September 2016 Market Statistics

Okanagan Sales Activity Continues Gradual Slow-Down 


Okanagan Residential Market: Summer Sizzle Ceases

KELOWNA, B.C. October 5, 2016. Residential sales in the Okanagan slowed in September, with 884 sales posted to the MLS® as compared to 1020 the previous month, down 13.3 % from August but still a 25.4% increase over September of last year reports the Okanagan Mainline Real Estate Board (OMREB).

While fewer sales indicate that the market may be starting to moderate, pricing and days on market are still relatively consistent, suggesting that our move towards a balanced market is likely to be a slow one,” comments Anthony Bastiaanssen, OMREB President and active REALTOR® in the central Okanagan.

“Product inventory and new listings are also factors to consider,” adds Bastiaanssen. “When we see low inventories coupled with fewer new listings, we know that it is likely to be a while before the market balances. When we take all factors into account, we are still faced with a market where there are more buyers than homes to buy.”

Across the region spanning Peachland to Revelstoke, the average MLS® residential price in September was $477,844.09, a 2.76% increase over August, likely due to the make-up of product sold, and a 13.44% increase over the same month last year. New residential listings dropped 9% from August, while days on market stayed relatively constant at 84. 

Each market has particular characteristics which create challenges and opportunities for both buyers and sellers. Whether you are looking to buy or to sell, Bastiaanssen advises talking to a local REALTOR® to better understand the best buying or selling strategies to suit the conditions this market presents.

Taking a look at recent buyers of Okanagan properties, the largest buying groups are two parent families with children, at 28.9%, those from within the Okanagan at 54%, and first time buyers who, at 18.4%, edged out those moving to a similar-type property, at 18.2%, according to August results of an OMREB Buyer Survey.

“While there are slight shifts in the results, month over month, the profile of the Okanagan property buyer has remained relatively constant in the six years we’ve been conducting the survey,” says Bastiaanssen.

Bastiaanssen comments that there was anticipation that the 15% increase in Property Transfer Tax for foreign buyers of Vancouver-area properties could result in a spike of foreign buyers purchasing Okanagan property.

We thought we might see more foreign buyers, because the 15% increase only applies when they purchase Vancouver-area property, but nothing, so far,” says Bastiaanssen. 

OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). 

Central Okanagan

Sales 159
New Listings 164
Current Inventory 337
Sell/Inv. Ratio 47.18%
Days to Sell 48
Average Price $283,751
Median Price $258,200

Sales 82
New Listings 121
Inventory 237
Sell/Inv. Ratio 34.60%
Days to Sell 55
Average Price $438,831
Median Price $394,328

Sales 45
New Listings 50
Current Inventory 237
Sell/Inv. Ratio 12.71%
Days to Sell 264
Average Price $297,054
Median Price $260,000

Sales 276
New Listings 373
Inventory 740
Sell/Inv. Ratio 37.30%
Days to Sell 29
Average Price $636,092
Median Price $574,700

Ratio of Sales vs Inventory 35.91%
Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe

For more information and up-to-date market stats, contact Amanda Westrheim at or call 250-863-9230 or email at

The Okanagan Mainline Real Estate Board is comprised of 1,093 member REALTORS® and 91 real estate offices in the Southern Interior of BC. The Board area covers the Central Okanagan, North Okanagan and Shuswap – from Peachland to Revelstoke. 

For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at: and To find out about the advantages of using a REALTOR® , check out 

All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site:

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Amanda Westrheim

Amanda Westrheim

CENTURY 21 Assurance Realty Ltd.
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