KELOWNA, B.C. – November 7, 2016. October saw Okanagan residential sales slow, with 779 sales posted to the MLS® as compared to 884 the previous month, down 12% from September, yet still a 19% increase over October of last year reports the Okanagan Mainline Real Estate Board (OMREB).

“A number of factors suggest a gradual downturn, including reduced sales volume, lower average prices, and longer days on market as compared to previous months,” comments Anthony Bastiaanssen, OMREB President and active REALTOR® in the central Okanagan. However, Bastiaanssen points out that continued low product inventories will likely slow progression towards a market where available housing supply matches buyer demand.

“We are watching to see the effects of shifting market conditions compounded by recent government interventions like the additional 15% property transfer tax for foreign buyers of Lower Mainland property announced by the BC government in August and recent Federal government measures including adjustments to income testing rules for borrowers requiring mortgage insurance.”

While these changes do not affect all buyers, they can have a psychological effect and potentially add to market shifts that are already occurring, notes Bastiaanssen, advising prospective buyers and sellers to consult a real estate professional, stressing the importance of working with one who is experienced with local markets.

The average MLS® residential price in October was $454,426.72 across the region spanning Peachland to Revelstoke, a 4.9% decrease over September but still a 6.9% increase over the same month last year. Average days to sell across the region was 92 in October, up from 84 in September. New listings were 884 in October, compared to 1118 in September and 1230 in August.

- Source Okanagan Mainline Real Estate Board