Okanagan Property Sales Increase

Property sales are increasing in the Central Okanagan.

The Central Zone of the Okanagan Mainline Real Estate Board reported June 2009 sales activity of all MLS property types continued to improve with a total of 438 sales – increasing by 15% from 381 sales in May and up 23% from 356 units sold in June 2008.

Brenda Moshansky, OMREB director, says while single family residential units sold in May increased by 16% from June, sales improved by 35% from this time last year – up from 189 units to 220 in June compared to the 163 single family units sold in June 2008.

“The year-over-year sales activity improved significantly this month and unit sales remain relative to 2000/2001 levels. Signs of greater market stability are helping to stabilize prices as we slowly move towards more balanced conditions,” says Moshansky.

She says improved affordability and low mortgage rates are pushing unit sales higher and reducing inventory as first-time buyers continue to enter the market.

“However, banks are tightening up qualifications for financing and there is only so much home a first-timer can buy. While we are still lagging behind the Lower Mainland where the condo market is recovering faster and the change of ownership is creating a lot of activity as sellers move out and up, we could see similar movement in the coming months.”

Moshansky says B.C., the Okanagan in particular, continues to attract retirees, the largest demographic.

“The overall market is expected to strengthen once consumer confidence comes back and buyers are more comfortable with their personal economic situations.”

The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Highway 33 to Westbridge (including the Christian Valley).