Regional real estate market decline continues

December sales for Okanagan Mainline Real Estate Board area reflect 29% decrease

December real estate sales across the Okanagan Thompson region continue to reflect an ongoing decline in sales and prices.

The Okanagan Mainline Real Estate Board reports that for December, there was a 29 per cent sales drop-off from both November and December 2017.

“No surprise, the market is doing what it tends to do this time of year with all indicators pointing to a generalized slow-down,” said Marv Beer, president for OMREB which covers an area from Peachland to Revelstoke.

“Unlike last December, both average price and days on market stayed on trend with average price lower and days on market higher than last month and last year.”

Related: Property assessment continues to rise across Okanagan

Average price, at $504,581, was three per cent lower than November’s price and three per cent lower than this time last year.

Average days on market increased to 99, compared to 91 in November and 79 last December.

New listings were 426 compared to 465 last December, contributing to an inventory of homes for sale that remains 35 per cent higher than this time last year.

“Looking to 2019, we can expect that the market will continue to moderate, as compared to recent years, with all signs pointing to more balanced conditions where buyers and sellers are benefitted more equally. Demand is dampening as a result of government policies that erode affordability and purchasing power, yet these effects are continuing to be offset by relatively strong economic performance,” said Beer.

Beer indicated the pending speculation tax imposed by the provincial government in Kelowna and West Kelowna as another shift on the horizon for 2019.

It is expected to impact about 1,800 Kelowna properties and 600 in West Kelowna.

The relative make-up of home buyers in the region stayed constant with those from within the area comprising the largest group at 59 per cent, followed by Lower Mainland/Vancouver Island buyers at 20 per cent and those from Alberta at 11 per cent.

Contrary to what many believe, Beers said foreign buyers remain a consistently small percentage at just two per cent.

“First-time buyers continue to be a strong contingent at 17 per cent, just behind those moving to a similar property type at 21 per cent and those moving up at 20 per cent. In terms of family dynamic, couples with children top the list at 30 per cent of buyers, following by childless couples at 24 per cent and empty nesters or retired at 21 per cent,” said Beer.



barry.gerding@blackpress.ca

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Salmon Arm beats Vernon in BCHL video final

Silverbacks to meet Cowichan Valley Capitals in league’s simulated video Fred Page Cup final

COVID-19: More infected passengers on planes flying to and from Okanagan and Kamloops airports

The BC Centre of Disease Control has identified numerous flights with COVID-19 cases

COVID-19: Interior Crisis Line calls increase

Calls directly related to pandemic up 25 per cent over final two weeks of March

B.C. firefighters only responding to most life-threatening calls during COVID-19 pandemic

The directive comes after province spoke with paramedics, fire services, according to top doctor

Technology brings joy of dance back to Salmon Arm centre during pandemic

A full range of dance classes to be held with students a very safe distance from each other

‘Better days will return’: Queen Elizabeth delivers message amid COVID-19 pandemic

The Queen said crisis reminds her of her first address during World War II in 1940

Emergency aid portal opens Monday, cash could be in bank accounts by end of week: Trudeau

Emergency benefit will provide $2,000 a month for those who have lost their income due to COVID-19

Education, not enforcement: B.C. bylaw officers keeping a watch on physical distancing

A kind word, it turns out, has usually been all people need to hear

COVID-19: Hospitals remain safe for childbirth, say Vancouver Island care providers

North Island Hospital has been asked to share its perinatal COVID-19 response plan

Canadian cadets to mark 103rd anniversary of Vimy Ridge April 9 virtually

Idea of Captain Billie Sheridan in Williams Lake, B.C. who wondered what to do in times of COVID-19

Okanagan nordic centre loses out on 2021 nationals

Sovereign Lake near Vernon was to host 2020 Canadian championships, canceled due to COVID-19

Most Read