Advertisement

Okanagan house sales skyrocket, real estate officials say

Okanagan house sales skyrocket, real estate officials say
According to the Okanagan Mainline Real Estate Board, home sales in the Central Okanagan are up 39.2% in August compared to 2019.

Okanagan home sales are on the rise, according to the Okanagan Mainline Real Estate Board.

“Real estate market seems very positive, (I’m) very happy about that,” said Ken Matschke.

Ken Matschke is one of the many Okanagan residents who have sold their home during the month of August.

“It sold in early August. From listing to selling, it took two days,” said Matschke.

Read more: Ottawa home prices up 22% in August: real estate board

Matchke says he was shocked about how many offers he got for the home.

“We had people interested, it seemed like there was a high demand,” said Matschke.

Story continues below advertisement

Matchke’s experience falls in line with what the Okanagan Mainline Real Estate Board has said.

“Our sales are up 43 per cent over last year in the same month, but our listings are down by 18 per cent,” said Kim Heizmann, Okanagan Mainline Real Estate Board’s president.

Read more: TRREB says home sales hit record for August in GTA

Heizmann says there are a few contributing elements as to why home sales are up in the Okanagan and Shuswap area.

“There’s a few different factors, I think. One is the fact our inventory is quite low, also the banking interests rates are very low. And the fact that a lot of people have decided to relocate into the Okanagan so demand is quite high,” said Heizmann.

To be exact, the Okanagan Mainline Real Estate Board has released information on three areas in our region.

The Central Okanagan has seen 317 single family homes sold in August — a 62-per cent increase from 2019.

The North Okanagan saw a 51-per cent increase in townhomes sold as well as a 46-per cent increase in single-family homes.

Story continues below advertisement

The Shuswap-Revelstoke area saw more minimal increases, as single family homes were up 17 per cent.

The Okanagan Mainline Real Estate Board has published real estate numbers comparing 2019 to 2020.
The Okanagan Mainline Real Estate Board has published real estate numbers comparing 2019 to 2020. Okanagan Mainline Real Estate Board

Read more: Fraser Valley sees surge in house sales during pandemic

Heizmann says COVID-19 has also been a factor into why more homes are selling.

“I think what COVID has done has caused everybody to reflect on what they need for housing,” said Heizmann.

The real estate board president says with more people able to work from home, some purchases are centered around the need for more space within their residences.

Coronavirus: Real estate sales plunge dramatically in South Okanagan
Coronavirus: Real estate sales plunge dramatically in South Okanagan