Okanagan/Shuswap Real Estate Market – April/May2017

Published: June 7, 2017

Our Name Is In the Mud, Floods 2017

May was a fast, wet month. Our local lakes continue to rise and we sympathize with everyone feeling ‘flood fatigue’. May also reminded us, it’s the kind and resilient people who make the North Okanagan and Shuswap an amazing place to call home.


Disasters bring an abundance of unnamed heroes – the selfless property owners who rushed their pumps and sandbags to those in even greater danger of flood damage than they, the friends and strangers working side by side to set up, fill and load those heavy sandbags, the tireless efforts of City, Regional District, Okanagan Indian Band, emergency services crews, the school children who pitched in to spend their gym time bagging sand – and the countless others who helped and continue to help in any way they can.

Financial Aid

Generous donations have made it possible for the Red Cross to provide a little financial assistance to owners evacuated from their homes due to flooding. Spread the word and visit here for more info: http://www.redcross.ca/how-we-help/current-emergency-responses/spring-flooding-in-canada/spring-floods-2017-%E2%80%93-red-cross-support

Our Name is Mud

Or rather, our name is in the mud. High water, waves and wind have wreaked havoc on property – and our real estate signs. If you see our signs laying in the ditches or floating in the debris, please let us know, we’ll come clean it up!

Some Good News

CMHC released their quarterly report this past week and overall arrears at a mere -.32%.  This is unchanged for the past decade. Our friends in the Maritimes and Alberta have the highest arrears, fortunately they are seeing an increase in employment.

Where Did Buyers Come From?

Source (ORMEB)

Moving From:
56.3% from Within OMREB Board Area (up from 55.6% in March)
19.9% from Lower Mainland/Vancouver Island (up from 17.5%)
9.1% from Other Areas in BC (up from 5.6%)
8.5% from Alberta (up from 8.4%)
2.9% from Eastern Canada/Maritimes (down from 5.3%)
2.1% from Saskatchewan/Manitoba (down from 4.1%)
0.9% from Outside Canada (down from 3.1%)
0.3% from NWT/Yukon (no change from 0.3%)

Buyer Type (Family Dynamic):
27.1% Two Parent Family/Children (up from 26.3% in March)
21.8% Couple without Children (down from 24.1%)
19.2% Empty Nester/Retired (up from 15.4%)
14.7% Single Female (up from 12.2%)
11.8% Single Male (down from 13.2%)
4.7% Single Parent with Children (down from 6.0%)

Property Type:
19.0% by Relocating and moving to similar property type (down from 20.3% in March)
18.5% by First Time Buyers (down from 19.4%)
15.8% by Move-Up Buyers (down from 17.1%)
15.5% by Buyers Downsizing (up from 13.3%)
14.3% buying Revenue/Investment Property (no change from 14.3%)
5.7% moving from Single Family Home to Strata Unit (up from 4.1%)
4.2% moving from Strata Property to Single Family Home (up from 2.5%)
3.9% buying Recreation Property (up from 3.8%)
1.8% moving into Retirement Home/Seniors Community (down from 2.2%)

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

Stats for April 2017 Compared to April 2016

  • Overall sales down 18% to 222 units
  • Single Family home sales down 27% to 104 homes
  • New listings, down 10% to 392 units
  • Active listings down 23% to 1,391 units
  • Single Family homes listed down 10% to 183 homes
  • Average days to sell down 2% to 99 days

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

Stats for April 2017 Compared to April 2016

  • Overall sales up 2% to 117 units
  • Single Family home sales down 18% to 42 homes
  • New listings down 11% to 285 units
  • Active listings down 21% to 1,018
  • Single Family homes listed up 6% to 109 homes
  • Average days to sell up 11% to 139


Source: Okanagan Mainline Real Estate Board Statistics:

OMREB Buyers Survey, APRIL 2017

North Okanagan: North Okanagan Monthly Statistics, APRIL 2017

Shuswap: Shuswap / Revelstoke Monthly Statistics, APRIL 2017

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