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Housing sales drop in region

Rob Shaw -
Rob Shaw
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North Okanagan housing sales were down in March, but realtors are cautioning not to read too much into it.

Total sales dollars fell 19 per cent compared to the same month last year while the number of units dropped 30 per cent (157 units compared to 225 last March)

The number of units listed on MLS in the North Okanagan was down from 463 last year to 434 this March.

“We have to be cautious in drawing quick conclusions when we see the high percentage decrease in both sales dollars and number of units sold compared to 2007,” said Rob Shaw, an Okanagan Mainline Real Estate Board director.

“March of last year was a benchmark unseen this decade and the adjustment we see this year is reflective of a return to more normalized levels in sales.”

Meanwhile there were 27 housing construction starts in Vernon during March, a 37 per cent decrease from the 43 starts during the same month last year.

The Canada Mortgage and Housing Corporation reports that there have been 91 housing starts so far in 2008.

That is down 11 per cent from the first three months of 2007.

Construction activity is up so far this year in Kelowna but down in Penticton and Kamloops.

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