The Okanagan’s real estate market cooled off in June.
The valley’s real estate board says just over one thousand homes were sold, down 10 percent from May, and 24 percent lower than a year ago.
About 300 units were sold in the North Okanagan which had an average residential price of 463-thousand dollars, up ten percent from last year.
“We are generally quite busy this time of year and, with continued upward pressure on the market due to a lack of inventory, sales activity is brisk,” says OMREB President Tanis Read.
“While sales volume is down from this time last year, average pricing is 8% higher and the average time it takes to sell a home was 73 days in June, consistent with May, but a shorter period than last June’s 81 days.”
She says a robust economy, rising employment and construction activity, and newcomers to the region are all contributing to a strong demand for housing.
However, a general lack of homes for sale means supply is
not keeping pace with demand, resulting in competition for available housing in many neighborhoods and across most property types.
It’s taking an average of 60 days to sell a home i Vernon, compared to 85 days i June 2016.