KELOWNA, B.C. – March 2nd, 2021. Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region continues to outperform forecasts with another record high month, reports the Association of Interior REALTORS®.

The total number of sales in February was up 116% with 1,212 units sold compared to February 2020’s sales of 561. The South Okanagan region, stretching from Summerland to Eastgate Manning Park saw the highest increase of sales with a 130% surge compared to the same time last year.

“We are seeing a noticeable increase on various types of recreation and vacation homes sales suitable for all seasons,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “due to COVID-related travel restrictions and limitations more and more inter-provincial buyers are taking the opportunity to create vacation opportunities within B.C.”

Active residential listings for February from Revelstoke to Peachland was marginally down with 1,763 compared to January’s 1,776 listings and far below February 2020’s inventory of 2,996. In the South Okanagan region overall listings dropped 4% over January’s 666, while the South Peace River saw a 2% decrease compared to January’s 304 listings.

“Shortage of supply is still an issue with inventory struggling to meet demand, particularly when it comes to single-family homes” says Heizmann.

The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions saw increases in year-over-year comparisons with single-family homes seeing the greatest increase for another consecutive month.
In the South Okanagan, where benchmark pricing is not yet available, average sales prices were up year-over-year in the townhomes and single-family categories, while average sale prices for single-family homes in the South Peace River increased 8% in comparison to February 2020 prices.

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.

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®).

KELOWNA, B.C. – February 3rd, 2021. Residential real estate sales once again hit a record high in the first month of 2021 across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region, reports the Association of Interior REALTORS®.

The total number of sales in January was up 60% with 796 units sold compared to January 2020’s sales of 497. In the Shuswap and Revelstoke region property sales where up 50% from 40 units in 2020 to 60 in January 2021. The South Okanagan region, stretching from Summerland to Eastgate Manning Park saw the highest increase of dollar volume with a 136% hike compared to the same time last year.

“Hikes in sale dollar volume is another impact of COVID-19 as buyers are seeking out larger spaces to improve their living conditions,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “larger homes naturally also come with a larger price tag. However, we are still seeing an upward pressure on pricing driven by a shortage of inventory that is unable to meet consumer demand.”

Active residential listings for January from Revelstoke to Peachland remained on par with December 2020’s listings but remained short 37% compared to January 2020’s inventory of 2,806. In the South Okanagan region overall listings remained low as decreases were noted in all housing categories. Inventory for condominiums remains low in the South Peace River region with a 27% decrease compared to the same period last year.

“A chronic shortage of new condominium developments in areas such as the South Peace River region or Revelstoke makes it even harder for inventory to meet demand, particularly when such areas are driven by recreational property purchases,” says Heizmann.

The benchmark price for single-family homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions saw increases in year-over-year comparisons with the most notable increase being in 14% in the single-family category.

In the South Okanagan, where benchmark pricing is not yet available, average sales prices showed double-digit increases year-over-year, while average sale prices for condominiums in the South Peace River are rose 69% in comparison to January 2020 prices.

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®).

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®).

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.

CLICK the image to read the full article

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”?

Click the image to view the full article

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®).

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®).

OMREB

Click link to view the Q3 Market Overview

https://mcusercontent.com/9691382a5a8b09c362ef1126b/files/92f9e086-4dfc-47bc-b86b-f7f0bc618b5b/Q3_2020_report.pdf

KELOWNA, B.C. – September 2nd, 2020. Residential sales for August decreased slightly to 1,034 compared to July’s 1,094 total units sold across the region of Revelstoke to Peachland yet remained up compared to this time last year by 43%, reports the Okanagan Mainline Real Estate Board (OMREB).

New residential listings decreased 17% from last month’s 1,494 yet narrowly missed August 2019’s 1,246, totaling 1,237 new listings. The overall number of active listings dropped down 6% to 3,658 over July’s inventory of 3,890 and came in 18% lower compared to the same month last year.

