Lack of Supply Continues to Drive the Residential Real Estate Market<\/span><\/h1>\n<\/div>\n<\/div>\n<\/div>\n\n\nResidential real estate demand across the Association region remains strong heading into the seasonally busy spring months despite a persistent lack of inventory in the region and throughout the province, reports the Association of Interior REALTORS\u00ae.<\/span><\/p>\nA total of 1,516 residential unit sales were recorded across the Association region, marking a 15% decrease compared to a record-high number of units sold in February 2021. New residential listings coming onto market saw a decrease of 12% within the region with 1,850 new listings recorded. The overall active listings were also far below last year’s February active listings showing a 19% decrease in year-over-year comparisons.<\/span><\/p>\n\u201cThe persistent lack of new listings coming onto market is far from adequate to meet the demand of buyers locally and those coming from other markets,\u201d says the Association of Interior REALTORS\u00ae President Kim Heizmann, adding that \u201cwe are seeing the mismatch of inventory versus demand taking a toll on buyers as they show signs of fatigue in having to compete in a seller\u2019s market where lack of supply is putting upward pressure on pricing, and further on affordability.\u201d<\/span><\/p>\nIn the South Peace River region, there was a total of 38 residential unit sales recorded in February, with 229 overall active listings, a decrease of 26% compared to the same time last year. The average price for single-family homes and apartments both saw increases in year-over-year comparisons, coming in at $267,712 and $41,333 respectively, while the average price for mobile homes declined 9% to rest at $37,750 in the same period.<\/span><\/p>\n\u201cThe lack of housing supply continues to be the key driver of real estate market performance with homebuyers and sellers having to navigate through a high demand and low supply situation,\u201d noted Heizmann.<\/span><\/p>\n\u201cInstead of looking for quick fixes to dampen housing demand, government policies should focus on measures that could bring more housing to the market, as outlined in BCREA\u2019s recent white paper \u2013 A Better Way Home. Providing more options for buyers can help soften competitive market conditions and provide much-needed inventory after months of supply drought,\u201d says Heizmann.<\/span><\/p>\nThe average number of days to sell a home, always a good barometer to watch dropped down to 54 days. It\u2019s important to note that the average of days on market is for the entire Association region and that the indicator will vary depending on home type and sub-region.<\/span><\/p>\nContact your local REALTOR\u00ae to find out more about the real estate market
\nand how they can help you achieve your real estate goals.<\/em><\/span><\/p>\n<\/div>\n<\/div>\nKELOWNA, B.C. \u2013 March 7th, 2022\u00a0<\/em><\/span><\/div>\n
\n![\"\"](\"https:\/\/assurancerealty.ca\/files\/2022\/04\/RER_0222-01.jpg\")
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Lack of Supply Continues to Drive the Residential Real Estate Market Residential real estate demand across the Association region remains strong heading into the seasonally busy spring months despite a persistent lack of inventory in the region and throughout the province, reports the Association of Interior REALTORS\u00ae. A total of 1,516 residential unit sales were […]<\/p>\n","protected":false},"author":25742,"featured_media":2818,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,45],"tags":[200,144,143,192,8,7,66,32,31,206,197,59,198,201,193,199,189,190,191,194,202,195,196,205,162],"class_list":["post-2816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer-tips-for-real-estate","category-realtor-knowledge","tag-activelistings","tag-assurancerealty","tag-assurancerealtyltd","tag-averagedaystosell","tag-c21kelowna-ca","tag-century21assurancerealty","tag-century21assurancerealtykelowna","tag-century21assurancerealtyltd","tag-century21kelowna","tag-februaryrealestatereport","tag-freemarketevaluation","tag-localrealestate","tag-marketevaluation","tag-marketrealestateprofessionals","tag-mediansaleprice","tag-propertysales2022","tag-realestatereport","tag-realestatereport2022","tag-realestatereportfebruary2022","tag-singlefamilyresidence","tag-supportbuyersandsellers","tag-townhomessold","tag-unitssoldintheokanagan","tag-february2022","tag-thegoldstandardinrealestate"],"_links":{"self":[{"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/posts\/2816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/users\/25742"}],"replies":[{"embeddable":true,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/comments?post=2816"}],"version-history":[{"count":2,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/posts\/2816\/revisions"}],"predecessor-version":[{"id":2820,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/posts\/2816\/revisions\/2820"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/media\/2818"}],"wp:attachment":[{"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/media?parent=2816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/categories?post=2816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/tags?post=2816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Residential real estate demand across the Association region remains strong heading into the seasonally busy spring months despite a persistent lack of inventory in the region and throughout the province, reports the Association of Interior REALTORS\u00ae.