The Okanagan’s red-hot real estate market is surpassing record sale numbers.
The Okanagan Mainline Real Estate Board (OMREB), which covers the central and north Okanagan, is reporting 1,069 residential sales in April, an all-time record high. According to the OMREB, the previous record was held back in May 2007, where 1,015 units were sold in that month.
“Housing demand in the Okanagan is exceptionally strong this spring,” said OMREB president Anthony Bastiaanssen. “In addition to an increase in the number of local buyers, relocations from the Lower Mainland and other regions of Canada are becoming increasingly common.”
Bastiaanssen said it’s a simple case of supply and demand.
“Record consumer demand combined with the fewest active residential listings since 2007 has created sellers’ market conditions,” said Bastiaanssen.
The same record-breaking trend was seen in the south Okanagan in April, according to South Okanagan Real Estate board president, Garry Gratton.
The OMREB also reported the average residential price climbed 13.4 per cent to $459,595 compared to April of 2015.