Okanagan-Shuswap real estate market continues to rebound

Seventy-eight per cent more homes sold in the Okanagan-Shuswap in September 2020 compared to 2019

Despite uncertainty in the global economy due to COVID-19, the real estate market in the Okanagan-Shuswap continues to rebound. September 2020 sales increased dramatically compared to 2019. (THE CANADIAN PRESS/Graeme Roy)

Despite uncertainty in the global economy due to COVID-19, the real estate market in the Okanagan-Shuswap continues to rebound. September 2020 sales increased dramatically compared to 2019. (THE CANADIAN PRESS/Graeme Roy)

Despite uncertainty in the global economy due to COVID-19, the real estate market in the Okanagan-Shuswap continues to rebound.

Post-quarantine lifestyle changes have been attributed as a possible cause for higher demand.

Seventy-eight per cent more homes sold in the Okanagan Shuswap in September 2020 compared to 2019, according to new information released by the Okanagan Mainline Real Estate Board (OMREB).

There was also a 12 per cent increase in residential sales from 1034 homes to 1159, last month compared to August.

So far this year, there has been a 25.53 per cent increase in property sales in the Central Okanagan, a 15.71 per cent increase in the North Okanagan, and a 12.37 per cent increase in the Shuswap-Revelstoke area.

Overall, sales this year are up by 21.79 per cent compared to this time last year.

READ MORE: Suspicious blaze at vacant Rutland home

READ MORE: RCMP unsure if anyone else swept away by fatal dam release on Capilano River

“Unusual market activity seems to be the theme this year, although not surprising considering there is nothing normal about 2020,” said OMREB president, Kim Heizmann.

“The pandemic has definitely made people look at things differently… we are seeing higher demand likely due to post-quarantine lifestyle changes.”

In September, the benchmark price for a single family home in the Central Okanagan (Peachland to Lake Country) was $710,700, for a townhouse $484,500, and for a condo or apartment $385,400.

In the North Okanagan (Predator Ridge to Enderby), single family homes reached a benchmark price of $517,800, townhouses $370,500, and condos or apartments $244,400.

In Shuswap-Revelstoke (Salmon Arm to Revelstoke), the benchmark price of a single family home reached $470,200, townhouses $368,600, and condos or apartments $344,000.

The average time to sell a home remained relatively consistent compared to August, at 90 days.

For more information, visit OMREB’s website at Omreb.com. View the full report for September here.

READ MORE: B.C. reports 161 new COVID-19 cases, near daily record

READ MORE: No new COVID-19 cases reported in Interior Health region

READ MORE: Central Okanagan students asked to curb COVID-risky behaviour

Do you have something to add to this story, or something else we should report on? Email: phil.mclachlan@kelownacapnews.com


 

@newspaperphil
Like us on Facebook and follow us on Twitter.

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Kootenay-Columbia MP Rob Morrison. Photo courtesy Conservative Party of Canada.
MP Morrison hopes for economic recovery plan in upcoming federal budget

Kootenay-Columbia Conservative looking for post-pandemic recovery plan in next week’s Liberal budget

The 1977/78 British Columbia Olympics (BCO) men’s volleyball team. Recently three members were inducted into the BC Volleyball Hall of Fame, Keith Gallicano is No. 1, Jerry Story is No. 3 and John Markwart is No. 7.(Contributed)
Three more Revelstoke Volleyballers inducted to the Volleyball BC Hall of Fame

The men played for the 1977/78 British Columbia Olympics team

(Natalia Cuevas-Huaico - Kelowna Capital News)
Morning Start: Foot bones don’t harden until you’re an adult

Your morning start for Tuesday, April 13, 2021

A syringe is loaded with COVID-19 vaccine at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
Interior Health announces 89 cases of COVID-19 in the region

Currently, there are 900 active cases in the region

Burnaby MLA Raj Chouhan presides as Speaker of the B.C. legislature, which opened it spring session April 12 with a speech from the throne. THE CANADIAN PRESS
B.C. NDP promises more health care spending, business support in 2021 budget

John Horgan government to ‘carefully return to balanced budgets’

A five-storey, 60-unit building has been proposed for 8709 Jubilee Rd. E., Summerland. The proposal will be the subject of a public hearing on March 22. (Image by GTA Architecture)
Zoning, OCP amendments adopted for Summerland housing development

Additional variances will be needed for controversial five-storey, 60-unit housing development

Guinevere, lovingly referred to by Jackee Sullivan and her family as Gwenny, is in need of a gynecological surgery. The family is raising money to help offset the cost of the procedure. (Jackee Sullivan/Special to Langley Advance Times)
Langley lizard’s owners raise funds for gynecological surgery

The young reptile is scheduled for operation on Tuesday

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Facebook screenshot of the sea lion on Holberg Road. (Greg Clarke Facebook video)
VIDEO: Sea lion randomly spotted on remote B.C. logging road

Greg Clarke was driving home on the Holberg Road April 12, when he saw a large sea lion.

Defence counsel for the accused entered two not guilty pleas by phone to Grand Forks Provincial Court Tuesday, Jan. 12. File photo
B.C. seafood company owner fined $25K for eating receipt, obstructing DFO inspection

Richmond company Tenshi Seafood is facing $75,000 in fines as decided March 4 by a provincial court judge

B.C. Finance Minister Selina Robinson speaks in the B.C. legislature, March 2, 2021. (Hansard TV)
B.C. NDP ministers defend ‘air tax,’ latest COVID-19 business aid

Empty home tax doesn’t apply to businesses, but space above them

Sheila Derbyshire surprised her daughter, Talyn, at Len Wood Middle School in Armstrong April 12, 2021, for her 13th birthday with 13 clowns carrying 13 red balloons. (Sheila Derbyshire - Contributed)
Armstrong mom sends in the clowns

‘Halloween freak’ celebrates daughter’s 13th birthday in style

Lime e-scooters will soon be offered in Kelowna. (Photo: Kris Krug)
E-scooters now allowed on Kelowna roadways under provincial pilot program

‘Rather than a novelty, this change will enable e-scooters to be used for more utilitarian transportation purposes’

Most Read