<\/span><\/p>\n A total of 1,516 residential unit sales were recorded across the Association region, marking a 15% decrease compared to a record-high number of units sold in February 2021. New residential listings coming onto market saw a decrease of 12% within the region with 1,850 new listings recorded. The overall active listings were also far below last year’s February active listings showing a 19% decrease in year-over-year comparisons.<\/span><\/p>\n \u201cThe persistent lack of new listings coming onto market is far from adequate to meet the demand of buyers locally and those coming from other markets,\u201d says the Association of Interior REALTORS\u00ae President Kim Heizmann, adding that \u201cwe are seeing the mismatch of inventory versus demand taking a toll on buyers as they show signs of fatigue in having to compete in a seller\u2019s market where lack of supply is putting upward pressure on pricing, and further on affordability.\u201d<\/span><\/p>\n In the South Peace River region, there was a total of 38 residential unit sales recorded in February, with 229 overall active listings, a decrease of 26% compared to the same time last year. The average price for single-family homes and apartments both saw increases in year-over-year comparisons, coming in at $267,712 and $41,333 respectively, while the average price for mobile homes declined 9% to rest at $37,750 in the same period.<\/span><\/p>\n \u201cThe lack of housing supply continues to be the key driver of real estate market performance with homebuyers and sellers having to navigate through a high demand and low supply situation,\u201d noted Heizmann.<\/span><\/p>\n \u201cInstead of looking for quick fixes to dampen housing demand, government policies should focus on measures that could bring more housing to the market, as outlined in BCREA\u2019s recent white paper \u2013 A Better Way Home. Providing more options for buyers can help soften competitive market conditions and provide much-needed inventory after months of supply drought,\u201d says Heizmann.<\/span><\/p>\n The average number of days to sell a home, always a good barometer to watch dropped down to 54 days. It\u2019s important to note that the average of days on market is for the entire Association region and that the indicator will vary depending on home type and sub-region.<\/span><\/p>\n Contact your local REALTOR\u00ae to find out more about the real estate market Lack of Supply Continues to Drive the Residential Real Estate Market Residential real estate demand across the Association region remains strong heading into the seasonally busy spring months despite a persistent lack of inventory in the region and throughout the province, reports the Association of Interior REALTORS\u00ae. A total of 1,516 residential unit sales were […]<\/p>\n","protected":false},"author":25742,"featured_media":2818,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,45],"tags":[200,144,143,192,8,7,66,32,31,206,197,59,198,201,193,199,189,190,191,194,202,195,196,205,162],"class_list":["post-2816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer-tips-for-real-estate","category-realtor-knowledge","tag-activelistings","tag-assurancerealty","tag-assurancerealtyltd","tag-averagedaystosell","tag-c21kelowna-ca","tag-century21assurancerealty","tag-century21assurancerealtykelowna","tag-century21assurancerealtyltd","tag-century21kelowna","tag-februaryrealestatereport","tag-freemarketevaluation","tag-localrealestate","tag-marketevaluation","tag-marketrealestateprofessionals","tag-mediansaleprice","tag-propertysales2022","tag-realestatereport","tag-realestatereport2022","tag-realestatereportfebruary2022","tag-singlefamilyresidence","tag-supportbuyersandsellers","tag-townhomessold","tag-unitssoldintheokanagan","tag-february2022","tag-thegoldstandardinrealestate"],"_links":{"self":[{"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/posts\/2816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/users\/25742"}],"replies":[{"embeddable":true,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/comments?post=2816"}],"version-history":[{"count":2,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/posts\/2816\/revisions"}],"predecessor-version":[{"id":2820,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/posts\/2816\/revisions\/2820"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/media\/2818"}],"wp:attachment":[{"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/media?parent=2816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/categories?post=2816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assurancerealty.ca\/fr-ca\/wp-json\/wp\/v2\/tags?post=2816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nand how they can help you achieve your real estate goals.<\/em><\/span><\/p>\n<\/div>\n<\/div>\n
\n<\/p>\n<\/p>\n","protected":false},"excerpt":{"rendered":"