Low inventory affecting Okanagan housing market
The Okanagan Mainline Real Estate Board (OMREB) has released its numbers for February.
The board represents the region from Revelstoke to Peachland.
Three hundred and sixty seven homes were sold in the Central Okanagan last month, an 11.35 per cent decrease from February of 2016.
The average cost of a home was 15.53 percent higher, at $638,604.
The OMREB concludes the price increase is in reaction to supply and demand.
The inventory of available homes was about 18 per cent lower last month than it was in February of last year.
“Given the high number of building permits that were taken out over the course of this past year, we’re hopeful that new properties will begin to come onto the market, which should positively impact housing affordability,” OMRB President Anthony Bastiaanssen said.
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