A buyer's market

Photo: Castanet Staff

According to the Okanagan Mainline Real Estate Board (OMREB), sales activity for November 2012 is down two per cent over the same month last year, but year-to-date numbers are up eight per cent from 2011.

“We are still in a buyers’ market but there are fewer new listings and the increased sales activity is bringing inventory down,” says OMREB President Rob Shaw.

“Market activity has slowed throughout the province as affordability, particularly for first-time buyers and higher priced homes, has been impacted by the latest tightening of credit.”

Numbers were buoyed by the North Zone (Predator Ridge to Enderby), which saw a 6.9 per cent rise in overall sales, even though sales volume dropped 7.8 per cent compared to last year.

Those numbers were offset by the Central Zone (Peachland to Lake Country), which experienced an overall drop of almost five per cent over last year, but sales volume improved 2.9 per cent.

“Due to the divergence in our market, sales continue to vary among single family, townhouse and apartment properties month by month and zone by zone,” Shaw notes.

“The year-end outlook for our Board area is fairly positive with expectations to meet or come fairly close to the forecasted 13% increase in residential sales over 2011”

The Okanagan Mainline Real Estate Board is comprised of 1,030 members and 94 real estate offices in the Southern Interior of B.C.