Due to Public Health Authority orders, OMREB operations have switched to an electronic environment. For assistance please email [email protected]

Local Residential Market Continues Climb Ahead Of Spring Bloom

KELOWNA, B.C. – March 6th, 2020. Residential sales across the region of Revelstoke to Peachland totaled 435 in
February, up from January’s 375 sales and 6% more than this time last year reports the Okanagan Mainline Real
Estate Board (OMREB).

New listings, which totaled 939, increased 24% compared to last month while overall active listings increased almost
7% over January’s inventory of 2,806.

“The residential market continues to recover from the slow start experienced last year,” says OMREB President Michael Loewen, adding that “it will be interesting to see if factors such as recent interest rate changes, uncertainties of the U.S. elections and the impact of the coronavirus on the economy will have much effect on the local market, if at all.”

“But looking at the MLS® Home Price Index (HPI) data, we can see that benchmark prices saw an increase within all sub-categories across the region, suggesting consumer confidence remains high in the Okanagan region.”

The average number of days to sell a home saw a 1% decrease compared to last month across the Board region.

Whether you are a buyer or a seller, it’s always a good idea to work with a REALTOR® who will protect your interests on such a significant financial transaction.

OMREB is a member-governed not-for-profit association representing approximately 1300 REALTORS® and 88 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.

OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com. 

For more information, please contact:
Board-wide statistical information: Email [email protected]
For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com
Province-wide statistical information:
BCREA Chief Economist, Brendon Ogmundson, [email protected]

About HPI
The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and trends. It consists of software tools configured to provide time-related indices on residential markets of participating real estate boards in Canada.

The 18 real estate boards participating in the MLS® HPI represent 65% of all Canadian resale housing activity*. Use the MLS® HPI Tool and ask your REALTOR® for more detailed MLS® HPI market information where you live or might like to.
(*based on the 10-year average of annual sales from 2009-2018.)

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA (REALTOR®/ REALTORS®).

Posted: March 6, 2020

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