Okanagan/Shuswap Real Estate Market – February/March 2016Published: April 6, 2016
It’s a perfect Okanagan/Shuswap spring. Last week you could ski and golf in the same day! Silver Star Mountain Resort saw regular fresh snow and glorious blue skies! The Alpine base was 244 cm! For Okanagan and Shuswap real estate the warmer weather brought with it some really low mortgage rates and higher consumer demand.
Spring 2016 Real Estate Stats
B.C. has one of the strongest performing economies in Canada. A fact that isn’t lost on consumers and home buyers, it may even be outweighing the some of the negative sentiment concerning the collapse of the oil prices. All of this renewed spring activity hopefully translates into more sales!
To really understand the current residential market you have to consider sales by the type of property, the neighborhood and the price range, but here’s a quick snapshot.
In town, the trees bloomed on Vernon Main Street and the golf courses opened for the season. The trails at Kalamalka Provincial Park were packed with eager hikers. There were a few hardy paddle boarders out on the lakes!
From Predator Ridge to Enderby supply and demand is relatively balanced. Overall property sales in February were up 62% over February 2015! For residential sales there was a 59% (119 units) increase, while single family sales were up 80% (70 units)!
Already there are boaters on the lake and people popping down to visit the Marina!
Spring market conditions favor the sellers. Overall sales activity in February climbed 27% (56 units) over February 2015 and the sale of single family homes rose 12% (27 units).
Mortgage rates are low. Really low. 2.49 – 2.59% for 5-year terms for owner occupied properties! Our colleagues in the financing industry offer the following tips:
- Variable Mortgage Rates are still the best option for lower penalties.
- Shorter Fixed Rates can help you take advantage of any Variable Discounts that come back to the market.
- If you are home shopping, have your Mortgage Broker or lender pre-approve you with full documentation up front to avoid unpleasant surprises later.
Commercial Real Estate
The commercial real estate market is booming! In Vernon alone there were $110 million in building permits issued in 2015. That’s the second highest year on record! Read more, click here.
Source: Real Estate statistics provided by the Okanagan Mainline Real Estate Board http://www.omreb.com/