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.

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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

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