Okanagan real estate market stable; bracing for slowdown due to COVID-19

Okanagan real estate market stable; bracing for slowdown due to COVID-19

Real estate board projects slowdown as the economic impacts of the pandemic continue to develop

While the Okanagan real estate market remained nearly on par with last year’s numbers through March 2020, a downturn is expected.

“While the market remained steady in March this will likely slow down as the economic impacts of COVID-19 continue to develop,” said president of the Okanagan Mainline Real Estate Board (OMREB), Michael Loewen. “In the meantime, real estate professionals are still able to utilize technology-driven solutions to help accommodate these transactions during self-distancing precautions.”

According to OMREB, sales across the region from Revelstoke to Peachland totalled 551 in March, up from February’s 435 sales and almost on par with last year’s 545 units sold.

For residential listings, which totalled 1,365, jumped 45 per cent compared to last month’s 939. Overall active listings came in at 3,341, up over February’s inventory of 2,996, yet down 6 per cent from this time last year.

The average number of days to sell a home also dropped down to 88 days.

(Contributed)

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