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.
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