Pandemic restrictions create grim April for South Okanagan real estate market - InfoNews

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Pandemic restrictions create grim April for South Okanagan real estate market

There weren't many sold signs up in the South Okanagan real estate market in April as the full force of COVID-19 restrictions hit the Okanagan economy.
Image Credit: SUBMITTED/B.C. Assessment
May 05, 2020 - 12:06 PM

Real estate statistics released by the South Okanagan Real Estate Board today show a precipitous drop in sales in April following a full month of COVID-19 pandemic restrictions.

The board says in a media release issued today, May 5, multiple listing sales in the South Okanagan fell by 60 per cent from 596 units April 2019, to 239 units last month. Total sales volume dropped from $73,237,172 in April, 2019 to $31,757,700 last month, and new listings fell from 489 last April to 181 this year. Active listings were down 6.7 per cent from 1,916 last April to 1,795 last month.

“Usually competition amongst buyers and sellers is heating up this time of year,” South Okanagan Real Estate Board president Linda Cruickshank says in the release. “We are not seeing that this year due to coronavirus and many consumers are putting their real estate plans on hold."

Cruickshank says as the economy reopens, and consumers resume their selling or purchasing plans, the local real estate market will pick up again.

On a positive note, she says now might be a good time to buy or sell a home as there is little market competition.

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