Capital News file

Real estate prices from Peachland to Revelstoke cooling down: report

Average condo price down 14 per cent month-over-month

Real estate listings from Revelstoke to Peachland are cooling off heading into winter, according to the Okanagan Mainland Real Estate Board (OMREB).

Between September and October the board said new real estate listings dropped by 10.5 per cent to 936 new units.

According to the report, the average price for a home in October was down by six per cent to $516,940, however the average price was five per cent higher year-over-year.

READ MORE: Okanagan real estate market heads into spring

OMREB President Michael Loewen said it’s normal for sales to cool off this time of 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,” said Loewen.

“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.”

A closer look by housing category shows the average price for single-family properties and townhomes’ both tracking five per cent higher year-over-year. The condominium category on the other hand, saw the largest shift with the average price for a condo dropping by 14 per cent month-over-month and down five per cent 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 mearly just a case of construction of more compact and affordable units having caught-up to consumer demand creating competitive market conditions,” said Loewen.

OMREB is a not-for-profit association that represents approximately 1300 realtors and 88 real estate offices in the region.


@connortrembley
connor.trembley@kelownacapnews.com

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

Kelowna RCMP Supt. Mundle promoted to senior management role

Supt. Brent Mundle spent three and a half years as the commander of the Kelowna detachment

Kelowna mayor issues statement on Black Lives Matter rally

The rally is scheduled for June 5 at Kelowna’s Stuart Park

No active confirmed COVID-19 cases in Interior Health: BCCDC

Numbers from the BCCDC’s dashboard show 193 of the 195 COVID-19 cases in the region have recovered

Morning Start: Before Rosa Parks, there was Claudette Colvin

Your morning start for Thursday, June 4, 2020

Kelowna BC SPCA busy throughout pandemic

Branch manager Sean Hogan said they have a good problem right now

22 new COVID-19 test-positives, one death following days of low case counts in B.C.

Health officials urged British Columbians to ‘stand together while staying apart’

Refugee family assists former hosts in effort to stop rising water of Shuswap Lake

Alahmad family spend morning filling sandbags to help protect residences

Summerland not considering allowing alcohol in public spaces

Penticton and North Vancouver have both passed bylaws to relax alcohol consumption rules

VIDEO: Revelstoke bear wanders into Animal House pet store

Staff got ready to chase it out with a broom

New study is first full list of species that only exist in Canada

Almost 40 per cent of them are critically imperilled or imperilled and eight are already extinct

‘It’s about equality’ says South Okanagan man rallying for Black Lives Matter

“Canada is not exempt from racism and oppression,” said Geoff Stathers, standing with his #BLM sign

Injured equestrian rescued in North Okanagan

The Vernon Search and Rescue Group Society assisted in the Wednesday evening rescue

Limited summer camps fill up fast in North Okanagan

Some options for kids opened up by Greater Vernon Recreation Services

Most Read