Okanagan's real estate market is showing no signs of losing steam

Okanagan's real estate market is showing no signs of losing steam

Okanagan's real estate market is showing no signs of losing steam, and it looks like it could top $3 billion by year end!

Sales in the Central Okanagan are up 43% from last year so far and have reached $2,957,886,379!

Vancouver home sales however, have plummeted nearly 39 per cent in October compared the same time last year, in a large part due to tighter government regulations, including a 15% tax on foreign buyers.

There’s no such tax in the Okanagan.

According to the Okanagan Mainline Real Estate Board (OMREB) sales were up by nearly 12% in October from the year before with more than 485 homes sold last month in the Central Okanagan.

Year to date sales show that that we are up 27% in sales overall. Nearly 5,990 properties have been sold so far, compared to slightly more than 4,710 last year.

The average price for a single detached home in the Central Okanagan is $596,096, up more than 16% from last year when the average price was $510,813.

This is an amazing and fast market we are in no doubt and the stats prove it!

If you would like to discuss buying or selling a home while saving thousands of dollars, call one of our specialists at 2 Percent Realty Okanagan to discuss how you can get into this hot and exciting market!