As quoted from Rob Shaw, President, Okanagan Mainline Real Estate Board.
Generally sales dip in January of every year. Total residential sales for Jan 2013 were down 29.7% over last year. Single family home sales declined 40.5%.
Most B.C. markets saw a low level of activity or a decline in sales for the month, replicating the last quarter of 2012 when markets were impacted by the tightening of credit and wavering consumer confidence.
"We hope that the slowdown in sales activity in our Board area will be short term. While we expect sluggish sales will likely continue in February we are cautiously optimisitc that the second quarter of 2013 will see an improvement in our housing market. Signs of renewed buyer interest are already evident as open house traffic and calls for showings are on the rise" says Shaw.