Residential sales in North Okanagan down 54% from a year ago

Inventory also continues to decline in April due to the conditions, which the Okanagan Mainline Real Estate Board (OMREB) called balanced. Overall, unit sales were down 32%, dropping from 439 sold in 2010 to 297 this past April.

Kent Jorgenson, OMREB director in the central zone, said the Okanagan results were more typical of the overall British Columbia picture than strong demand in Vancouver.

“Surging consumer demand in Metro Vancouver has been driven primarily by immigrant investment, overshadowing moderate results in the rest of B.C.,” he said. “Locally, our gradual improvement in market activity is reflective of the overall economy and immigration is not a driving factor here.”

Jorgenson noted there’s been a 25% decline in population growth since 2009 in the Okanagan region.

The drop in sales was especially bleak in the north zone, which includes Vernon, Falkland, Armstrong, Enderby, Spallumcheen and Cherryville. In that zone, sales were down 54% in April compared to a year earlier.

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

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?