Vernon, BC - The North Zone of the Okanagan Mainline Real Estate Board (OMREB) reported February sales activity of all MLS® property types picked up with the typical spring surge, increasing by 44% in one month from 52 sales in January to 75 in February. Total Sales dollars of all properties sold in February was also up by 50% from January, and new listings taken in February were above last month at 306 compared to 264 in January.
"Buyer interest has definitely picked up," says Rob Shaw, OMREB Director and REALTOR® in the North Zone. "Interest rates have never in our history been this low. This is prompting particularly first-time Buyers to talk to their banker or mortgage brokers about whether they can afford to get into the market," Shaw continued.
"The federal incentive plans such as the home renovation tax credit and the increase to the Home Buyers Plan from a maximum of $20,000 per individual to $25,000 for first-time home buyers to draw from their RRSPs for a down payment will also help sweeten the pot."
Shaw summarizes, "Rate commitment periods on preapprovals for mortgages are typically 60 to 90 days. We will likely see Buyers start to test the market within this time period as spring gets rolling. The guidance of a REALTOR® to help determine market value in this competitive marketplace is important for both Buyers and Sellers."
The North Zone of OMREB covers an area from Predator Ridge north to Vernon and Coldstream, and also includes the surrounding areas of Falkland, Enderby, Grindrod, Armstrong, Spallumcheen, Lumby and Cherryville.