Residential sales in the Okanagan region hit an all-time high in April 2016
A total of 1,069 residential units sold, up 34.3 per cent from the same month last year, the Okanagan Mainline Real Estate Board (OMREB) reports. The previous record was 1,015 unit sales recorded in May 2007. In addition to an increase in the number of local buyers, relocations from the Lower Mainland and other regions of Canada are becoming increasingly common.
The average residential price was up 13.4 per cent to $459,595 compared to April 2015. The dollar volume of residential sales climbed 52.3 per cent to $491.3 million compared to April of last year.
Record consumer demand combined with the fewest active residential listings since 2007 has created sellers’ market conditions in many neighbourhoods and across most home types. This imbalance is leading to upward pressure on home prices in the region.
The biggest hike in sales was in the central zone, from Peachland to Lake Country, including Kelowna.
Figures show transactions of all property types jumped.
Total residential sales for the month were up 39.9 per cent to 743 units compared last year’s levels. The sale of single family homes increased 31.2 per cent to 383 units over the same period. The north zone, from Predator Ridge to Enderby, also saw a big jump in residential sales in April. Figures show a 28.6 per cent increase to 243 units, while single family home sales were up 39.2 per cent to 142 units compared to the same time last year.
The only dip in sales is reported in the Shuswap-Revelstoke zone.
While the OMREB reports that sales activity for all property types climbed in April 2016, total residential unit sales edged back just over one per cent to 86 units compared to the same period in April 2015. Single family homes sales in that region increased 13.3 per cent to 51 units.
Check out the full report here.