Okanagan-Shuswap real estate sales drop significantly in April

‘The economy has taken a big shock to the system due to the pandemic and, no surprise, so has the real estate market’

The economic turmoil is becoming more prevalent as the COVID-19 pandemic continues.

And it shows in local real estate statistics.

According to the Okanagan Mainline Real Estate Board, which reports on sales from Revelstoke to Peachland, sales totalled 299 in April, down from March’s 551 sales and down 58 per cent from this time last year.

New residential listings declined 41 per cent compared to last month’s new listings. Overall active listings saw a 4 per cent uptick over March’s inventory of 3,341 totalling 3,467 yet not reaching April 2019’s inventory of 4,046.

Despite the decrease in sales, prices remain relatively stagnant. The prices of both single-family homes and townhouses increased across the board, albeit only slightly. Condo and apartment prices decreased by less than one percentage point in both the Central Okanagan and Shuswap/Revelstoke regions, but saw a two per cent increase in the North Okanagan.

“Market activity for this time of year is usually quite healthy,” says OMREB president Kim Heizmann. “The economy has taken a big shock to the system due to the pandemic and, no surprise, so has the real estate market.

Heizmann said this will change in the coming weeks and months as businesses reopen and consumers who temporarily pushed pause on their buying or selling activities due to the virus will resume their real estate plans.

READ MORE: West Kelowna Warriors raise nearly $7,000 for food bank

READ MORE: South Okanagan real estate sales drop dramatically in April

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


@michaelrdrguez
michael.rodriguez@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Police watchdog investigating Lake Country incident

A man was taken to hospital after the June 3 incident

Community backlash over Black Lives Matter rally in Kelowna

Some members of Kelowna’s black community stated they don’t support Friday’s rally

$30,000 over 30 weeks for local causes

Send us your good stories and you could win money for your favourite cause

West Kelowna emergency crews rescue injured mountain biker

The woman fell from her bike on a Smith Creek trail

‘I’m pissed, I’m outraged’: Federal minister calls out police violence against Indigenous people

Indigenous Minister Marc Miller spoke on recent incidents, including fatal shooting of a B.C. woman

PHOTOS: Anti-racism protesters gather in communities across B.C.

More protests are expected through the weekend

Pair accused of ‘horrific’ assault at Vancouver’s Oppenheimer Park at large

Police say Jason Tapp, 30, and Nicole Edwards, 33, did not show up to meet their bail supervisor this week

Bear strolls into Okangan homeowner’s living room

Conservation officers are searching for the bear, which entered a home in the Foothills area

No charges to be laid against 22 northern B.C. pipeline protesters

Twenty-two people were arrested in February, but Crown has decided not to pursue charges

Youth advocacy group pulls out of Vernon Black Lives Matter protest

Earth Strike Vernon pulled its support after concerns raised about Kelowna, Vernon protests

‘I just felt I had to do something’: Vernon Black Lives Matter protest organizer

Young woman organizes peaceful protest to take place next week at Vernon courthouse

Woman injured as purse snatched downtown Vernon

Two young men were arrested following detailed statements from witnesses

Most Read