“We are still seeing high sales activity despite the lack of inventory,” says OMREB President Kim Heizmann, adding that “we are at a stage where inventory is struggling to catch-up to the demand, especially in the single-family category – the most desired type of property post-quarantine.”

“August did seem to act in typical seasonal fashion, softening after a busy summer as we head into fall.”

The average number of days to sell a home, always a good barometer to watch, held firm at 89 days.

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.

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®).

KELOWNA, B.C. – August 5th, 2020. Residential sales for July continued to climb with an increase of 38% compared to June totaling 1,094 units across the region of Revelstoke to Peachland, up 35% compared to this time last year, reports the Okanagan Mainline Real Estate Board (OMREB).

New residential listings remained the same as last month clocking in at 1,494 new listings yet saw an 18% increase over the same time last year. The overall number of active listings however fell off 2% over June’s inventory of 3,962 and remained 14% lower compared to last year July’s inventory of 4,527.

“We are seeing a pent-up demand propped up by consumer’s desire for more space in the wake of the pandemic,” says OMREB President Kim Heizmann, adding that “while this is not normal market activity, there is nothing typical about 2020.”

“It will be interesting to see whether this demand sustains through the rest of the year.”

The average number of days to sell a home, always a good barometer to watch, saw a slight increase of 5% to 89 days.

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.

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®).

MEDIA RELEASE

Local Residential Real Estate Market Showing Signs of Bounce Back

KELOWNA, B.C. – July 3rd, 2020. Residential sales for June saw an uptick of 77% compared to May totaling 791 units across the region of Revelstoke to Peachland and saw a 9% increase compared to this time last year, reports the Okanagan Mainline Real Estate Board (OMREB).

New residential listings also saw an increase coming in at 1,494 new listings over last month’s 1,198. The overall number of active listings also showed an increase of 4% over May’s inventory of 3,792 while not quite meeting last year June’s inventory, coming in14% lower.

“These numbers are a positive indicator that real estate in the Okanagan is recovering from the pandemic induced slowdown of the previous three months,” says OMREB President KimHeizmann, adding that “while we are not on the other side of this yet, this is a cautiously optimistic sign that the housing market may bounce back sooner than forecast.”

The average number of days to sell a home, always a good barometer to watch, also improved this month dropping down 6% to 85 days.

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

Whether you are a buyer or a seller, it’s always a good idea to work with a REALTOR® who will protect your interests on such a significant financial transaction.

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.comFor comprehensive Board-wide statistical information, please visit our local public site: www.omreb.comProvince-wide statistical information: BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca

About HPIThe 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.)

Most of you have heard or seen information about a 48-hour radon test but as with most things that seem too easy, buyer beware.

The 48-hour test requires a closed environment, preferably in the fall/winter time frame. What does “closed-environment” mean? All windows and doors are kept closed (other than to briefly enter/exit), all fresh air intakes should be blocked, and no exhaust fans can be operated. If it’s a stormy day – restart the clock. If it’s a windy day – restart the clock.  If a window is left open – restart the clock. 

What do the experts say?

If you get a negative result – don’t rely on it, do a long-term test to make sure.

If you get a positive result – don’t rely on it, do a long-term test to make sure.

Depending on the air pressure within the home, radon can ebb & flow. You may test on a day where you got a fluky amount that if tested over the long-term is negligent. You may also test on a day where nothing was found and yet 4/12 months of the year, that home is above allowable levels.

No matter what the result, the recommendation is a long-term test and the only way to work with a 48-hour test is to disclaimer your way out of any responsibility. Which then begs the question: why do it?

I will be so excited if/when they develop a reliable test because then I can add it as an additional service offering, however, until that happens, protect yourself and your client - manage expectations and make sure they understand the unreliability of any testing data.  

For more information:

https://www.interiorhealth.ca/YourEnvironment/RadonGas/Pages/Testing-for-Radon.aspx

https://www.hc-sc.gc.ca/ewh-semt/alt_formats/hecs-sesc/pdf/pubs/radiation/radon_homes-maisons/radon_homes-maisons-eng.pdf

The information above was provided by Wise on Home Inspections. www.wiseonhomeinspections.com

KELOWNA, B.C. – January 7th, 2020. Residential sales for December across the region of Revelstoke to Peachland greatly exceeded December 2018’s sales by 23%, however came in shy of November’s 527 sales showing a decrease of 24%, reports the Okanagan Mainline Real Estate Board (OMREB).

