Not enough homes for sale
Photo: CTV.
A robust economy, rising employment, a construction boom and an influx of newcomers to the region are all contributing to a strong demand for housing in the Okanagan.
However, a general lack of homes for sale means there’s just not enough on the market to fill that demand, resulting in stiff competition among home buyers.
According to the Okanagan Mainline Real Estate Board, this trend extends to many neighborhoods, and across most property types, in the region from Peachland to Revelstoke.
OMREB says 1018 sold in the region in June, a decline of 24 per cent compared to last year. That decline in sales mirrors a rise in the average price of properties, which is up eight per cent compared to last year.
Meanwhile, homes sold much faster in June this year than they did during the same month in 2016, with the average home staying on the market for 73 days last month, compared to 81 a year ago.
“We are generally quite busy this time of year and, with continued upward pressure on the market due to a lack of inventory, sales activity is brisk,” says OMREB president and active Central Okanagan realtor Tanis Read.
Even though the housing market in the region has been soaring, OMREB says the kinds of people buying houses continue to remain consistent.
People moving to similar type properties continue to head the list at 22 per cent of the buying population, closely followed by first time buyers and upgraders.
Revenue property investors were 13% of the total buyer group.
Two-parent families comprise the largest group of buyers at 26%, closely followed by couples without children and empty nesters/retired folk.
Those already living in the region continue to be the majority of buyers at 53%, followed by those from Lower Mainland/Vancouver Island at 21% and Alberta at 10%.
“Buyer profiles, month over month, continue to remain relatively constant, with no new trends
emerging at this time,” says Read. “Our buyers are primarily families with children who already live in the region, with some influx from the Lower Mainland, likely due to our relative affordability, and from Alberta, although Alberta buyers have declined in numbers since 2014.”
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