Seasonal lull in real estate sales

Housing sales declined by 24 per cent in December, with 459 sales posted to the MLS.

Housing sales from Revelstoke to Peachland declined by 24 per cent in December, with 459 sales posted to the MLS.

“Outside of a couple of variances, the market is doing what it generally does this time of year,” said OMREB President Tanis Read, in a press release. “Sales and listing volumes were both on-trend for this time of year, but, interestingly, average price and days on market bounced back from November.”

New listings were 465, down 65 per cent from November, but relatively consistent with this time last year, when new listings were 407. Average price, however, rose 3.5 per cent over November and 12 per cent over a year ago. Also of note was the days on market, which declined to 79 from last month’s 132 and last year’s 91.

“Higher average price can often reflect the composition of product sold over the course of the month,” said Read. “But coupled with the fewer days on market, it may also suggest a continued lag in resale product availability, potentially coupled with consumers possibly looking to lock in purchases before new mortgage rules take effect in January.”

Effective Jan. 1, new federal mortgage tightening rules require borrowers with a down payment of 20 per cent or more to face a stress test when renewing or refinancing a mortgage to prove they can cope with the risk of higher interest rates.

“The seventh round of rule tightening by Canada’s federal financial regulator since 2008, these new rules impact both those seeking a mortgage as well as those refinancing their mortgage,” said Read. “The impact may be that those now in the market for a home may have to settle for a less expensive home or wait and save up for a larger down payment.”

Taking a look at buyers of homes in the region, the results of which lag the market stats by one month, OMREB found the majority continued to be from within the board region at 54 per cent, with Lower Mainland/Vancouver Island buyers well-represented at 21 per cent up 17 per cent from October. Buyers from Alberta were at 8.5 per cent and those from outside Canada were a relatively small percentage at three per cent.

Consistent with previous months, those relocating and moving to similar property types, first-time buyers and move-up buyers were all within points of each other at 21 per cent, 19 per cent and 19 per cent respectively. Likewise, two-parent families with children and couples without children were close at 29 per cent and 26 per cent, with empty nesters/retired buyers the next largest group at 17 per cent of the buyer population.

Just Posted

Tool and camping gear lending library to open in Revelstoke

Samantha Wex Special to the Review The North Columbia Environmental Society is… Continue reading

Two senior City of Revelstoke staff on paid leave

The City of Revelstoke’s Chief Administrative Officer, Allan Chabot and the city’s… Continue reading

Update: Mother dead, youth in critical condition after carbon monoxide poisoning at Sandy Point Campground

The woman was found unresponsive insider her tent and the youth was taken via air ambulance to hospital

Just for Kicks dancers celebrate end of the season

Revelstoke Just for Kicks dance studio students performed in their year end… Continue reading

Kelowna RCMP interrogation video brings home reality in ‘visceral way’: former TRC chairman

Video of Mountie interrogating young Indigenous woman disclosing sexual abuse under fire

Okanagan adventurer continues motorcycle trip around the world

Vernon local James Leigh recently completed the third of five legs of the journey, travelling through China and Kazakhstan

Riders “step up” their game at Coldstream Equestrian Clinic

Riders from across the Okanagan travelled to Coldstream to train for the 2019 55+ Senior Games, which take place in Kelowna this fall.

Canada’s parole officers say correctional system has reached breaking point

About half of Canada’s federal parole officers work inside penitentiaries and correctional institutions

Montreal researchers create audible hockey puck for visually impaired players

Three years ago, Gilles Ouellet came up with the idea for a puck that makes a continuous sound

Boy, 12, arrested after allegedly pulling a knife on another child at a Surrey park

The child was later released into his parents’ custody as Surrey RCMP continue their investigation

Former Greyhound bus drivers gather in the Okanagan for one last hurrah

Bash kicks off Friday in Penticton and runs until Sunday

ICBC urging drivers to slow down this May long weekend

Speed is number one cause of car crash fatalities: ICBC

Bucks hammer Raptors 125-103 to take 2-0 playoff series lead

Toronto heads home in a hole after second loss to Milwaukee

Most Read