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