Okanagan Real Estate Report

Did you know that only some renovations will get you more money when you sell?

Many people when planning to sell their home go through an update and/or renovation. You don't always get your money out of every renovation when you sell. The graph below gives you the average cost compared to the return on the investment of that renovation. Estimates are done based on a sale directly after the renovations complete.

Okanagan Shuswap homes for sale are getting more expensive....Thanks Alberta. 

Houses for sale in the Okanagan, Shuswap are getting more expensive, there are less houses to look at and they are selling faster. The best way to figure out what is actually going on is to look at running averages. That means that we look at the most recent 12 month average of any given statistic and compare it to the preceding 12 month period. When we look at the Okanagan, Shuswap together, the average median sale price in the last 12 months is up about 4% compared to the previous 12 months. The average number of monthly transactions is up about 20%. The inventory is down 14% and the absorption is up about 15%. It is an understatement to say we are in recovery. But where are these buyers coming from? In the last year there has been a significant increase in buyers from Alberta. Most of us noticed the increase in red and white licensed plates this summer. In fact the percentage of buyers from Alberta is up about 6% in the last year. That is significant because the percentage from all other buyers has to be down 6% in comparison. Our neighbors to the west are booming and they are looking to warmer climates. We are happy to oblige.

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