Real estate activity is booming in the Okanagan.
Record breaking trends in residential sales continue, with sales of more than 1,200 units posted to the Multiple Listing Service in May, up 35.5 per cent from the same month last year.
“In this type of market, consumers can expect to see rising prices, short turn-arounds between when a property is listed and when it is sold, and situations where there are multiple offers on a listing, all of which make for conditions that are tricky to navigate,” said Anthony Bastiaanssen, Okanagan Mainline Real Estate Board president.
A number of factors are contributing to current conditions, with population growth a key one for the Okanagan.
“We’ve not seen the impact that we might have expected with the drop in Albertans buying retirement and recreation properties,” said Bastiaanssen, noting that the void is being filled by more buyers from the Lower Mainland and other regions of B.C.