Okanagan‐Shuswap Housing Market Slow but Stable
The Okanagan Mainline Real Estate Board (OMREB) reported February 2013 sales activity of all MLS® property types is down over the same month last year but remains fairly stable.During February, most B.C. markets saw a low level of sales activity with not much change from January as the tighter rules for high ratio mortgages, wavering consumer confidence, and a pull ‐back in demand continue to impact buyers.
“The slowdown from late 2012 carried over into January and February which are typically not strong months. While the sluggish winter sales were expected to continue into February, activity started to pick ‐up in the Okanagan‐Shuswap during the latter part of the month so we hope to see an increase in calls for showings during March,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President.
“Overall sales for the month were down 15% Board ‐wide compared to last year at this time. While at a lower level than hoped for, sales are steady but tend to vary among property types month by month and zone by zone due to the divergence in our market areas,” Shaw reports. “Sales of all property types dropped by 18% in the Central Okanagan, 10% in the North Okanagan and Shuswap compared to February 2012. The Central zone experienced a 12% decline in the sale of single family residential homes, while the Shuswap and North zones saw 6% and 5% dips in this segment.”