(250) 253-1565 [email protected]

Housing Demand Continues to Outpace Supply

KELOWNA, B.C. – September 5, 2017. Residential sales in the Okanagan region of Peachland to
Revelstoke cooled slightly in August to 882, an 8% drop from July sales of 961 posted to the Multiple
Listing Service (MLS®) and 14% fewer sales than August of last year reports the Okanagan Mainline Real
Estate Board (OMREB).
“Conditions still favour the seller, and will likely continue to do so until inventory grows or demand
lessens,” says OMREB President Tanis Read, adding, “While August is typically a slower month in terms
of sales volume, this imbalance between demand and supply is propping home prices in the Okanagan
and may lead to a more sustained drop in home sales if supply can’t catch up.”
Average price in August, at $489,130, was just 3% lower than July, and 5% higher than August of last
year. New listings stayed relatively consistent with the previous month, while days on market rose
slightly to 70 from 63 in July, but lower than 85 days this time last year.
Demand is likely to continue to be fueled by strong economic conditions and population growth, driving
consumer confidence and housing demand.
“We know there was a high volume of building permits taken out in 2016 and as construction on new
builds is completed, supply will hopefully start to catch up to demand, which will, in turn, have a positive
effect on affordability,” comments Read.
“In these conditions, a real estate professional can enhance the buyer’s ability to stay on top of scarce
new listings and aid in writing offers that will attract sellers’ attention,” says Read. “Sellers can benefit
from the in-depth analysis that goes into pricing a home to suit the conditions and effective
management of high-pressure, multiple offer situations. Both buyers and sellers can be advantaged by
engaging a REALTOR® who is knowledgeable about the local market to act as a trusted advisor
throughout a complex, high stakes transaction process.”
Turning to buyers of homes in the region served by OMREB, those relocated and/or moving to a similar
property type topped the list at 19% of home buyers, followed by first time buyers and those upgrading,
both at about 17% of buyers of properties that closed in July, according to an OMREB survey. Once
again, two-parent families with children were the largest buying group at 29%, closely followed by
couples without children at 26%. Buyer origins continue to consistently track, with the vast majority, at
56%, from within the region, followed by 17% from the Lower Mainland/Vancouver Island and 11% from
Alberta. Low percentages of buyers from elsewhere in Canada and outside Canada made up the balance.
“While millennials are now reaching ages where they will start to form their own households, it’s
interesting, yet perhaps not surprising, to note that we are seeing more parents and even grandparents
participating in home purchases for their children/grandchildren,” says Read.

OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake
Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm
to Revelstoke).

For detailed statistics specific to each of the three regions served by OMREB, visit www.omreb.com.

For more information, please contact:
Board-wide statistical information:
Tanis Read, OMREB President
[email protected], (250) 215-2121
Province-wide statistical information:
Cameron Muir, BCREA Chief Economist, or
Brendon Ogmundson, Economist
[email protected] (604) 742-2780 /
[email protected] (604) 742-2796
Lynette Keyowski, OMREB CEO
[email protected] (250) 491-4560, Ext 226

OMREB is a member-governed not-for-profit association representing more than 1200 REALTORS® and
92 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke).
The Board is dedicated to providing leadership and support to its members in their pursuit of
professional excellence.

DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.

All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines
available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com