Despite uncertainty in the global economy due to COVID-19, the real estate market in the Okanagan-Shuswap continues to rebound.
Post-quarantine lifestyle changes have been attributed as a possible cause for higher demand.
Seventy-eight per cent more homes sold in the Okanagan Shuswap in September 2020 compared to 2019, according to new information released by the Okanagan Mainline Real Estate Board (OMREB).
There was also a 12 per cent increase in residential sales from 1034 homes to 1159, last month compared to August.
So far this year, there has been a 25.53 per cent increase in property sales in the Central Okanagan, a 15.71 per cent increase in the North Okanagan, and a 12.37 per cent increase in the Shuswap-Revelstoke area.
Overall, sales this year are up by 21.79 per cent compared to this time last year.
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“Unusual market activity seems to be the theme this year, although not surprising considering there is nothing normal about 2020,” said OMREB president, Kim Heizmann.
“The pandemic has definitely made people look at things differently… we are seeing higher demand likely due to post-quarantine lifestyle changes.”
In September, the benchmark price for a single family home in the Central Okanagan (Peachland to Lake Country) was $710,700, for a townhouse $484,500, and for a condo or apartment $385,400.
In the North Okanagan (Predator Ridge to Enderby), single family homes reached a benchmark price of $517,800, townhouses $370,500, and condos or apartments $244,400.
In Shuswap-Revelstoke (Salmon Arm to Revelstoke), the benchmark price of a single family home reached $470,200, townhouses $368,600, and condos or apartments $344,000.
The average time to sell a home remained relatively consistent compared to August, at 90 days.
For more information, visit OMREB’s website at Omreb.com. View the full report for September here.
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