North Okanagan home sales still ‘fairly flat’

Real estate activity in the North Okanagan continues to experience challenges.

Real estate activity in the North Okanagan continues to experience challenges.

There were 108 units sold overall in March, down 13.6 per cent from 125 during the same month in 2012.

“During March, sales in our board area mirrored activity in most housing markets in the province, remaining fairly flat as reticent buyers continue to be influenced by tighter credit rules affecting affordability, and thereby, reducing the rate of consumer demand,” said Karen Singbeil, Okanagan  Mainline Real Estate Board president.

“The market slowdown from late 2012 carried over into the first quarter of 2013 as buyers and sellers continue to sit on the fence, and take a wait and see approach.”

Total residential sales in the North Okanagan slipped from 114 to 97 units, or 14.9 per cent.  Single-family home sales were down 21.2 per cent, from 66 to 52.

Year-to-date, sales were down 17.4% compared to the first quarter of 2012 (to 237 from 287).