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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

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®).


Read

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®).

Read

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.)

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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
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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®).

Read


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

Read

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

Read

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

Read

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

Read

KELOWNA, B.C. – August 2nd, 2019. Residential sales across the region of Revelstoke to Peachland increased 11% from June’s 725 sales, totaling 810 sales in July, which meant a 9% increase over this time last year, reports the Okanagan Mainline Real Estate Board (OMREB).


The average residential price in July of $543,587 was only slightly higher than last month’s average price with a 3.5% increase yet stayed below last year’s at just 3% lower. A closer look shows single-family home average price fairly constant with last year, whereas the average for condominiums rose 9.3%. The average price for townhouses clocked-in 3.5% higher than last month.


“While sales prices have experienced a moderate climb throughout the year, inventory has plateaued as potential sellers in the region could still be holding back waiting for the market to fully recover,” says OMREB President, Michael Loewen.


New listings were 1,257 compared to June’s 1,439 and 1,461 this time last year. The supply of homes for sale, or overall active listings, shows a moderate decline of 2%, currently at 44,527, yet up almost 7% compared to a year ago.


“With a record number of new build construction across the province, most of which are apartment units, inventory could be affected going forward,” notes Loewen, adding “these new constructions are still being completed and have either not yet been listed, or pre-construction buyers have not yet listed their old homes.”


In keeping with summer market activity, the average number of days to sell a home decreased in July to 75 days versus June’s 84 days.


“It will be interesting to see if demand will slowly normalize. If so, days on market should get back to normal towards the latter part of the year.”


Given the high stakes on such a significant financial transaction, home sellers can benefit from the knowledge and resources a local real estate professional can bring to bear in marketing the property on MLS® and across multiple real estate portals. Buyers can benefit from a professional’s knowledge in evaluating properties for sale and establishing offers to purchase with appropriate conditions and terms. Both buyers and sellers can benefit from the 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

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KELOWNA, B.C. – July 3rd, 2019. Residential sales across the region of Revelstoke to Peachland totaled 725 in June, a decline from May’s 780 sales, and 9% fewer than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).


June’s average price of $525,303 was only marginally less than last month’s pricing at just 3% lower and clocked-in at 4% less than last year’s average. A closer look shows single-family and townhouse pricing constant with last year while condominium pricing showed a decrease of almost 3%.


“While sales levels have maintained momentum more than in other markets, we continue to see the fallout of federal mortgage policy creating pent-up demand,” says OMREB President, Michael Loewen.

The number of new listings in June were down 17% from last month and 14% fewer from last year this time, yet the number of homes available rose 12% over this time last year. “


We typically see the market slow as compared to the busy spring months and this past June was no different. This, coupled with an increase in housing supply helped move the market closer to balanced conditions,” notes Loewen, adding “despite muted demand and growing housing inventory, prices continued to remain buoyed.”


“What we really need is for government to focus on creating more favourable conditions to facilitate builders and developers to bring housing projects to market faster in order to better respond to increases in demand.”


The average time it took to sell a home was 84 days in June, higher than May’s 71 days and last June’s 60 days.

Given the high stakes on such a significant financial transaction, home sellers can benefit from the knowledge and resources a local real estate professional can bring to bear in marketing the property on MLS® and across multiple real estate portals. Buyers can benefit from a professional’s knowledge in evaluating properties for sale and establishing offers to purchase with appropriate conditions and terms. Both buyers and sellers can benefit from the 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 89 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


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KELOWNA, B.C. – June 4th, 2019. Residential sales across the region of Revelstoke to Peachland totaled 780 in May, up from April’s 707 sales yet 5% fewer than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).


“The local market continues to attract buyers, even though consumers may not have the purchasing power they did prior to January of 2018,” comments OMREB President Michael Loewen.


Noting the chronic shortage of housing supply that has plagued the region for years, Loewen suggests that buyers are still having to wait for inventory to catch up to the demand for affordable housing particularly first-time home buyers and millennials.


“Buyers are being left on the sidelines or having to revisit their financial options to adjust for more stringent stress test requirements.”


May’s average price of $541,611 crept over last month’s pricing at just 2% higher yet stayed below last year’s at just 2% lower. A closer look shows single-family and townhouse pricing tracking slightly under last year with condominium pricing showing an increase of 7% over this time last year.


“A shift from previous months, we’re seeing average condominium pricing that is higher than this time last year, despite the influx of new, smaller-size and more affordable condominium product to the market,” says Loewen.

“The increase in condo average pricing could simply be the make-up of product sold in May. While too early to tell, it could also be a shift towards condominiums located in areas that are more affordable and where the speculation tax doesn’t apply,” notes Loewen.


With new residential listings constant with last May at just 1% fewer, a 6% increase over last month suggests a potential upward trajectory of housing supply heading into the warm summer months. Similarly, the number of homes available for purchase rose 20% over this time last year. The average time it took to sell a home was 71 days in May, marginally fewer than April’s 78 days, yet more than last May’s 69 days.


Given the high stakes on such a significant financial transaction, home sellers can benefit from the knowledge and resources a local real estate professional can bring to bear in marketing the property on MLS® and across multiple real estate portals. Buyers can benefit from a professional’s knowledge in evaluating properties for sale and establishing offers to purchase with appropriate conditions and terms. Both buyers and sellers can benefit from the 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 89 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

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KELOWNA, B.C. – May 2nd , 2019. Residential sales across the region of Revelstoke to Peachland totaled 707 in April, up from March’s 545 sales and just 5% fewer than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).


“While spring is usually hustle and bustle, we were curious about what would happen in the market this year, given the relatively slow lead-up and government measures to cool demand,” comments OMREB President Michael Loewen, adding “April’s indicators suggest our market may not be dampening as much as markets elsewhere.”


