The stunning views from our latest listing in Sonoma Pines on Siringo Lane...... I could get used to this view. View it here
This week we are going to look at all of British Columbia's real estate market, just to see how we chalk up with the rest of the province.
For the most part, in the Okanagan, we are experiencing the same issue with inventory, albeit it is slowing creeping up but at this rate it will take 28 weeks to get to the 4,600 active listings that is estimated that we need for a balanced market.
Below is the press release from British Columbia Real Estate Association (BCREA) for the 1st quarter of 2022, click here to view the full press release. Yeah, I know its a month late but
“Home sales in the province continue to moderate from record highs of this time last year,” said BCREA Chief Economist Brendon Ogmundson. “Given the sharp rise in Canadian mortgage rates and expected tightening from the Bank of Canada, activity will likely slow further in the second half of this year.”
Provincial active listings were 12.4 per cent lower than this time last year with the total inventory of homes for sale in the province at under 20,000 units. That level of inventory remains well below the roughly 40,000 listings needed for a balanced market.
Year-to-date, BC residential sales dollar volume was down 4.1 per cent to $28.8 billion, compared with the same period in 2021. Residential unit sales were down 20.1 per cent to 26,577 units, while the average MLS® residential price was up 20 per cent to $1.086 million
Comparing certain statistics it appears the Okanagan is slightly ahead of other areas in the BC as far as real estate price increases over this past year, that is bad news for buyers but good news for sellers and well if you are buying and selling in the same market it is all relative. Where the Okanagan is a bit behind is in overall unit sales, however, a good portion of that would be from the lack of inventory we have. Let me know if there is anything I can do for you! Have a great week and feel free to reach out with any questions! Mark
Personal Real Estate Corporation
Coldwell Banker Horizon Realty
2021 Top 3% Internationally Coldwell Banker