The numbers are in for January from the Okanagan Mainline Real Estate Board. Home sales were up in the month of January with 318 sales in the Central Okanagan. Sale prices have also increased to over $546 thousand on average, up over $75 thousand from January of 2017.
Year over year for the Central Okanagan: Listings have gone up over 22 percent, sales up over 33 percent and average sale prices have jumped more than 16 percent.
"The Bank of Canada interest rate hike on January 17, the forecast of more increases to come this year and the new stress test are all expected to have an impact," says OMREB President Tanis Read. "Although these factors will likely be offset by continued strong economic performance predicted for BC, albeit somewhat moderated from the last several years."
"It’s anyone’s guess at this point as to how much of an impact interest rates and the stress test will have as compared to other factors that can buoy the market, like a robust economy," comments Read.
When you total up ALL commercial, land and residential, real estate sales amounted to over $191 million in January. Down almost $10 million from December, but over 42 percent higher than last January.