Market returning to normal?
Okanagan Edge Staff - Oct 07, 2019 - Biz Releases

Photo: CTV News

The number of September real estate sales in the Okanagan Mainline Real Estate Board region was up 11 per cent from last year at this time.

OMREB released its September numbers on Monday and revealed the number of sales was down from August, falling from 725 to 652. The supply of homes across the region, which covers Peachland to Revelstoke, is a healthy 4,150, according to the organization.

“The local real estate market is following typical seasonal changes, suggesting normal market conditions are very much in play despite the downturn earlier this year,” OMREB President Michael Loewen said in a press release.

The median price of a single-family residence in Central Okanagan last month was $661,250, which was up from August’s $656,500 but down from last September’s $677,500.

OMREB has always been critical of the provincial government’s speculation tax, and it is quite apparent that the group is not too fond of the new first-time home buyer legislation, either.

“With Kelowna’s robust population of renters it will be interesting to see what, if any, is the potential uptake of the new first-time homebuyer incentive that was recently introduced,” Loewen said.

“It’s unlikely that many people will want to share equity—in the biggest purchase of their lives—with the government.”

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