Times-Chronicle Staff
Some pent-up demand is driving the local real estate market.
So says the South Okanagan Real Estate Board.
“We are seeing an increase in sales likely influenced by consumers re-assessing their needs post-pandemic,” said board president Lyndi Cruickshank.
In fact, she noted the supply is yet to catch up to the demand.
The board reports that single-family residential sales increased by 30 per cent (to 134 units sold in July compared to 103 during the same time in 2019).
The average sale price for single-family homes in July rose by six per cent to $636,745, compared to $598,972 in July of 2019.
Cruickshank said many people are making lifestyle changes and find the Okanagan as an attractive place to move to. She noted that upsizing and multi-generational living are two of the key determinations for many buyers and sellers. Record low interest rates help too.
In Osoyoos, there were 15 single-family home sales last month (up by 15 per cent from the same month last year). The average selling price was $738,000 (up two per cent).
In Oliver, there were 14 single-family home sales, with the average price being $588,714 (up 13 per cent).
Publishing this type of information is irresponsible without all the facts. Like 2019 was a down year for real estate so the increase is exaggerated. Also you should note that given the source of the information readers should beware. These real estate boards don’t operate in the best interest of the public they operate in their members best interest. That’s why a recent poll showed 57% of Canadians don’t trust realtors.