Numbers from the Okanagan Mainline Real Estate Board show that sales activity for the month of July improved when compared to the same month last year, but that was down slightly from June 2013.
“July is typically slower than June, and even more so this year, as some areas have seen more impact than others from the Alberta floods,” explains Karen Singbeil, OMREB president.
She points out this was especially true in the Shuswap, where the recreation and investment condo markets have also been affected by tighter credit conditions.
“Following a fairly flat first quarter, the Okanagan-Shuswap has experienced a steady year-over-year increase in sales during the past four months,” she says.
“While some segments are heating up and seeing a turnaround in consumer demand compared to last year at this time – echoing stronger activity province-wide – overall market conditions are still stabilizing in our area.”
Across the board, the central zone (Peachland to Lake Country) saw the biggest increase. It saw 471 units sold, compared to 417 last year – an increase of 13 per cent.
Year-to-date numbers also saw a modest six per cent increase with 2,621 compared to 2,471 units last year.
Heagen, R., Castanet, Sept 5, 2013.