Housing market cooled in September in Central Okanagan
The Central Okanagan housing market continues a gradual cooling trend for sales, but not prices.
The Okanagan Mainline Real Estate Board calls it a moderate slow-down based on fewer sales, not as many active and new listings - and a rise in the average number of days it takes to sell a home.
The board says sales of single-family homes decreased by 30% last month compared to Sepetmber 2016 - apartment and townhouse sales were also down.
However, the average price of a home was up 14% last month, over September 2016, to almost $711,000.
Apartment prices were also up 14% - while townhome prices were up 6.5%.
The board believes strong economic conditions, and population growth, will likely keep fueling housing demand - but interest rate hikes, and the potential for additional mortgage rules, may have the opposite effect.