WATCH: Okanagan real estate sales soar in 2014
OKANAGAN – Okanagan real estate sales soared in 2014 according to the latest statistics released by the Okanagan Mainline Real Estate Board (OMREB). Numbers were strong in both the residential and commercial sectors, with sales up 24 per cent year over year, the strongest upswing the region has seen in seven years.
“Despite a slow start to 2014, sales began to bounce back in March and the steady upward trend accelerated into an extraordinarily busy and fast paced summer and fall,” according to the OMREB news release.
According to the OMREB, the Shuswap led the way in overall sales, up 29 per cent in 2014. Single family home sales rose by 25.6 per cent, townhouses were up 27 per cent and apartments sales jumped 41.7 per cent.
Overall sales in the North Okanagan were 28.1 per cent higher in 2014. Apartments sales led the way up 31.9 percent, 30.3 per cent more single family homes sold and 15.9 per cent more townhouses.
The Central Okanagan saw the lowest spike in sales, up 21.3 per cent overall. Townhouse sales were up 31.9 per cent, apartment sales rose 33.1 per cent and single family homes up 15.7 per cent.
Statistics for the south Okanagan have yet to be released.
The OMREB says the number of single family homes on the market has drastically reduced “with declining inventory and new listings not fast enough to keep up with the demand, especially those priced below $500,000.”