Home Prices Rise 9%

It’s a slower time of year for real estate sales in the Okanagan — which the experts say is typical.

605 residential properties sold from Peachland to Revelstoke in November, down 18% from last month, and up 6% from this time last year.

Okanagan Mainline Real Estate Board president Tanis Read says new listings have also been slow, down by 14 percent from the previous month, but on par with last year.

“Despite a strengthening economy, lower unemployment and near record immigration, both buyers and sellers seem to be laying low as we approach the end of 2017,” says Tanis Read.

“Significant decreases in both sales and new listings in November combined with a significant uptick in average number of days on market may indicate that factors like tightening government regulation around mortgages, tenancy and representation are taking their toll.”

The average price of a Vernon area home is 470-thousand dollars, up 9 percent, or 40-thousand dollars from a year ago.

The average price in the region is $501,335, down 5% from October, but up 7% over this time last year.

The average price for a home in Kelowna is 678-thousand – up 13% from a year ago.