Okanagan Real Estate Market Review – November 2017

Just a few more weeks until Christmas and we are excited!! We wish you and your family the very best of the holiday season!

In 2017 the world witnessed almost every natural disaster Mother Nature could dream up. Despite all this, BC is heading towards 2018 with a strengthening economy, lower unemployment and near record immigration. Real estate sales have cooled over the past few months as buyers and sellers ‘chill’, taking more time with buying decisions. The slowdown could also be the result of the government’s tighter regulations for mortgages.

According the recent OMREB media release, residential sales for November for the North/Central Okanagan & Shuswap totaled 605 sales, down 18% from last month (October). Across the region, average home price moderated slightly in November, from $526,418 in October down to $501,335 in November. Despite this cooling trend, the lack of inventory (listings) continues to be a challenge for our buyers.

We’re hopeful new construction underway in the region will improve housing availability and affordability and ease the pressure not only for buyers, but also for renters. In the meantime, the market still favors Sellers, especially in moderate price ranges.

We are excited to move into 2018! Right now we are very busy welcoming many happy visitors and buyers from everywhere to Silver Star Mountain. Then, in just a few short months we will be welcoming Spring and a rush of buyers ready to invest in our valley and lifestyle!

North Okanagan Real Estate Statistics (Vernon, Silver Star, Coldstream, Armstrong, Lumby & Enderby)
Stats for November 2017 vs November 2016

• Overall sales down 7% to 159 units.
• Single Family home sales down 10% to 66 units.
• New listings, up 12% to 236 units.
• Active listings down 9% to 1,178 units.
• Single Family homes listed down 12% to 81 units.
• In the North Okanagan there were 4 sales over one million dollars in November, 3 acreages and 1 home on Silver Star Mountain Resort – our sale, the first over 1 million the mountain since 2008!


Source: Okanagan Mainline Real Estate Board Statistics:
North Okanagan: North Okanagan Monthly Statistics, November, 2017
Shuswap: Shuswap / Revelstoke Monthly Statistics, November, 2017