Second Strongest July on Record for Okanagan Market
The Okanagan Mainline Real Estate Board (OMREB) reported sales activity of all MLS® property types in July 2015 as the second strongest July on record for residential sales since 1981. Strong consumer demand was robust last month and pushed home sales to near record levels for the month of July – second only to last year at this time.
Who is Buying? OMREB’s recent Buyers’ Survey results show that 45% of buyers were empty nesters, retirees or couples without children who are moving up or downsizing. It is interesting to note that a consistent 18% of buyers were coming from Alberta, while 55% were from within our Board area, 10% moved from the Lower Mainland and Vancouver Island, and 9% from other areas of the province.
Bucking the national trend, the British Columbia economy is growing and constantly improving. Low interest rates and ongoing job growth continue to support rising consumer confidence and home purchases in most markets in the province.
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