Home sales in the Okanagan remain slow compared to a year ago — which some industry insiders are blaming on government regulations.
The Okanagan Mainline Real Estate Board says 817 homes were sold in May from Revelstoke to Peachland, up slightly from April, but down 28% over the same month last year.
“Supply is starting to catch up with new units coming on stream, while demand is dampening as a result of government regulations,” says OMREB President Marv Beer noting that May is the third consecutive month where sales volumes were down from the same period last year.
Beer says says demand is down due to what he calls senior governments “tinkering in the market.”
“As governments continue to tinker, rather than deal with the root cause of BC’s real estate market woes, they are very likely to harm the very people they aim to protect and support,” says Beer.
The number of units sold this year in the North Okanagan is 847, compared to 990 a year ago, a drop of 14%.
The average price of a North Okanagan home has shot up to 521-thousand dollars, up 13 percent — or 60-thousand dollars — from a year ago.
Pictured: Marv Beer, OMREB president