OMREB has reported a slight decline in home sales since last June. (File photo)
The real estate market in Kelowna is seasonal and goes into summer
“Despite subdued demand and growing housing stocks, prices remained positive,” said OMREB
Residential property sales in the Revelstoke to Peachland area are down 9 percent year over year, according to the Okanagan Mainland Real Estate Board.
“While the sales level has gained more momentum than in other markets, we continue to see that the effects of the federal mortgage policy lead to a backlog,” said Michael Loewen, President of OMREB.
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The number of new registrations in June fell by 17 percent compared to the previous month and by 14 percent compared to the previous year, but the number of available apartments rose by 12 percent compared to the same period last year
“We usually see the market slowly compared to the busy spring months, and last June was no different. This, together with an increase in the supply of apartments, helped to bring the market closer to balanced conditions, “notes Loewen.” Despite the subdued demand and the growing housing stock, prices remained positive. “
“What we really need is for the government to focus on creating more favorable conditions so that home builders and contractors can get housing projects to market faster in order to better respond to rising demand.”
The average time to sell a home was 84 days in June, up from the 71 days in May and the 60 days last June.
Visit the OMREB website for more information.
@ Michaelrdrguez
michael.rodriguez@kelownacapnews.com
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