For Immediate Release: May 9th, 2016
Okanagan Housing Market Smashes Record
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reports an all-time record of 1,069 residential sales posted to the Multiple Listing Service (MLS®) in April, up 34.3% from the same month last year. The previous record was 1,015 unit sales recorded in May 2007. The average MLS® residential price was up 13.4% to $459,595 compared to April 2015. The dollar volume of residential sales climbed 52.3% to $491.3 million compared to April of last year.
“Housing demand in the Okanagan is exceptionally strong this spring,” said
Anthony Bastiaanssen, OMREB President and active REALTOR® in the central Okanagan. “In addition to an increase in the number of local buyers, relocations from the Lower Mainland and other regions of Canada are becoming increasingly common.”
Underpinning a high level of consumer confidence is the province’s enviable position as the best performing economy in the country, along with the attendant employment and wage growth, as well as a growing population bolstered by migrants from other provinces.
“Record consumer demand combined with the fewest active residential listings since 2007 has created sellers’ market conditions in many neighbourhoods and across most home types,” added Bastiaanssen. “This imbalance is leading to upward pressure on home prices in the region.”
OMREB’s three diverse markets – Central Okanagan, North Okanagan, and Shuswap-Revelstoke – have different sales activity and prices, with supply and demand varying among property types at different times and locations, with ups and downs experienced zone-by-zone and month-by-month.
In order to fully understand the current residential market, and to look at trends within property types and varying price points in different neighbourhoods, it is important to consult with a REALTOR®.
Board-wide (Peachland to Revelstoke): Overall sales of all property types reported in OMREB’s board area during April climbed 40.3% to 1,208 units compared to the same month last year.
The 1,805 new listings taken board-wide for the month were up 1.2% compared to April 2015, while total active listings declined 16% to 6,003 units over the same period.
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.