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According to the Okanagan Mainline Real Estate Board real estate sales have been strong in the Central Okanagan, but a little weaker in the north end of the Valley.
“Strong consumer confidence has translated into elevated housing demand,” said Christopher Miller, OMREB president and active REALTOR in the Central Okanagan. “More homes traded hands by the end of November in the Okanagan than in all of 2014.”
Robust employment growth and rising wages in the province are helping to underpin housing demand and drive increased migration to B.C. from other provinces, most notably from Alberta. Historically low mortgage interest rates and an increasingly diversified housing stock are also contributing to home ownership options in the Okanagan.
“The inventory of homes for sale was down nearly nine per cent in November compared to the same month last year. With fewer homes for sale in many neighbourhoods, potential home buyers are now facing increased competition for the best properties,” said Miller.
Within OMREB’s three markets – Central Okanagan, North Okanagan and Shuswap-Revelstoke areas – sales activity and prices, and supply and demand tend to vary among property types at different times and locations, with ups and downs experienced zone-by-zone and month-by-month.
“The Central Okanagan and Shuswap markets have exhibited relative strength this year, while housing demand in the North Okanagan has edged lower in its performance compared to the past year, largely as the result of a weaker Alberta economy,” added Miller.
Overall property sales for November in the North zone of the OMREB were up 34 per cent to 161 units compared to 120 last year at this time. Sales activity year-to-date was down 3.6 per cent to 1,810 units compared to 1,878 during the first 11 months of 2014.
Total residential sales were up 44 per cent last month to 143 units compared to 99 units in 2014, and were down 2.8 per cent year-to-date (to 1,626 from 1,673).
Single family home sales were up 33 per cent over last November (to 76 from 57) and declined 7.8 per cent year-to-date (to 894 from 970).
Average days to sell a single-family home in the North Okanagan was 111 days in November compared to 108 in 2014, while homes sold in 86 days on average year-to-date compared to 102 during the same period last year.
The 201 new listings taken for the month was up 5.2 per cent over the 191 recorded for the period in 2014.
