Okanagan Market Update - June 2016
Record breaking trends in residential sales continue in the Okanagan, with sales of more than 1200 units in May 2016 which is up 35.5% from the same time last year. Statistics show the average price for a Central Okanagan single family home is just over $600,000 - up over 19% from last year. The average number of days to sell a single family home dropped from 92 days to 77 days. Active listings are down almost 19%. There is currently a high demand for housing which is drawing down the supply of homes for sale which is resulting in an imbalance between supply and demand thus driving prices up. Additionally the BC government recently exempted new houses under $750,000 from having to pay the property transfer tax which further provides incentives for home builders to ramp up production.
Lake Okanagan Realty Ltd.