Supply does not match demand
Photo: The Canadian Press
The supply of homes in the Okanagan is still struggling to meet demand. This is a big reason why the real estate market continues to be hot.
The Okanagan Mainline Real Estate Board released its November stats on Wednesday, and the number of sales in the area increased 71% compared to November 2019.
OMREB, which covers the area between Peachland and Revelstoke, had 15% less sales in November than in October, but the numbers are still high thanks to the impact of the COVID-19 pandemic.
“We continue to see high demand for residential property, despite a slight seasonal slowdown that is generally seen this time of year,” said OMREB President Kim Heizmann in a press release. “It’s typical for market conditions to cool down when the weather cools, but like everything else this year, that didn’t happen.
“If we look at the numbers, we can see that consumer demand is not being met due to the low listings, which is putting upward pressure on prices. In essence, the demand is so high that it is difficult to build up inventory. “
Last month’s inventory was 19% lower compared to October and 30% lower than November 2019.
The reference price for a single family home in Central Okanagan rose more than 10% to $ 728,900, while the North Okanagan mark rose 11.1% to $ 529,000.
Townhouse and condominium prices also rose in the central and northern Okanagan last month, but the gains were not as high as single-family homes.
Photo: Contributed
