, higher than May’s 71 days and last June’s 60 days.

More information is available at OMREB’s website.


@michaelrdrguez
michael.rodriguez@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Kelowna’s McCurdy house gets operation model redesign

No illegal drug use in supportive housing in Rutland community, B.C. Housing Minister says

UPDATE: Charges laid in West Kelowna assault

An arrest was made after RCMP plea for witnesses

West Kelowna man charged in gas station robbery

The 18-year-old was arrested after allegedly robbing a Huskey gas station on July 15

Kelowna RCMP seek info on hit and run

Red mustang strikes cyclist while taking U-turn near Bernard Avenue

Kelowna’s Okanagan Regional Library may not look like the one you grew up with!

New technology and arts programming transforms library operations

Canada Forces Snowbirds making quick trip to South Okanagan

Planes will be touching down at the Penticton airport to refuel

Olympic softball qualifier gets $150K boost from provincial government

2019 Americas Qualifier to be held in Surrey from Aug. 25-Sept. 1

Gas price inquiry questions Trans Mountain capacity, company denies collusion

The first of up to four days of oral hearings in the inquiry continue in Vancouver

Okanagan woman heads up college foundation board

Gladys Fraser of Vernon brings experience to role as chair of Okanagan College Foundation board

Stolen car now returned to Summerland dealership

Vehicle was stolen on same day as attempted carjacking incident

‘Benzos’ and fentanyl a deadly cocktail causing a growing concern on B.C. streets

Overdoses caused by benzodiazepines can’t be reversed with opioid-overdose antidote naloxone

Police recover $12,700 in stolen pet food from North Shuswap property

Chase RCMP execute third search of property where stolen vehicles, illegal firearms seized

Straight from DeHart

Partners come together to open new pub in Kelowna

Most Read