Okanagan property market remains strong

Bucking the national trend, the B.C. economy is improving.

The Okanagan Mainline Real Estate Board says sales activity of all MLS property types last month was the second strongest July on record for residential sales since 1981.

Bucking the national trend, the B.C. economy is growing and improving, said OMREB and that, coupled with low interest rates and ongoing job growth, continues to support rising consumer confidence and home purchases in most markets in B.C.

“Market conditions in the Okanagan-Shuswap remain steady,” said Christopher Miller, OMREB president and an active realtor in the Central Okanagan.

“Strong consumer demand was robust last month and pushed home sales to near record levels for the month of July—second only to last year at this time.”

A lack of inventory for some home types is putting upward pressure on prices in some communities, Miller said.

“The number of active listings in our board area continues to decline—down six per cent compared to last year at this time—with some segments experiencing shortages and moving from a balanced to a sellers’ market.”

Within OMREB’s three areas—Central Okanagan, North Okanagan and Shuswap-Revelstoke—sales activity and prices, and supply and demand tends to vary among property types at different times and locations, with ups and downs experienced zone-by-zone and month-by-month.

In the central zone (Peachland to Lake Country) single family residential sales remained about level with last July, rising a nominal 1.1 per cent, while year-to-date totals improved by 11 per cent over the same time period last year. July saw overall sales of all property types dip slightly (0.9%).But year-to-date sales activity improved by 9.5 per cent.