Home sales holding steady

Photo: Contributed - Authentech Homes

Consumer confidence and low interest rates are driving real estate sales in the Okanagan-Shuswap.

The Okanagan Mainline Real Estate Board says sales activity of all property types in August remained steady through what is a typically slow summer month, despite smoky conditions having some impact on viewings.

OMREB says it was the strongest month for August since 2007.

"While the housing market is being underpinned by rock-bottom mortgage interest rates, a noticeable lift in consumer confidence in our province has propelled the market to elevated activity," the board said in its monthly report. "Smoky conditions due to wildfires may have had some impact on viewings, but have not deterred purchases by people who are choosing to buy now."

"Demand for homes in the Okanagan-Shuswap is strong and keeping pace with other markets in B.C.,” said OMREB president Christopher Miller.

“Most sectors in our board area saw a very active summer, and we are optimistic this upward trend will continue into the fall with solid sales activity in September and October,” he added.  

Inventory is declining as single-family homes are selling within 88 days, compared to 104 days on market year-to-date during the same eight-month period in 2014.

In the Shuswap, single-family home sales for the month rose 19 per cent, compared to August 2014 and saw a 16 per cent improvement year-to-date.

Some segments in the Central Okanagan are experiencing shortages and moving into sellers’ market conditions.  Single-family residential sales grew by 12 per cent over last August, while year-to-date totals climbed by 11 per cent.

The North Okanagan reported a 19 per cent decline in single-family residential sales during August and a nine per cent decline year-to-date, but on the heels of a vigorous run up of sales activity last year that outpaced the two other zones.

Board-wide (Peachland to Revelstoke), overall sales of all property types during August held steady with a 0.6 per cent increase to 882 units from 877. So far this year, they are up 5.5 per cent.

A total of 798 residential sales were made during the month, with 1,344 new listings taken while inventory declined 6.5 per cent.                                           

The average time to sell a single-family home was 64 days in the Central Okanagan, 102 days in the North Okanagan, and 113 days in the Shuswap.