April’s average price, at $531,105 was just 4% higher than March and 3% lower than this time last year. A closer look shows single-family pricing tracking at just 4% lower than this time last year, with townhouse pricing pretty much on par and condominium pricing at 15% lower.


“It’s not surprising to see the largest price shift occurring in the condo market, given how much new product has come on-stream and the focus on delivering compact, affordable units,” says Loewen. Days on market, or the average time it takes to sell a home, was 78 days in April, fewer than March’s 92 days, yet more than last April’s 65 days.


Housing supply continues to be chronically short, despite new listings helping achieve a 26% increase in the amount of homes available for purchase over this time last year.


“We are in dire need of a sustainable supply of affordable housing, as continued shortages hurt the rental market when potential buyers are forced to stay renting and add unnecessary market volatility,” contends Loewen.


“Governments can play a significant role in solving the affordable housing problem by focusing on more than just cooling demand and, instead, helping facilitate responsive development of a range of housing to suit a variety of population needs.”


Loewen notes growing sentiment that the stress test may now be doing more harm than good, but points to measures such as the Canadian government’s recent budgetary measures to help first-time buyers as indication that government has some awareness of the problem.


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 89 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

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Indicators Mixed as Residential Real Estate Market Heads into Spring KELOWNA, B.C. – April 2 th , 2019. Residential sales across the Revelstoke to Peachland region rose to 545 in March, up from February’s 407 yet 13% fewer than March of last year reports the Okanagan Mainline Real Estate Board (OMREB).

While Mother Nature is taking her time with the outward signs of spring, the market is rising to the occasion with more activity. In line with a typical spring busier market was an average price of $510,435, just 4% above February and 2% lower than last March. “

Interestingly, average days on market, a gauge of how long it takes for homes to sell, rose to 92 days from February’s 88 days and last March’s 79 days, comments OMREB President Marv Beer. “Usually, when activity increases we see the average days indicator shorten, yet here we’re seeing the opposite.”

Also of note and despite a 44% increase in new listings over the previous month, the supply of homes for sale decreased 12% over February’s inventory.

“Despite steady increases in new listings over the past several months, housing supply is light as we head into the spring market, which is concerning and points to a problem we’ve been stressing for a while: a generalized lack of housing supply,” says Beer. With government solely focused on dampening housing demand through measures such as stricter mortgage rules, higher interest rates and even the speculation tax, there’s been little to no attention paid to helping assure a sustainable supply of affordable housing. “There are troubling trickle-down effects with these one-sided government policies, especially for young families trying to put a roof over their heads,” contends Beer.

If millennials, currently the largest first-time home buying group, can’t buy, they will likely stay renting longer, spelling bad news for rental markets already facing plenty of competition for few vacancies. If housing supply stays low, those who still qualify under the new stricter mortgage rules may find increased competition for scarce housing, often a catalyst that drives up pricing.

Those hoping to upgrade, which could free up an affordable home for sale, may find their own difficulties. Prospective purchasers may be chased away by stricter mortgage rules under which they no longer qualify. Even if buyers can be found, starter home owners may be challenged to find an upgrade they can now afford, as they face the same challenges (harder mortgage qualifying rules; higher interest rates; competition for scarce suitable homes) as their prospective buyers. The seller of the affordable home may opt to stay put and no starter home opens up to a first time buyer.

“At the end of the day, the answer likely lies in governments doing things differently and its likely a basket of actions to fuel creation of a spectrum of affordable housing to accommodate a range of population requirements,” says Beer.

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 89 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

Read

KELOWNA, B.C. – April 2 th , 2019.


Residential sales across the Revelstoke to Peachland region rose to 545 in March, up from February’s 407 yet 13% fewer than March of last year reports the Okanagan Mainline Real Estate Board (OMREB).


While Mother Nature is taking her time with the outward signs of spring, the market is rising to the occasion with more activity. In line with a typical spring busier market was an average price of $510,435, just 4% above February and 2% lower than last March.


“Interestingly, average days on market, a gauge of how long it takes for homes to sell, rose to 92 days from February’s 88 days and last March’s 79 days, comments OMREB President Marv Beer. “Usually, when activity increases we see the average days indicator shorten, yet here we’re seeing the opposite.” 


Also of note and despite a 44% increase in new listings over the previous month, the supply of homes for sale decreased 12% over February’s inventory.


“Despite steady increases in new listings over the past several months, housing supply is light as we head into the spring market, which is concerning and points to a problem we’ve been stressing for a while: a  generalized lack of housing supply,” says Beer.


With government solely focused on dampening housing demand through measures such as stricter mortgage rules, higher interest rates and even the speculation tax, there’s been little to no attention
paid to helping assure a sustainable supply of affordable housing. “There are troubling trickle-down effects with these one-sided government policies, especially for young families trying to put a roof over their heads,” contends Beer.


If millennials, currently the largest first-time home buying group, can’t buy, they will likely stay renting longer, spelling bad news for rental markets already facing plenty of competition for few vacancies. If housing supply stays low, those who still qualify under the new stricter mortgage rules may find increased competition for scarce housing, often a catalyst that drives up pricing.


Those hoping to upgrade, which could free up an affordable home for sale, may find their own difficulties. Prospective purchasers may be chased away by stricter mortgage rules under which they no longer qualify. Even if buyers can be found, starter home owners may be challenged to find an upgrade they can now afford, as they face the same challenges (harder mortgage qualifying rules; higher interest rates; competition for scarce suitable homes) as their prospective buyers. The seller of the affordable home may opt to stay put and no starter home opens up to a first time buyer.


“At the end of the day, the answer likely lies in governments doing things differently and its likely a basket of actions to fuel creation of a spectrum of affordable housing to accommodate a range of population requirements,” says Beer.


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
89 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

Read
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