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Media Release

KELOWNA, B.C. – January 5, 2021. High demand drove the real estate market to finish the last month of 2020 on a high note with unexpected and exceptional sales volumes across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region, reports the Association of Interior REALTORS®.

Residential sales for December in the region of Revelstoke to Peachland increased 65% compared to December 2019’s residential sales, coming in at 661. The South Okanagan region, stretching from Summerland to Eastgate Manning Park also saw an unexpected jump of 201 units sold of overall property sales compared to the previous year’s 107, while property sales in the South Peace River region was up 11% from 18 units in 2019 to 20 in December 2020.

“Last year was a very unusual year, after an initial slowdown due to stay-at home orders from the provincial government we saw a high demand in the real estate market, once orders were lifted that did not wane even in the typically slower months,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “despite unusually high demand, inventory of active listings consistently remained low as buyers snapped up homes almost as soon as they were listed. Particularly in the family-sized homes category.”

Active residential listings for December from Revelstoke to Peachland fell short 35% compared to December 2019’s 2,715, while in the South Okanagan region overall listings saw a slight increase of 11% compared to the previous year’s 158 properties. The South Peace River region had a greater uptick compared to December 2019, jumping up 24% to 34 units listed.
“Shortage of supply continues to put upward pressure on pricing as inventory cannot meet the demand. It will be interesting to see if this trend continues in the coming months and into the usually busy Spring season,” says Heizmann.
The benchmark price for single-family homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions clocked in double-digit percentage increases in year-over-year comparisons.

In the South Okanagan and the South Peace River region where benchmark pricing is not yet available, the average sales price for single-family homes surged 37% and 15% year-over-year respectively.

The Association of Interior REALTORS® was formerly formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board.

The Association is a member-based professional organization serving approximately 1,600 REALTORS® who live and work in communities across the interior of British Columbia from Revelstoke south to the US border, east to Rock Creek, west to Eastgate Manning Park to communities in the South Peace River region.

Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
 
For more information, please contact:
Board-wide statistical information: Email media@interiorrealtors.com
Province-wide statistical information:
BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca
About HPI The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and trends by using benchmark pricing rather than median or average. It consists of software tools configured to provide time-related indices on residential markets of participating real estate boards in Canada.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA (REALTOR®/ REALTORS®).


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Pantone Color(s) Of The Year 2021: Ultimate Gray And Illuminating


fter a most unique year, it only makes sense that we would launch into 2021 with an unexpected color of the year choice. In fact, Pantone has gone with not one, but two, hues in its annual proclamation.


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The Most Luxurious Holiday Gifts of 2020


The Neiman Marcus annual Christmas Book of fantasy gifts has always held a sense of extravagance (emphasis on the word, fantasy). However, this year is unlike any other. The pandemic has brought a unique set of circumstances that have challenged us all. On the one hand, 2020 doesn’t seem like the year to be letting our imaginations run wild with over-the-top gifts. On the other hand, couldn’t we all use a dose of dreamy escapism and a reminder of “what brings us joy, what touches our hearts or what makes us smile”?


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MEDIA RELEASE

Local Residential Real Estate Market Demand Showing No Sign of Cooling
KELOWNA, B.C. – December 2nd, 2020. Residential sales for November across the region of Revelstoke to Peachland beat out November 2019’s sales by 71%, while clocking in 15% less over October’s 1,062, reports the Okanagan Mainline Real Estate Board (OMREB).

New residential listings fell from 1,057 last month to 768 new listings yet surpassed last year’s 730 new listings by 5%. The supply of homes for sale, or overall active listings, is still struggling to meet the high demand dropping 19% compared to October’s inventory of 2,787 and 30% lower than November 2019’s active listings.

“We continue to see high residential housing demand despite a mild seasonal slowdown generally seen during this time of year,” says OMREB President Kim Heizmann, adding that “it’s typical for market conditions to cool as the weather cools, yet that, much like everything else this year, hasn’t happened.”

“Looking at the numbers we can see that consumer demand is not being met due to record low listings, which creates upward pressure on pricing. Essentially, the demand is so high that it is difficult for inventory to build up.”

The average number of days to sell a home, always a good barometer to watch, went up 7% to 88 days in November. It is important to note that OMREB reports on all market statistics for the entire Board region and that the indicators will vary depending on home type and sub-region.

Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals in a safe and socially-distant manner.



OMREB is a member-governed not-for-profit association representing approximately 1300 REALTORS® and 88 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.

OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.

For more information, please contact:
Board-wide statistical information: Email media@omreb.com
For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com
Province-wide statistical information:
BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca


About HPI The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and trends. It consists of software tools configured to provide time-related indices on residential markets of participating real estate boards in Canada.

The 18 real estate boards participating in the MLS® HPI represent 65% of all Canadian resale housing activity*. Use the MLS® HPI Tool and ask your REALTOR® for more detailed MLS® HPI market information where you live or might like to. (*based on the 10-year average of annual sales from 2009-2018.)

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA (REALTOR®/ REALTORS®).

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Media Release


KELOWNA, B.C. – November 3rd, 2020. Residential sales for October across the region of Revelstoke to Peachland greatly exceeded October 2019’s sales by 70%, however came in shy of September’s 1,159 sales showing a decrease of 8%, reports the Okanagan Mainline Real Estate Board (OMREB). 


New residential listings decreased from 1,269 last month to 1,057 new listings.  The overall number of active listingsalso lagged behind September’s inventory of 3,251 coming in 14% lower for October and 24% lower than October 2019’s active listings. 


“Seasonally, we normally see the market start to calm down towards the colder winter months, however that was not the case for October,” says OMREB President Kim Heizmann, adding that “this seems to be a trend across the province as demand for more living space continues to drive consumer incentives.”


“The recent increase in COVID will likely facilitate a calming pace to more normal seasonal market conditions. However, real estate transactions can still proceed in a safe and responsible manner as REALTORS® have adapted to the new normal and have found ways to continue helping clients buy and sell homes while adhering to government guidelines and safety recommendations.”    


The average number of days to sell a home, always a good barometer to watch, dropped 9% from September’s 90 days to 83 days for October.  


It is important to note that OMREB reports on all market statistics for the entire Board region and that the indicators will vary depending on home type and sub-region.


Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals in a safe and socially-distant manner.


OMREB is a member-governed not-for-profit association representing approximately 1300 REALTORS® and 88 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.

OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap-  Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com. 

For more information, please contact:Board-wide statistical information: Email media@omreb.com

For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

Province-wide statistical information:BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca


About HPI

The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and trends. It consists of software tools configured to provide time-related indices on residential markets of participating real estate boards in Canada.

The 18 real estate boards participating in the MLS® HPI represent 65% of all Canadian resale housing activity*. Use the MLS® HPI Tool and ask your REALTOR® for more detailed MLS® HPI market information where you live or might like to. (*based on the 10-year average of annual sales from 2009-2018.)

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA(REALTOR®/ REALTORS®).

Read full post