Okanagan Housing Market Remains Brisk
Residential sales in the Okanagan continue to be brisk, with sales of 1,263 units posted to the Multiple Listing Service (MLS®) in June, up 38% from June of last year, reports the Okanagan Mainline Real Estate Board (OMREB).
The average MLS® residential price in June was $475,091, slightly down from $486,636 in May and representing a 16 % increase over the same month last year. In all regions served by OMREB, active listings dropped 21.37% compared to this time last year. “Either way, we are still light on supply as compared to demand, so until this situation eases, we will see higher prices”, Anthony Bastiaanssen, OMREB President, notes.
Population growth is a factor impacting the current Okanagan market, with most buyers coming from the Lower Mainland, and other regions of BC, followed by buyers from Alberta and other provinces. However, an OMREB monthly survey of buyers shows that a significant majority of buyers are Okanagan residents at 58%, followed by 17% from the Lower Mainland or Vancouver Island, and 12% from Alberta.
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