The rebound in residential sales should help to mitigate the recent declines in property tax assessments experienced by many homeowners in centers across our region.

“While activity was subdued during the first half of the year, the last couple of months saw a strong push towards market recovery”, says OMREB President Michael Loewen, adding that “as we head into 2020, it’s great to see demand  remains robust as market conditions have pulled ahead of previous forecasts.” The overall number of active listings dropped over last month’s inventory of 3,205 coming in at 2,715; down 4% from the same time in 2018. The average number of days to sell a home increased slightly to 102 days. It’s important to note that OMREB reports an average of days on market for the entire Board region and that the indicator will vary depending on home type and sub-region.

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.)

MEDIA RELEASE
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

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®).

KELOWNA, B.C. – December 3rd, 2019. Residential sales across the region of Revelstoke to Peachland totaled 527 in November, down from October’s 625 units sold yet up 14% compared November 2018 sales, reports the Okanagan Mainline Real Estate Board (OMREB).

The average residential price in November rose 13% over October’s average price coming in at $586,159 and surpassed last year November’s average by 12%. A closer look shows single-family and townhome average prices both up 9% from last month’s, whereas the average for condominiums jumped up 25%, coming in at $388,365. All three home categories saw a swell in average prices compared to this time last year.

“The upturn in average prices could very well be due to an increase of high-end sales within the region,” says OMREB President Michael Loewen, adding that “even a few higher-than-usual priced sales can skew the data from month to month and paint an inaccurate picture. That is precisely why we are introducing the MLS® Home Price Index (HPI) tool as a better way to gauge home price levels and trends.”

“Average or median prices can be highly variable based on the type or characteristics of properties sold in a given month. In contrast, the HPI determines prices based on the typical property in an area or neighbourhood. This eliminates potential skewing of price trends due to sales of outlier properties,” says OMREB President Michael Loewen.

Comparing historical HPI data for the composite benchmark price with the MLS average and median price, we can see that the HPI follows the same trend as those price measures but with far less monthly variation.

The overall number of active listings dropped over last month’s inventory of 3,650 coming in at 3,205; down 5% from this time last year. The average number of days to sell a home remained stubbornly consistent from October, holding steady at 93 days. It’s important to note that OMREB reports an average of days on market for the entire Board region and that the indicator will vary depending on home type and sub-region.

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

Province-wide statistical information:

BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca

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.

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.)

DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.

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

KELOWNA, B.C. – November 6th, 2019. Residential sales across the region of Revelstoke to Peachland totaled 625 in October, down from September’s 652 sales and just 2% fewer compared to the 639 units sold in October 2018, reports the Okanagan Mainline Real Estate Board (OMREB).

New listings dropped below last month’s 1,046 by 10.5% resting at 936 new units listed this month. The supply of homes for sale, or overall active listings, also dropped slightly coming in at 3,650 over last month’s inventory of 4,150; down 3.5% from this time last year.

“With the holiday season approaching it’s not unusual for consumers to have other financial priorities on their mind, perhaps putting home purchases on the backburner until the new year,” says OMREB President Michael Loewen, adding that “typically, we see less market activity as we head into the colder months as those that are not in a rush to move prefer to do so when weather conditions are more agreeable.”

October’s average price of $516,940 was down 6% from September’s average price, yet 5% higher than this time last year. A closer look by housing category shows single-family properties and townhomes’ average pricing both tracking at 5% higher than October 2018. The condominium category saw the largest shift in average pricing coming in at 14% less over September’s average price and down 5% from this time last year

“It is too early to say whether this shift in the condo category is an anomaly or the beginning of a trend or merely just a case of construction of more compact and affordable units having caught-up to consumer demand creating competitive market conditions,” says OMREB President Michael Loewen.

