According to the Okanagan Mainline Real Estate Board (OMREB), sales activity for all property types improved last month when compared to October 2011, and they see this as a continued sign of stability in the market.
“To date, the Okanagan-Shuswap market has experienced steady sales for more than half of this year with five consecutive months of ongoing improvement (April through August), a brief slowdown in September, and the upward trend resuming in October,” says OMREB President Rob Shaw.
“Overall sales were up 10 per cent board-wide compared to last October and improved 13 per cent over this September when sales slowed throughout the province as consumer demand and affordability, particularly for first-time buyers, was impacted by the tightening of mortgage rules in mid-summer.”
The North Okanagan market continues to lead the way in sales growth. In October, overall sales in the North Okanagan improved by 26 per cent over 2011, while the Shuswap was up 7 per cent and the Central Okanagan up 4 per cent.
“The outlook in our area remains relatively positive and is trending towards more balanced market conditions,” he notes.
“Inventory is selling and new listings are down from a year ago, but buyers can still take advantage of low interest rates and a great selection of properties to choose from.”
The Okanagan Mainline Real Estate Board is comprised of 1,045 members, with 95 real estate offices in the Southern Interior of BC The Board area covers the Central Okanagan, North Okanagan and Shuswap – from Peachland to Revelstoke.