Housing sales surged at year’s end in the Central and North Okanagan - InfoNews

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Housing sales surged at year’s end in the Central and North Okanagan

January 07, 2020 - 2:50 PM

A 23 per cent increase in December housing sales versus December 2018 may put an optimistic bounce in the step of members of the Okanagan Mainline Real Estate Board that stretches from Peachland to Revelstoke.

“The rebound in residential sales should help to mitigate the recent declines in property tax assessments experienced by many homeowners in centres across our region,” states a real estate board news release.

Even with the strong December, compared to 2018, sales were down 24 per cent from the 527 sales recorded in November of this year.

“While activity was subdued during the first half of the year, the last couple of months saw a strong push towards market recovery,” board president Michel Loewen said in the release. “As we head into 2020, it’s great to see demand remains robust as market conditions have pulled ahead of previous forecasts.”

The board is using a new system that reports a benchmark selling price in December of a single-family house of $662,300 in the Central Okanagan, $478,010 in the North Okanagan and $436,500 in the Shuswap/Revelstoke region. The benchmark represents homes with “typical attributes” of those sold in the region.

The typical townhouse sold for $465,200 in the Central Okanagan, $412,100 in the Shuswap/Revelstoke region and $380,200 in the North Okanagan.

It shows condos as selling for $380,200 in the Central Okanagan, $337,900 in the Shuswap/Revelstoke region and $239,000 in the North Okanagan.


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