Okanagan/Shuswap Housing Market – July/August 2016

Published: September 1, 2016

The Okanagan/Shuswap real estate market moderated slightly in July compared to June. Fewer units sold and prices remained comparable as did days to sell but the market is still favoring the seller. The number of buyers coming to the region is higher than the number of new and active listings. Until we see some new listings the market will offer slim pickings to buyers.

Actually, this market is creating challenges for both buyers and sellers. We’re seeing many tight timelines due to contracted transactions – it can be a stressful process for all parties. The key to success? Our administrative team is working at top speed to ensure error free, smooth transactions and our professional Realtor team is more than qualified to provide you with expert advice, even if it’s on-the-fly.

Interestingly, buyers from the Lower Mainland and Vancouver Island now represent 18% of purchasers, compared to 12% from Alberta. Keep in mind, nearly 60% of our buyers are still from the local area.  Foreign buyers are relatively constant at around 2%. We wonder if that might change with the new 15% Property Transfer Tax (PTT) for Metro Vancouver. We think it’s very possible our Okanagan/Shuswap real estate market will begin attracting additional foreign investment in the coming months. After all, purchasers buying in the Okanagan/Shuswap aren’t subject to the 15% PTT, our market is roughly 50% cheaper than Vancouver, we have great post-secondary institutions, 3rd largest international airport in BC, great waterfront, golf and skiing and fabulous lifestyle. Time will tell.

North Okanagan Real Estate Market (Vernon, Coldstream, Armstrong & Areas)

Stats for July 2016 Compared to July 2015

7540 Tronson Road, Vernon., BC (Okanagan Lake)

7540 Tronson Road, Vernon (Okanagan Lake)

  • Overall sales up 33% to 277 units.
  • Single Family home sales up 21% to 138 units.
  • New listings, 372 units, up 7%.
  • Active listings 1,752, down 20%.
  • Single Family homes listed, increased 23% to 180 units.
  • Average days to sell 97, down 15% from 114 days.
  • Average price, single family homes, $473,941 up 25% from $377,809.

 

 

Shuswap Real Estate Market (Salmon Arm & Mabel Lake Areas)

Stats for July 2016 Compared to July 2015

175 Trans Canada Highway, Sicamous

175 Trans Canada Highway, Sicamous

  • Overall sales up 10% to 150 units.
  • Single Family home sales up 10% to 67 units.
  • New listings, 187 units, up 15%.
  • Active listings 1,341, down 15%.
  • Single Family homes listed, decreased 21% to 67 units.
  • Average days to sell 120, up 3% from 116 days.
  • Average price, single family homes, $387,669 up 15% from $337,000.

 

 

Source: Okanagan Mainline Real Estate Board Statistics
North Okanagan: North Okanagan Monthly Statistics, August 2, 2016
Shuswap: Shuswap / Revelstoke Monthly Statistics, August 2, 2016

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