Okanagan-Shuswap Housing Market Holding Steady
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported November 2012 sales activity of all MLS® property types are down marginally over the same month last year but have increased compared to January through November, 2011 as the market continues to show slow but steady improvement.
"Overall sales in the Okanagan-Shuswap dipped 2% board-wide compared to last November while sales year-to-date (January through November) were up by 8% over 2011. We are still in a buyers’ market but there are fewer new listings and the increased sales activity is bringing inventory down. Market activity has slowed throughout the province as affordability, particularly for first-time buyers and higher priced homes, has been impacted by the latest tightening of credit,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President.
“Due to the divergence in our market, sales continue to vary among single family, townhouse and apartment properties month by month and zone by zone,” he notes. “While sales of all property types eased off in the Central Okanagan and Shuswap last month – dipping by 5% and 3% -- the North Okanagan continued to strengthen with overall sales improving by 7% compared to 2011. Total residential sales from January through November, 2012 showed gains board-wide over last year. Once again, the North zone leads the way with 13%, followed by the Central zone at 6%, and the Shuswap at 2% over 2011.”