Home sales in the Okanagan region of British Columbia showed improvement last month with a 6% year-over-year increase.
There were 435 sales reported by the Okanagan Mainline Real Estate Board (OMREB) in February, up from 375 in January. Listings were up 24% to 939 increasing overall active inventory by 7% from January’s 2,806.
“The residential market continues to recover from the slow start experienced last year,” says OMREB president Michael Loewen, adding that “it will be interesting to see if factors such as recent interest rate changes, uncertainties of the US elections and the impact of the coronavirus on the economy will have much effect on the local market, if at all.”
The MLS Home Price Index shows that all sub-sectors of the Okanagan housing market posted gains in benchmark prices “suggesting consumer confidence remains high in the Okanagan region,” added Loewen.
The average number of days to sell a home saw a 1% decrease compared to last month across the Board region.
The wider British Columbia housing market has seen recovery in recent months although supply issues remain. The province’s real estate board is also concerned about the impact of the Speculation and Vacancy Tax on sales.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate