Real estate demand remains strong despite less inventory

Residential home sales were up 43 per cent in August, compared to a year ago, in the region from Revelstoke to Peachland.

The Okanagan Mainline Real Estate Board said the 1,034 residential sales in August were down slightly from the 1,094 in July. New residential listings decreased 17 per cent from last month’s 1,494.

OMREB president Kim Heizmann, a Vernon realtor, said they are still seeing high sales activity despite the lack of inventory.

“We are at a stage where inventory is struggling to catch-up to the demand, especially in the single-family category – the most desired type of property post-quarantine. August did seem to act in typical seasonal fashion, softening after a busy summer as we head into fall,” Heizmann said.