Less inventory is putting upward pressure on house prices in the Okanagan.
Okanagan Mainline Real Estate Board president Anthony Bastiaanssen says the number of homes listed is down 30 percent from a year ago.
“Inventories are really low because of the increased activity in the past year or two, and the increased number of sales. We’ve seen record sales,” Bastiaanssen tells Kiss FM.
He hopes the strong new housing starts seen in many cities last year, will change that.
“Municipalities saw record numbers of building permits taken out through-out our region. The hope and expectation is as that product comes on line, ideally early this year, that will help the inventory and bring a little more balance to the market.”
The board says the average price of an Okanagan home is $480,052, up 9% from January, and 13% higher than February 2016.
There were 520 residential sales across the region from Peachland to Revelstoke in February, up from 353 in January.
The average selling time for a home is 87 days, down from 96 in January.
“Most buyers continue to be those who already live in the region, at 55%, followed by those from the Lower Mainland and Vancouver Island at 21% and Alberta at 12%,” says Bastiaanssen.