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OMREB News Release
Blog by Dave Collins | March 8th, 2018
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 avai lable inventory at 2333 active listings.
“While indicators suggest we are in a typical point in the market cycle, we have yet to see impacts arising from the BC Government’s recent announcement of an impending array of residential property - related taxes,” says Read, adding “While we appreciate that the intent of these new taxes is to cool the BC housing market and curb perceived speculation, we are concerned about the unintended consequences that are likely to arise.”
For more information on local market conditions or to learn the value of your property through a confidential complimentary market evaluation, contact Dave Collins at 250-870-1444