Okanagan real estate board stats indicating rebound from 2019

Home prices move skyward

The Okanagan housing market is continuing to enjoy a rebound after a relatively rough 2019.

Residential sales within the Okanagan Mainline Real Estate Board boundary totalled 435 in February, which was up from January’s 375 and also represented an increase of 6 per cent over last February.

New listings were up 24 per cent and overall listings took a 7 per cent jump over January in the OMREB region, which includes the area from Peachland to Revelstoke.

“The residential market continues to recover from the slow start experienced last year,” OMREB president Michael Loewen said in a press release. "It will be interesting to see if factors such as recent interest rate changes, uncertainties of the U.S. elections and the impact of the coronavirus on the economy will have much effect on the local market, if at all.”

“But looking at the MLS home price index data, we can see that benchmark prices saw an increase within all sub-categories across the region, suggesting consumer confidence remains high in the Okanagan region.”

OMREB a few months ago created the benchmark price, which it feels better represents the typical sale price of a variety of dwellings. The organization says the benchmark price represents a dwelling with “typical attributes” to those traded in the area.

The benchmark price of a single-family home in the Central Okanagan increased 2.9 per cent from January, checking in at $660,700 during the month of February. The benchmark townhouse price increased 2.2 per cent to $464,700, while the condominium/apartment mark took a 5.5 per cent jump to $396,500.

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