Salmon Arm Seller's Market real estateSuffice it to say, May was a busy month for real estate in the Salmon Arm/Shuswap areas, as well as the greater Okanagan region.

According to the Okanagan Mainline Real Estate Board (OMREB) report for last month's real estate statistics, home sales in the entire area were up 38% from April with 1,132 units sold. In the Salmon Arm/Shuswap area (which includes Revelstoke), single-family homes sales were up 8.22%, while the number of townhome sales jumped 61%.

In addition to more homes changing ownership, prices remain higher across the Shuswap region.

Last month, the average price for a single-family home was $440,089. That's up 15.76%. As has been the case this spring, inventory levels are down, especially for the townhome market, which saw a…

2126 Views, 0 Comments

Read Full Post

BC real estate sellers marketA continuing trend in B.C. real estate has seen the number of homes and condos for sale drop to a 20-year-low, which means it's a seller's market right now.

But on the flipside, having fewer homes on the market means prices are very high as demand continues to outpace supply.

According to a report from the B.C. Real Estate Association (BCREA), B.C. has hit that 20-year-low for the number of homes on the market after inventory dropped 17% from April 2016 - and down a whopping 50% since 2012 after an adjustment for seasonal variance.

The BCREA says that lack of supply is making the ongoing affordability problem worse.

And, according to Cameron Muir, chief economist for the BCREA, the conditions haven't been seen in a long, long time in British…

1795 Views, 0 Comments

Read Full Post