Capital News file

Capital News file

Real estate prices from Peachland to Revelstoke cooling down: report

Average condo price down 14 per cent month-over-month

Real estate listings from Revelstoke to Peachland are cooling off heading into winter, according to the Okanagan Mainland Real Estate Board (OMREB).

Between September and October the board said new real estate listings dropped by 10.5 per cent to 936 new units.

According to the report, the average price for a home in October was down by six per cent to $516,940, however the average price was five per cent higher year-over-year.

READ MORE: Okanagan real estate market heads into spring

OMREB President Michael Loewen said it’s normal for sales to cool off this time of year.

“With the holiday season approaching it’s not unusual for consumers to have other financial priorities on their mind, perhaps putting home purchases on the backburner until the new year,” said Loewen.

“Typically, we see less market activity as we head into the colder months as those that are not in a rush to move prefer to do so when weather conditions are more agreeable.”

A closer look by housing category shows the average price for single-family properties and townhomes’ both tracking five per cent higher year-over-year. The condominium category on the other hand, saw the largest shift with the average price for a condo dropping by 14 per cent month-over-month and down five per cent from this time last year.

“It is too early to say whether this shift in the condo category is an anomaly or the beginning of a trend or mearly just a case of construction of more compact and affordable units having caught-up to consumer demand creating competitive market conditions,” said Loewen.

OMREB is a not-for-profit association that represents approximately 1300 realtors and 88 real estate offices in the region.


@connortrembley
connor.trembley@kelownacapnews.com

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