Housing market stays cool

The Central Okanagan housing market suffered its second straight price drop in November.

The median sale price of a dwelling last month was $625,000, which was down from $633,000 in October and way down from $677,000 in September.

The drop was part of an overall decline, according to numbers released Tuesday by the Okanagan Mainline Real Estate Board.

OMREB, which covers the area from Revelstoke to Peachland, reported a 28 per cent decline in sales from the previous month and a 24 per cent drop when compared to November 2017.

OMREB president Marv Beer believes if the government doesn’t stop meddling in the market with the speculation tax, interest rates hikes and the stress test, people are going to start losing their jobs and their homes.

To find out why, read more at Okanagan Edge.

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