Disparity Takes Many Forms in BC

Canada, December 1, 2015 (Newswire.com) - According the BCREA report published on November 12th home sales in British Columbia increased 14% over sales in October 2014. The dollar value increase of sales was even higher at a staggering 32%, and the average MLS residential price in BC has risen to an astounding $667,480.

That has one Kelowna REALTOR® eager to reassure the local market not to be alarmed. “There are many reasons for disparity in the market place and it is always recommend seeking professional advice when undertaking such an important event as buying or selling a property” states Sally.

If the opening paragraph doesn’t sound right, that is because by quoting overall statistics for BC the numbers get skewed by Regional influences, largely the overpowering effect of the Vancouver market of course. Try to guess the record breaking sale price of this East Vancouver home as featured in an article by the Huffington Post.

It sold for $567,260 over the asking price for a total of $2,167,000. and that was back in March, and overall the prices in Greater Vancouver have seen a 15% increase this year.

However, due to the downturn in the resource sector, values in the region of Northern Lights have fallen 15%. Alberta, one of the traditional markets for Okanagan real estate has also seen a 6% decline according to CREB. This kind of disparity can create a challenge for the economy, with the Bank of Canada wrestling to decide how to set lending rates that are in everyone’s best interest.

Thankfully here in the Okanagan,  it is literally in the middle of it all. According to OMREB sales in October for the region were up 3.8% over last year, which is a far more balanced and sustainable position in the market. The economy is more diverse than in the North, less influenced from overseas buyers than on the Coast and the ongoing retirement trend continues to benefit the Okanagan. So while disparity exists, and life around the world can seem to be tumultuous it can be thankful there is relative stability in or Kelowna housing market.

-30- Sally Hollingsworth  250 864 7548 shollingsworth@coldwellbanker.c​a