From Kelowna to Revelstoke, amid the COVID-19 pandemic, realtors are seeing high demand for housing and problems for potential buyers.
According to a March report by the Association of Interior Realtors (AOIR), there is insufficient inventory of available single-family homes in the regions where it operates to meet current demand. Meanwhile, property prices in the central and north Okanagan, Shuswap and Revelstoke have risen an average of 20 percent.
The strong demand came with a decrease in the number of days homes were in the market, with the exception of Revelstoke and Shuswap. However, Salmon Arm brokers have seen a rapid turnaround in home sales, which can include multiple listings.
The situation is largely the same for condominiums and apartments.
According to the association, residential property sales rose 146 percent in March, with 1,763 units sold, compared to the 708 units sold in March 2020. The highest increase in sales was in the South Peace River, up 224 percent over the same point last year, and in the Shuswap / Revelstoke regions up 223 percent.
Continue reading: Salmon Arm is experiencing an unprecedented real estate market for sellers
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The association’s president, Kim Heizmann, said the pandemic had contributed to increased demand for housing and caused a “big shock” to supply. She said it will take a long time for this supply to return to healthy levels.
Salmon Arm realtor Linda Rholfs said in March that local demand has come in part from people from larger urban centers, including Kelowna and the lower mainland, planning to move.
“They are trying to move away – especially if they can work from home – and into smaller communities,” said Rholfs. The pandemic has caused some people to move to less congested areas. “A lot of people are looking for a house or a space to grow … (they) have become desirable because of COVID-19, I think.”
The resulting low inventory levels and high demand have created a sellers’ market which, as Heizmann emphasized, is creating a difficult time for buyers.
“Buyers have problems finding a home, and the lack of supply raises prices,” comments Heizmann.
lachlan@saobserver.net
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Real Estate Salmon Arm
