Image: Dan Moyle/Flickr photo

Image: Dan Moyle/Flickr photo

Okanagan property sales and prices continue to fall

Okanagan Mainline Real Estate Board says sales were down 18 per cent last month

Residential home sales continued to fall last month throughout the Okanagan and Shuswap-Revelstoke region.

According to the Okanagan Mainline Real Estate Board, the region—stretching from Peachland to Revelstoke—saw 605 sales in November, down 18 per cent compared with October’s 736 sales.

“Despite a strengthening economy, lower unemployment and near record immigration, both buyers and sellers seem to be laying low as we approach the end of 2017,” said OMREB president Tanis Read.

“Significant decreases in both sales and new listings in November combined with a significant uptick in average number of days on market may indicate that factors like tightening government regulation around mortgages, tenancy and representation are taking their toll.”

November saw 769 new properties listed, down 14 per cent from October’s 898 and on par with the 705 new listings in November 2016. Typical for the fall months, the average number of days to sell increased to 132 from October’s 83 and was significantly higher than the 97 days on average for the same period last year.

Read noted that regional average price of $501,335 in November moderated slightly with tightening supply and less-buoyant sales. The average price in November was down five per cent from October.

“Although availability and affordability is beginning to be addressed through new, multi-family residences coming to market in some regions of our area, we may also be seeing a lag of resale product coming to market during the period of transition, which is product primarily represented on the MLS system,” said Read.

For detailed statistics throughout the OMREB region, go to www.omreb.com.

To report a typo, email: edit@kelownacapnews.com.


@KelownaCapNews
newstips@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

It was an opening day filled with blue skies, sun and COVID-19 protocols at Vernon’s SilverStar Mountain Resort Friday, Dec. 4, 2020. (Brendan Shykora - Morning Star)
VIDEO: Passholders enjoy sunny opening day at Silver Star Mountain

Resort staff say parking reservations, COVID-19 protocols went smoothly Friday, Dec. 4

COVID-19. (Image courtesy CDC)
81 new cases of COVID-19 detected in Interior Health Friday

One additional staff member at Kelowna long-term care home tests positive, no new deaths

RCMP. (Phil McLachlan - Capital News)
Two arrested after attack at Vernon home

Police spotted around 43rd Avenue linked to Wednesday assault

Lumby Mayor Kevin Acton has been re-elected as Regional District of North Okanagan Chair Nov. 18, 2020. (Richard Rolke - Morning Star file)
North Okanagan district re-elects chair, vice-chair

Acton, Shatzko re-elected for third lap as chair, vice-chair

An Armstrong resident shared video of a beaver gnawing away on a stick to Facebook Friday, Dec. 4, 2020. (Robyn Civic Adnoh photo)
WATCH: Beaver gnaws away in Armstrong wetlands

A resident captured video of a beaver chewing happily in a local creek Friday

Unofficial holidays: Here’s what people are celebrating for the week of Dec. 6 to 12

Mountain Day, Dewey Decimal System Day and Lard Day are all coming up this week

Summerland’s cenotaph was originally installed in front of the high school. The old school was located close to the corner of Rosedale Avenue and Jubilee Road. (Photo courtesy of the Summerland Museum)
Cenotaph and parks in Summerland honour fallen soldiers

Community memorials pay tribute to those who were killed in military service

Demonstrators, organized by the Public Fishery Alliance, outside the downtown Vancouver offices of Fisheries and Oceans Canada July 6 demand the marking of all hatchery chinook to allow for a sustainable public fishery while wild stocks recover. (Public Fishery Alliance Facebook photo)
Angry B.C. anglers see petition tabled in House of Commons

Salmon fishers demand better access to the healthy stocks in the public fishery

Farmers raise slogans during a protest on a highway at the Delhi-Haryana state border, India, Thursday, Dec. 3, 2020. Prime Minister Justin Trudeau rejected the diplomatic scolding Canada’s envoy to India received on Friday for his recent comments in support of protesting Indian farmers. Tens of thousands of farmers have descended upon the borders of New Delhi to protest new farming laws that they say will open them to corporate exploitation. THE CANADIAN PRESS/AP-Manish Swarup
Trudeau brushes off India’s criticism for standing with farmers in anti-Modi protests

The High Commission of India in Ottawa had no comment when contacted Friday

Nurse Kath Olmstead prepares a shot as the world’s biggest study of a possible COVID-19 vaccine, developed by the National Institutes of Health and Moderna Inc., gets underway Monday, July 27, 2020, in Binghamton, N.Y. U.S. biotech firm Moderna says its vaccine is showing signs of producing lasting immunity to COVID-19, and that it will have as many as many as 125 million doses available by the end of March. THE CANADIAN PRESS/AP-Hans Pennink
Canada orders more COVID vaccines, refines advice on first doses as cases reach 400K

Canada recorded its 300,000th case of COVID-19 on Nov. 16

Apartments are seen lit up in downtown Vancouver as people are encouraged to stay home during the global COVID-19 pandemic on Thursday, Dec. 3, 2020. British Columbia’s deputy provincial health officer says provincewide data show the most important area B.C. must tackle in its response to the COVID-19 pandemic is health inequity. THE CANADIAN PRESS/Marissa Tiel
Age, income among top factors affecting well-being during pandemic, B.C. survey shows

Among respondents earning $20,000 a year or less, more than 41 per cent reported concern about food insecurity

Information about the number of COVID-19 cases in Abbotsford and other municipalities poses a danger to the public, the Provincial Health Services Authority says. (Photo: Tyler Olsen/Abbotsford News)
More city-level COVID-19 data would jeopardize public health, B.C. provincial health agency says

Agency refuses to release weekly COVID-19 case counts, citing privacy and public health concerns

Victoria-based driving instructors are concerned for their own and the community’s safety with the continued number of residents from COVID hotspots in the Lower Mainland coming to the city to take their driving road tests. (Black Press Media file photo)
Students from COVID hotspots travel to Vancouver Island for driving tests

Union leader calls on government to institute stronger travel ban

(Hotel Zed/Flytographer)
Kelowna hotel grants couple 18 years of free stays after making baby on Valentines Day

Hotel Zed has announced the Kelowna couple has received free Valentines Day stays for next 18 years

Most Read