19 Summer Projects To Increase Your Home’s Value
Increase Enjoyment & Value!
Do you want content like this delivered to your inbox?
Share
Share

October 2018 Okanagan Shuswap "Residential Sales Volume Rises, Average Price Dips"

Brenda Ellis

Brenda Ellis, most frequently known as Brell, is a partner, mom, grammie, friend and a REALTOR® you’ll want to connect with...

Brenda Ellis, most frequently known as Brell, is a partner, mom, grammie, friend and a REALTOR® you’ll want to connect with...

Apr 3 4 minutes read

KELOWNA, B.C. – 

November 1, 2018. 

Residential sales posted to the Multiple Listing Service (MLS®) for the Peachland to Revelstoke region rose to 639 in October, 9% over September, but 13% fewer than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).

“Interestingly, more homes sold in less time than September but average price was 5% less than September and 4% less than this time last year,” comments OMREB President Marv Beer, cautioning not to take too much stock in the price drop just yet, as the mix of properties sold in the month may be a factor. 

New listings continued to climb along with the inventory of available housing, with 14% more listings than this time last year contributing to an inventory of homes that is now 33% higher than October of 2017

The average number of days it took to sell a home dipped slightly to 81 from September’s 90 days and last October’s 83 days.

“Growing housing supply is a strong indicator of continued movement towards a balanced market where sellers and buyers are favoured more equally,” says Beer, noting that more supply offers benefits for prospective buyers, those looking to rent and even those considering selling.

“While a market where there are fewer homes for sale to a larger pool of buyers, a description that has applied to our market for several years, can be attractive for those considering listing, it can also pose challenges for those same sellers when they look to find new homes at prices they can afford.

”Even within a local real estate market, conditions can differ within sub-regions or housing types. Buyers and sellers are encouraged to consult a local real estate professional to ensure they have comprehensive data and professional analysis and interpretation of that data to inform their decision making.

“It’ll be even more interesting to see what next month brings, as the Bank of Canada followed through with another interest rate hike in October and the BC government tabled their speculation tax,”comments Beer, noting adjustments made which, if the tax is voted in, will mean Canadians residing within and outside of BC will pay a lower rate than previously outlined.

Looking at buyers of homes in the region, it’s worth noting that foreign and out of province buyers continue to be a small percentage of the buying population.

“It’s surprising how many people are convinced the speculation tax is needed in Kelowna and WestKelowna to curb foreign and out of province buyers. While this may be the case elsewhere, I can tell you that for the eight years OMREB has been tracking buyer data, foreign buyers have remained 1-3% of our buying population, buyers from Alberta at 11-12% and buyers from elsewhere in Canada less than 1%.” 

The largest buyer group, by far, continues to be those who already live here at about 55-60% any given month, followed by those who live elsewhere in BC. 

Also likely different than what people generally assume, first-time buyers are a strong buying group that vies for first place with buyers looking to move up and those relocating to a similar property type. Two-parent families with children generally head the buyer group, followed by couples without children and empty nesters or retired.

Considering Buying or Selling?

We've got the most up-to-date details on what's selling where at our finger tips

We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info

Terms of Use

This website is operated by Chris Holm & Associates, a Brokerage who is a member of The Canadian Real Estate Association (CREA). The content on this website is owned or controlled by CREA. By accessing this website, the user agrees to be bound by these terms of use as amended from time to time, and agrees that these terms of use constitute a binding contract between the user, Chris Holm & Associates, and CREA.

Copyright

The content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other reproduction, distribution or use of the content, in whole or in part, is specifically prohibited. Prohibited uses include commercial use, “screen scraping”, “database scraping”, and any other activity intended to collect, store, reorganize or manipulate the content of this website.

Trademarks

REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA’s By-Laws, Rules, and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the professional real estate services provided by members of CREA.

Liability and Warranty Disclaimer

The information contained on this website is based in whole or in part on information that is provided by members of CREA, who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members, and assumes no responsibility for its completeness or accuracy.

Amendments

Chris Holm & Associates may at any time amend these Terms of Use by updating this posting. All users of this site are bound by these amendments should they wish to continue accessing the website, and should therefore periodically visit this page to review any and all such amendments.