Some challenges continue within the North Okanagan’s real estate sector.
Overall sales for August were up by 4.55 per cent compared to 2010 (from 110 units to 115), with sales volumes at $37.2 million compared to $34.1 million last year. However, sales slipped 9.44 per cent from the 127 units sold during July.
Total residential sales for August dipped by 2.94 per cent compared to last year (from 102 to 99), and single-family sales fell 17.86 per cent over 2010 (56 units to 46).
“The summer in the North Okanagan finished with a steady improvement in home sales and stable home prices,” said Darcy Griffiths, a local realtor and member of the Okanagan Mainline Real Estate Board.
“Most market segments continue to move along and hold their own in the Okanagan-Shuswap, while the recreation and investment segments are still sluggish – being most affected by attractive U.S. opportunities and a slower than expected recovery in Canada.”
Griffiths admits concerns over debt load and employment have cooled consumer confidence and that could result in apprehension about making big purchases.
“However, we’re hopeful the B.C. government will reveal its HST transition plan quickly to alleviate some market uncertainty,” said Griffiths.