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

Like us on Facebook and follow us on Twitter.

Just Posted

Princeton’s poppy campaign typically raises $10,000

The Princeton Legion’s annual poppy campaign is winding down. Earlier this month… Continue reading

Penticton Vees victorious over Wenatchee Wild 5-3

Late power play moves helped Vees win

BCTF rejects mediator’s recommendations for settlement

Negotiations between B.C. teachers and the province will continue

Kozakevich remains chair of RDOS board

Board of directors elects chair and vice-chair at inaugural meeting on Nov. 7

Gas prices fluctuate by more than 10 cents across the Okanagan

On Thursday morning, a litre of gas in the Central Okanagan was 122.9 cents

‘We love you, Alex!’: Trebek gets choked up by ‘Jeopardy!’ contestant’s answer

The emotional moment came in Monday’s episode when Trebek read Dhruv Gaur’s final answer

Birthday boy: Pettersson nets 2 as Canucks beat Predators

Vancouver ends four-game winless skid with 5-3 victory over Nashville

‘Homes not shelters’: Those living on Kelowna streets rally for rights

On Tuesday, Leon Avenue residents came together to demand change

North Okanagan councillor pitches homeless camp at city hall

805 bylaw calls in 10 months were for inappropriately set-up camps

Vernon car fire deemed suspicious

SUV found fully engulfed with nobody around at 4 a.m. Tuesday on Commonage Road

Judge rejects Terrace man’s claim that someone else downloaded child porn on his phone

Marcus John Paquette argued that other people had used his phone, including his ex-wife

Police surround Peachland neighbourhood

The incident in Peachland is now over

Penticton arts, culture and sports programs get boost of over $500,000 thanks to provincial grant

The B.C. Community Gaming Grants program will be distributing $505,900 to 18 local groups

Okanagan school districts reach agreement with CUPE Local 523

The union represents members who provide a variety of services to support students

Most Read