Okanagan's real estate market is showing no signs of losing steam, and it looks like it could top $3 billion by year end!
Sales in the Central Okanagan are up 43% from last year so far and have reached $2,957,886,379!
Vancouver home sales however, have plummeted nearly 39 per cent in October compared the same time last year, in a large part due to tighter government regulations, including a 15% tax on foreign buyers.
There’s no such tax in the Okanagan.
According to the Okanagan Mainline Real Estate Board (OMREB) sales were up by nearly 12% in October from the year before with more than 485 homes sold last month in the Central Okanagan.
Year to date sales show that that we are up 27% in sales overall. Nearly 5,990 properties have been sold so far, compared to slightly more than 4,710 last year.
The average price for a single detached home in the Central Okanagan is $596,096, up more than 16% from last year when the average price was $510,813.
This is an amazing and fast market we are in no doubt and the stats prove it!
If you would like to discuss buying or selling a home while saving thousands of dollars, call one of our specialists at 2% Realty Okanagan to discuss how you can get into this hot and exciting market