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Real estate sales stable
Real estate activity remains stable in the North Okanagan.
In November, there were 109 overall sales, the same as during the same month in 2012.
However, residential sales dipped 3.3 per cent from 92 to 89 units.
“We remain firmly in buyers’ market territory, which can be very challenging for sellers and buyers alike,” said Karen Singbeil, Okanagan Mainline Real Estate Board president.
“To be competitive, successful home sellers typically have sharp pencils when setting their asking price. While short-term interest rates are expected to remain unchanged, buyers could face less flexible lenders and the risk of rising long-term fixed mortgage rates going forward.”
North Okanagan inventory for November saw a nine per cent drop to 1,966 from 2,160 in 2012, and the 175 new listings taken for the month dipped 13.8 per cent from the 2012 level of 203.