Shuswap/Revelstoke
Newsletter
OKANAGAN MAINLINE REAL ESTATE BOARD
Residential Real Estate Market Levelling Out Amid Interest Rate Hike.
Residential real estate sales for the month of April showing signs of settling down after more than a year of historical high sales in the region, reports the Association of Interior REALTORS® (the Association).
A total of 1,708 residential unit sales were recorded across the Association region, marking a 31.9% decrease compared to a record high number of units sold in April 2021.
OKANAGAN MAINLINE REAL ESTATE BOARD
Residential Real Estate Market Heading Into Seasonally Busy Spring Fling.
Residential real estate sales for the month of March saw a slight uptick over February sales showing signs that the typically busy spring market has commenced in the region, reports the Association of Interior REALTORS®.
A total of 1,898 residential unit sales were recorded across the Association region, marking a 25% decrease compared to a record high number of units sold in March 2021. New residential listings coming onto market in March saw a decrease of 7% within the region with 2,871 new listings recorded compared to the same period last year yet increased 55% compared to last month’s 1,850. The overall active listings clocked in marginally below last year March’s active listings with 4,018 listings that is a nearly 3% decrease in year-over-
year comparisons.
OKANAGAN MAINLINE REAL ESTATE BOARD
Local Real Estate Market Showing Some Signs of Normalcy.
Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region are showing signs of normal seasonal activity for the month of September, reports the Association of Interior REALTORS®.
“There has been a lot of talk about high demand and while we are still seeing a strong demand it actually is within a healthy range,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “the amount of supply is just so low creating an imbalance that makes demand seem overwhelming.”
In the month of September, residential sales for the entire Association region saw a slight decrease over August’s 1,140 sales totaling 1,067 sales. The year-over-year comparison showed a decrease of 29% from September 2020’s total sales of 1,513.
B.C. changes ALR rules to allow more dwellings on farms
By Laura Keil
Owners of agricultural land in BC will have the option to add a second home to use for more varied uses, after changes announced Monday.
The NDP government is easing restrictions on secondary homes and suites within B.C.’s Agricultural Land Reserve (ALR) beginning Dec. 31st 2021, allowing property owners to build a second home or suite to use as a rental property, farm worker lodgings, agritourism, or for extended family members to use for non-farm use. Previously, small secondary homes were only allowed on ALR land for use by property owners or immediate family members, or for farm-use with permission.
B.C.’s Agricultural Land Reserve (ALR), is land zoned for farming as its primary purpose, and makes up just 5 per cent of BC’s land base with the greatest agricultural potential..
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Local Real Estate Market Inventory at Record Low
Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region are still seeing a strong seller’s market, reports the Association of Interior REALTORS®.
“The market has slowed down slightly due to a chronic lack of inventory but it’s by no means slow,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “listings are at record lows and not replenishing to meet the high demand.”
In the month of August, residential sales for the entire Association region totalled 1,140, relatively on par with July’s 1,143 sales. The year-over-year comparison showed a decrease of 15% from August 2020’s total sales of 1,347.
OKANAGAN MAINLINE REAL ESTATE BOARD
Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region saw a decrease in sales despite very high demand that is still outpacing supply, reports the Association of Interior REALTORS®.
“We live in a very desirable region, so it’s no surprise that high buyer demand has remained consistent into the summer months,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “while sales are down compared to last month, this is likely due to lack of inventory coupled with normal seasonality of the real estate market.”
Residential sales for the month of July for the entire Association region totalled 1,143, a decrease of 17% from June’s unusually high 1,381 sales. The year-over-year comparison showed a decrease of 20% from July 2020’s total sales of 1,428.
OKANAGAN MAINLINE REAL ESTATE BOARD
Local Real Estate Market Still Hot Sellers Market
Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region still hot sellers market after record setting months, reports the Association of Interior REALTORS®.
Residential sales for the month of June for the entire Association region totalled 1,381, down from May’s 1,482 sales. The same area also saw a 32% increase in year-over-year comparisons, however that is still in comparison to the restrictive months of the pandemic.
“The market is still very much a hot market, maybe just not boiling hot anymore,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “like the weather this past week, it went from 40 plus degrees to a more comfortably warm 30 something degrees, which is still warm by all accounts.”
The supply of active residential listings increased from May’s 2,554 to 3,126 current listings across the Association region yet dropped 46% compared to June 2020.
Bank of Canada holds key interest rate, but the cost of your mortgage may still go up
A record-low overnight rate won’t save you from spending more on a fixed-rate mortgage
This article was created by MoneyWise. Postmedia and MoneyWise may earn an affiliate commission through links on this page.
In a move that shocked no one, the Bank of Canada on Wednesday held off increasing its most scrutinized interest rate.
Since March of last year, the central bank has kept its overnight rate at 0.25 per cent as a means of encouraging investment in the economy while it remains dazed by COVID-19. The country’s recovery is progressing, but not fast enough for the BoC to dial back its extraordinary measures.
With the overnight rate pinned down at 0.25 per cent for a while, variable mortgages should remain attractive for some time. But if you favour fixed-rate products, inaction on the Bank of Canada’s part may not save you from paying more when it comes time to buy or renew.
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OKANAGAN MAINLINE REAL ESTATE BOARD
Healthier Local Real Estate Market On The Horizon
Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region is showing signs of calming after months of record highs, reports the Association of Interior REALTORS®.
Residential sales for the month of May for the entire Association region totalled 1,482, down from April’s 1,719 sales. The same area also saw significant percentage increase in year-over-year comparisons, however that is still in comparison to the worst months of the pandemic.
“There is a slight reduction in pressure that is creating a calming effect for a healthier market for both buyers and sellers,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “we are seeing an easing up on the gas pedal that has been going above the speed limit, to now moving within a reasonable pace.”