New real estate numbers show listings are up, sales are off, and prices are falling in the Kelowna market. Klaudia Van Emmerik reports.
“The summer has really hurt us,” Briggs said. “We’ve seen a lack of tourism and a lack of people coming to the Okanagan and typically we get people coming here. They fall in love with the area, they want to buy here.”According to a newly released report by Re/Max Canada, the number of listings in the area are up by 17.8 per cent from this time last year while residential sales have dropped by 12 per cent.
“Interestingly, we are in a buyer’s market, and I say generally speaking,” Briggs said. “In some categories, though, the market is still tight, so in some of the entry-level product, we are seeing multiple offers still in that, but in the million-plus and higher luxury market, we have a lot of inventory out there.”