Wednesday, February 8, 2023 6:54:00 PM UTC
BCI Notches Historic Increase as Consumer Confidence Surges

The start of the new year is coinciding with a huge swell of optimism from real estate leaders, as RISMedia’s Broker Confidence Index (BCI) saw its largest single-month increase ever in January, shooting up from 5.5 to 6.5 against a backdrop of positive economic data and signs of new life in many markets. After falling…

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The Most Popular Cities for Millennial Homebuyers

Though it may sometimes seem as if millennials are destined to rent or live in their parents’ basements forever, they make up the largest share of homebuyers in the U.S., surpassing older (and richer) generations, according to a new report from LendingTree. To highlight where millennials are looking to buy, LendingTree’s new report analyzed mortgage…

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Mortgage Applications Make a Positive Turnabout This Week

After a brief dip reported a week ago, mortgage applications increased this week 7.4% from a 9.0% decrease one week earlier, according to the latest data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 3, 2023. This week’s numbers: The Market Composite Index, a measure of mortgage loan…

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Multifamily Rents Flat as Economic Fears Ease

After declining in the fourth quarter as growth decelerates, multifamily rents were flat in January at an average of $1,701, unchanged from December, according to a new from Yardi Matrix.  Yardi Matrix’s National Multifamily Report for January found that year-over-year rent growth continues to decline and is now 5.5%, down 70 basis points from last…

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UK-Based Chestertons Joins Forbes Global Properties Network

Forbes Global Properties has announced UK-based brokerage Chestertons as the newest member of its business network. Established in 1805, and today owned by chairman Salah Mussa, Chestertons will exclusively represent the Forbes Global Properties brand in its home city of London. Chestertons has one of London’s largest office networks with nearly 600 employees, the  company…

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Okanagan Market Update

Local Residential Real Estate Market Heading In The Right Direction

KELOWNA, B.C. – June 2nd, 2020. Residential sales across the region of Revelstoke to Peachland increased 95% totaling 446 units sold in May compared to April’s 299 unit yet remained down 42% from this time last year reports the Okanagan Mainline Real Estate Board (OMREB).


New residential listings also saw an uptick totaling 1,198, an increase of 49% compared to last month’s new listings. Overall active listings increased 9% over April’s inventory of 3,467 yet remained 16% lower than April 2019’s
inventory of 4,490.


“While we are still in the midst of a global pandemic it is encouraging to see that residential sales are moving at an upward trajectory,” says OMREB President Kim Heizmann, adding that “we are starting to see a return to real estate activity which looks promising for the future, however we remain cautious about predicting future outcomes as many economic factors will have impacts.”


“Virtual tours and alternative technological solutions have ensured that real estate transactions can continue to transpire responsibly.”


The average number of days to sell a home increased from 83 days to 91 days. It is important to note that OMREB reports on all market statistics for the entire Board region and that the indicators will vary depending on home type and sub-region.


Whether you are a buyer or a seller, it’s always a good idea to work with a REALTOR® who will protect your interests on such a significant financial transaction.


More info on the Okanagan Mainline Real Estate Board Here

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Categories:   Kelowna
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