Well here we are into May and Covid is still dictating our movements! The only topic that gets as much attention is the Real Estate Market, and like covid, it has been coming in waves! Over the past few weeks, we have noticed a slight slowing trend but this is perhaps the result of ‘lock-downs, quarantines, and travel bans. In the North Okanagan, the number of sales of Single Family homes rose by 340% even as the inventory dropped a further 51%.
Similar results are reported from across our expanded MLS Board area which now includes south and central Okanagan, Shuswap/Revelstoke, and the south Peace River region. The attached stats are a bit surreal – the benchmark price here in the North Okanagan increased by 27% last month. We do see some buyers rushing to secure mortgages and purchases before the more onerous mortgage qualifications requirements set by the Bank of Canada come into effect June 1st.
Like covid, we are repeating ourselves, a bit uncertain what all the stats mean and what the end result will be! But the sun is shining, more of us are now vaccinated and a glorious Okanagan summer awaits – and the best part is we are already here to enjoy it!
Here’s some interesting highlights from the Association of Interior Realtors – (covering the area from Revelstoke through to Peachland):
*The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions saw double-digit percentage increases in year-over-year comparisons in the single-family and townhomes categories.
*Residential listing in April were down 51% from April 2020 in the North Okanagan
Give us a call 250-549-7050 to discuss the stats relative to your personal property!