Slow and steady, the North Okanagan and Shuswap real estate market cooled in December and January, returning to more ‘normal’ conditions. Listing activity is still weak and this lack of new inventory is keeping sale prices up. The phones were quiet over the holiday season, but many including our team were fighting that terrible flue or avoiding the poor weather and road conditions. At the beginning of January the provincial government implemented their BC Home Partnership Program under the BC Housing Action Plan. The program helps first time buyers to achieve the minimum down payment required for a home purchase. Shortly thereafter CMHC announced an increase to mortgage insurance premiums. It has not been a boring winter! Sales are slower, but we are scrambling to stay on top of the changes. Confused? Give us a call!
North Okanagan Stats, December 2016 Compared to December 2015
- Overall sales up 36% to 116 units.
- Single Family home sales up 40% to 60 units.
- New listings, 136 units, down 7%.
- Active listings 1,136, down 27%.
- Single Family homes listed, down 27% to 47 units.
- Average days to sell 97, down from 137 days, down 29%.
Source: Okanagan Mainline Real Estate Board (OMREB)09