The Okanagan Mainline Real Estate Board will be watching for the impact of the recent Bank of Canada interest rate cut — as well as the coronavirus — on home sales in the valley.
President Michael Loewen says the residential market continues to recover from the slow start experienced last year.
There were 435 residential sales in the region from Revelstoke to Peachland in February, up six per cent from a year ago.
New listings, which totaled 939, increased 24 per cent compared to last month while overall active listings increased almost 7 per cent over January’s inventory of 2,806.
“Looking at the MLS Home Price Index data, we can see that benchmark prices saw an increase within all sub-categories across the region, suggesting consumer confidence remains high in the Okanagan region,” stated Loewen.
The average number of days to sell a home saw a 1 per cent decrease compared to last month across the board region.
