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!

Check out our blogs to learn more about the BC Housing Action Plan or about CMHC Increasing Mortgage Insurance Premiums

North Okanagan Real Estate Market Statistics (Vernon, Coldstream, Armstrong, Lumby & Enderby)

Stats for 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%.

Shuswap Real Estate Market Statistics (Salmon Arm, Shuswap & Sicamous)

Stats for December 2016 Compared to December 2015

• Overall sales up 12% to 64 units.
• Single Family home sales down 16% to 22 units.
• New listings, 65 units, up 3%.
• Active listings 812, down 17%.
• Single Family homes listed remained the same with 23 units.
• Average days to sell 166, down from 176 days, down 6%.

Source: Okanagan Mainline Real Estate Board Statistics:
North Okanagan: North Okanagan Monthly Statistics, December 2016
Shuswap: Shuswap / Revelstoke Monthly Statistics, December 2016