Spring Boosts Home Sales

By Corey Fischer

May 2, 2019 | 1:02 PM

The average selling price of homes in the North Okanagan is up slightly.

The valley’s real estate board says 208 homes and other properties were sold in the area last month, an increase of 9% from a year ago.

Purchasers paid an average of $467, 687 per home, up 7.96% from last year.

It’s taking an average of 81 days for a house to sell.

Meantime, there were 707 residential sales across the region from Revelstoke to Peachland in April, up from March’s 545 sales and just 5% fewer than this time last year.

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“While spring is usually hustle and bustle, we were curious about what would happen in the market this year, given the relatively slow lead-up and government measures to cool demand,” says Okanagan Mainline Real Estate Board President Michael Loewen.

“April’s indicators suggest our market may not be dampening as much as markets elsewhere.”

April’s average price, at $531,105 was just 4% higher than March and 3% lower than this time last year.

“It’s not surprising to see the largest price shift occurring in the condo market, given how much new product has come on-stream and the focus on delivering compact, affordable units,” says Loewen.

The board leader says housing supply continues to be chronically short, despite new listings producing a 26% increase in the amount of homes available for purchase over April 2018.

“We are in dire need of a sustainable supply of affordable housing, as continued shortages hurt the rental market when potential buyers are forced to stay renting and add unnecessary market volatility,” contends Loewen.

by Corey Fischer