The average number of days to sell a home increased to 93 days over September’s 81 days. It’s important to note that OMREB reports an average of days on market for the entire Board region and that the indicator will vary depending on home type and sub-region.

When finding a real estate agent to work with, it is important that you consider working with a REALTOR®. Unlike regular agents, REALTORS® are professional members of The Canadian Real Estate Association who have the knowledge and experience to make the home buying or selling process as simple for you as possible. Given the high stakes on such a significant financial transaction, both homebuyers and sellers can benefit from the knowledge and skills of a practiced REALTOR®.

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

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

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.

DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.

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

KELOWNA, B.C. – October 3rd, 2019. Residential sales across the region of Revelstoke to Peachland totaled 652 in September, down from August’s 725 sales, yet 11% higher than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).

On par with markets across the province, new listings took a slight dip from last month’s 1,246 with only 1,046 new inventory reported this month. The supply of homes for sale, or overall active listings, remains at a healthy 4,150; barely less than this time last year.

“The local real estate market is following typical seasonal changes, suggesting normal market conditions are very much in play despite the downturn earlier this year,” says OMREB President Michael Loewen.

Comparing this September’s average price to last year by housing category shows single-family residences averaging $552,189, nudging 3% higher than the same time last year, with the average price for condominiums 11% higher. Average pricing for townhouses saw a 2.5% increase over September 2018.

“With Kelowna’s robust population of renters it will be interesting to see what, if any, is the potential uptake of the new first-time homebuyer incentive that was recently introduced,” says Loewen, adding that “It’s unlikely that many people will want to share equity – in the biggest purchase of their lives – with the government.”

The average number of days to sell a home nudged over August’s 79 days to 83 days, yet down 8% over last year’s average days on market. It’s important to note that OMREB reports an average of days on market and that the indicator will vary depending on home type and sub-region.

Given the high stakes on such a significant financial transaction, both homebuyers and sellers can benefit from the knowledge and skills of a practiced REALTOR®.

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.

Board-wide statistical information: Email media@omreb.com

Province-wide statistical information:

BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca

OMREB is a member-governed not-for-profit association representing more than 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.

DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.

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

KELOWNA, B.C. – September 4th, 2019. Residential sales across the region of Revelstoke to Peachland were 2% higher for August compared to this time last year clocking in at 725, although less than July’s 810 sales, reports the Okanagan Mainline Real estate Board (OMREB).

“While the number of sales across the region may have dipped compared to July, this is the second consecutive month that sales have had an upswing compared to this time last year. This is a promising sign that market recovery could be on the horizon,” observes OMREB President Michael Loewen.

The overall average residential price in August showed a 4% decrease from July’s average price yet crept over last year’s price by 2% at $521,766. Comparing this average price to last year by housing category shows single-family residences rose almost 11% to $643,457, with the average price for condominiums up 8%. Pricing for townhouses remained the most consistent compared to last year with a moderate increase of 2%.

New listings remained relatively on par at 1,246 compared to July’s 1,257 and 1,292 this time last year. The supply of homes for sale, or overall active listings, also stayed steady for the time of year with only a moderate decline of less than 2% from July’s 4,527, yet up almost 4.5% compared to a year ago.

“Characteristic for the time of year is a general slowdown of new listings which, not surprisingly, creates a slight upward pressure on prices,” comments Loewen, noting that the local market continues to attract buyers. “It will be interesting to see if this momentum sustains for the rest of the year.”

The average number of days to sell a home nudged slightly from July’s 75 days to 79 days in August, and only a fraction over the 78 days for this time last year. It’s important to note that OMREB reports an average of days on market and that the indicator will vary depending on home type and sub-region.

Given the high stakes on such a significant financial transaction, both homebuyers and sellers can benefit from the knowledge and skills of a practiced REALTOR®.

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

Province-wide statistical information: Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson, Economist cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796

OMREB is a member-governed not-for-profit association representing more than 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.

DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.

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