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Okanagan property sales and prices continue to fall

Okanagan Mainline Real Estate Board says sales were down 18 per cent last month

Residential home sales continued to fall last month throughout the Okanagan and Shuswap-Revelstoke region.

According to the Okanagan Mainline Real Estate Board, the region—stretching from Peachland to Revelstoke—saw 605 sales in November, down 18 per cent compared with October’s 736 sales.

“Despite a strengthening economy, lower unemployment and near record immigration, both buyers and sellers seem to be laying low as we approach the end of 2017,” said OMREB president Tanis Read.

“Significant decreases in both sales and new listings in November combined with a significant uptick in average number of days on market may indicate that factors like tightening government regulation around mortgages, tenancy and representation are taking their toll.”

November saw 769 new properties listed, down 14 per cent from October’s 898 and on par with the 705 new listings in November 2016. Typical for the fall months, the average number of days to sell increased to 132 from October’s 83 and was significantly higher than the 97 days on average for the same period last year.

Read noted that regional average price of $501,335 in November moderated slightly with tightening supply and less-buoyant sales. The average price in November was down five per cent from October.

“Although availability and affordability is beginning to be addressed through new, multi-family residences coming to market in some regions of our area, we may also be seeing a lag of resale product coming to market during the period of transition, which is product primarily represented on the MLS system,” said Read.

For detailed statistics throughout the OMREB region, go to www.omreb.com.

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