MEDIA RELEASE
For Immediate Release
Central Okanagan Moving into a Buyer’s Market
Kelowna, April 7, 2008:
The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported total sales dollars of
all property types sold on the MLS® in March decreased by 18% compared to March 2007. Units sold
also decreased by 28% (458 units sold compared to 640 last March). However, the number of units
listed on the Multiple Listing Service® in the Central Zone was up by 21% at 1257 listings this year
compared to 1042 taken in March 2007. Although the sales volume and units sold is lower than last year
both statistics are up from last month ($201,870 this month over $169,047 last month; 458 sold this
month over 422 last).
“We have moved into a market that is currently providing a good deal of variety and choice for the buyer.”
says Brenda Moshansky, OMREB Director and REALTOR® in the Central Zone. “Not only do buyers
have a greater supply of housing to choose from but they can be more selective in meeting their needs
and wish lists. Statistically, the market is still moving upwards although the pace has slowed somewhat.”
”The Canadian Real Estate Association MLS® forecast prepared at the end of 2007, predicted that
national MLS® home sales activity across the country would break all previous annual records in 2007
before easing slightly in 2008. This appears to be exactly what is happening in the Central Okanagan”
continues Moshansky. “Activity was forecast to edge slightly lower in 2008 and average price increases
should be smaller. Consumer confidence may be eroded by the recent press reports of the decline in real
estate activity in some parts of the United States and speculation of an impending recession there;
however, last year statistics also showed a downward trend at this point in time and then rebounded to a
record year.”
The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Hwy 33 to
Westbridge (including the Christian Valley).
The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1258 Member REALTORS® and
91 real estate offices in the Central Interior of BC. For the most comprehensive source of all real estate
listings, home buying and selling information, visit our national websites at: www.mls.ca and www.icx.ca.
Our local public website is available at: www.omreb.com. All OMREB listings are published in our MLS®
Real Estate Review magazine available at all real estate offices and various locations in the Central
Okanagan, North Okanagan, the Shuswap and Revelstoke areas.
For comprehensive Board-wide statistical information please visit www.omreb.com