Okanagan Shuswap housing sales cooling off

Regional sales for October six per cent off 2016, says Kelowna report

Regional real estate sales for October were slightly lower than previous months and down six per cent over October 2016, according to the Okanagan Mainline Real Estate Board.

MLS housing sales for the Peachland-Revelstoke corridor totaled 736 in October, compared to 740 for September, according to the Okanagan Mainline Real Estate Board (OMREB).

“Not unusual for this time of year, October sales and new listing volumes were both slightly lower than previous months, with both indicators in the range of what we were seeing this time last year,” said OMREB president Tanis Read.

“The average number of days on market rose over previous months, also typical as we head into the winter months.”

New listings were 898 in October, compared to 1118 in September, while the average number of days it took to sell a home in October was 83 as compared to 78 in September and 92 this time last year.

Read notes that average price, at $526,418, was an irregularity, likely due to the mix of properties sold as compared to the previous month. The October average price was six per cent higher than September and up 16 per cent over this time last year.

“While a lack of available homes for sale continues to be a problem and a major contributor to pricing, the good news, at least for some parts of the region we serve, is the number of new, multi-family residences that are closing in on completion,” Read said.

“This, coupled, with a surge in housing starts, could mean good news in terms of availability and affordability.”

More housing supply offers benefits not only for prospective buyers but those looking to rent and even those considering selling. While a seller’s market, where there are fewer homes for sale to a larger pool of buyers, can be attractive for those considering listing, it can also pose challenges for those same sellers when they look to find a new home at a price they can afford, Read explained.

Turning to buyers of homes in the region, results compiled from monthly OMREB buyer surveys year to date (January through September 2017), indicate that first time buyers accounted for 20 per cent of purchasers, with move-up buyers at 17 per cent.

Those moving within the region were 56 per cent, followed by those from the Lower Mainland/Vancouver Island at 18 per cent and Alberta at 11 per cent.

“It’s encouraging that first time buyers continue to be a strong force within the region as they stimulate the chain of housing ownership,” said Read, noting that move-up buyers tend to rely on first time buyers to purchase their existing homes.

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


@BarryGerding
barry.gerding@blackpress.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Kelowna’s Gospel Mission serves annual Christmas dinner

Between 700 to 800 meals were served Saturday to the community

The Paperboys visit Kelowna

Check out the Rotary Centre for the Arts Jan. 27

Let it snow in Kelowna

Snow is in the forecast for this week

Photos: Adventuring in Stuart Park

Have you seen Friday’s edition of the Capital News? Check out the photos featured

Rutland students help less fortunate

At Rutland Senior Secondary, students are helping the homeless this holiday season

What’s happening

Find out about the events happening in your community this weekend

Kamloops RCMP warning public to stay away from unfolding domestic dispute

The public is being asked to avoid Sabiston Creek Road off of the highway

Owl found dead after eating rat poison leaves B.C. woman concerned

After finding the owl on her Surrey property, Christine Trozzo says the poison is a concern for kids

Change to CPP death benefit panned as insufficient to cover funeral costs

Funeral Services Association of Canada lobbied governments to raise the value to $3,580

#MeToo at work: Employers play a role in fixing culture of sexual harassment

B.C. workplaces are getting ahead of being the next MeToo debacle, calling on experts to train staff

B.C. woman brain injured in crash as a baby gets $1.1 million in damages

Trial heard the woman was 16 months old, being carried by her mother when they were both hit

Lind nets three in Rockets win; Dube and Foote named to Canada’s roster

Kole Lind returns from national junior camp to lead Rockets to victory in P.A.

Interior Health holding immunization clinic in Vernon Saturday

IH issues list of Okanagan meningococcal immunization clinics

Most Read