January Home Sales Slump

The Okanagan housing market seems to be slowing down.

This according to the Okanagan Mainline Real Estate Board.

Home sales in January were down 31% compared to the same time last year.

"Demand continues to moderate, despite strong economic indicators, suggesting that government intervention is continuing to have an impact." said Board President Marv Beer.

Last month, the BC Government introduced a speculation and empty homes tax to try and combat the sky rocketing cost of real estate in the province.

New listings were 19% higher year over year and double the count in December.

"This is the highest volume of new listings we've had for some time now" said Beer "While we're not out of the woods yet, this will help ease chronic housing supply shortages."

The average selling price for homes between Revelstoke and Peachland was $482,749 in January.