Residential real estate rebounds during Covid recovery

Residential sales for July continued to climb with an increase of 38 per cent compared to June totaling 1,094 units across the region of Revelstoke to Peachland.

The figures are up 35 per cent compared to this time last year, according to the Okanagan Mainline Real Estate Board (OMREB).

New residential listings remained the same as last month with 1,494 new listings yet saw an 18 per cent increase over the same time last year. The overall number of active listings fell off 2 per cent over June’s inventory of 3,962 and remained 14 per cent lower compared to last year July’s inventory of 4,527.

“We are seeing a pent-up demand propped up by consumer’s desire for more space in the wake of the pandemic,” said OMREB President Kim Heizmann, adding that “while this is not normal market activity, there is nothing typical about 2020.”