Real estate sales have skyrocketed in the Central Okanagan (File photo)

Real estate sales skyrocket in Central Okanagan: Report

Report said sales have increased by 20 per cent when comparing Jan. 2019 to Jan. 2020

Real estate sales are not slowing down in the Okanagan.

A new monthly Okanagan Mainline Real Estate Board (OMREB) report shows real estate sales from Revelstoke to Peachland were up 20 per cent when comparing Jan. 2019 to Jan. 2020.

READ MORE: Okanagan Mainline Real Estate Board announces new CEO

OMREB president Michael Loewen said the increase in real estate sales started toward the end of 2019.

“A strong level of demand at the back-end of 2019, backed by an uptick of growth and consumer confidence has helped pushed 2020 off to a great start”, said Loewen

‘The consensus within the industry is that this is a positive outlook for the year ahead and shows signs of the housing market normalizing.”

In the Central Okanagan, the report said real estate sales for single-family homes were up by 45 per cent between Dec. of 2018 and Jan. of 2019.

Between Dec. of 2018 and Jan. of 2019, real estate sales for condos also rose by over six per percent in the Central Okanagan.

In January, OMREB said the average condo/apartment and single-family home sold for $388,300 and $658,300 respectively in the Central Okanagan.

OMREB is a not-for-profit association representing 1300 realtors between Peachland and Revelstoke.


@connortrembley
connor.trembley@kelownacapnews.com

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