New Regulatory and Tax Implications Yet to Be Felt in a Seemingly Typical February Residential Market
KELOWNA, B.C. – March 6, 2018
Across the region of Revelstoke to Peachland, residential sales tallied 503 in February, up 12% over January, yet consistent with this time last year, reports the Okanagan Mainline Real Estate Board (OMREB).
“The market typically picks up this time of year and this year is no exception despite recent new federal mortgage tightening rules and an interest rate increase,” comments OMREB President Tanis Read.
Read notes February’s key indicators are largely consistent with last year. “Average price, at $509,545 is just 6% over this time last year and within 3% of January’s pricing. Days on market (how long it takes to sell a home) averaged 89 – fewer than January’s 99, but consistent with last year’s 86 days. New listings, at 912, were up 16% over January, but comparable to last year’s 904 as was available inventory at 2333 active listings.
Rom Houtstra
REALTOR®
CENTURY 21 Assurance Realty Ltd.
Cell: 250-317-6405
