Housing isn’t being built fast enough to quell Salmon Arm’s current hot real estate market according to local realtors. (File photo)

Housing isn’t being built fast enough to quell Salmon Arm’s current hot real estate market according to local realtors. (File photo)

Pandemic contributing to challenging time for home buyers throughout Okanagan, Shuswap

Realtors association says increased demand created ‘huge shock’ on supply

From Kelowna to Revelstoke, amidst the COVID-19 pandemic, realtors are seeing high demand for housing and struggles for prospective buyers.

According to a March report by the Association of Interior Realtors (AOIR), the inventory of available single detached homes in the regions it serves isn’t enough to satisfy current demand. Meanwhile, housing prices have been rising in the Central and North Okanagan, as well as in the Shuswap and Revelstoke, by an average of 20 per cent.

The strong demand was accompanied by a reduction in the number of days homes were on the market, except in Revelstoke and the Shuswap. However, realtors in Salmon Arm have noted a quick turnaround on home sales, which can involve multiple offers.

The situation is largely the same for condos and apartments.

According to the association, residential sales were up 146 per cent this March, with 1,763 units sold, compared to the 708 sold in March 2020. The highest increase in sales were in the South Peace River, up 224 per cent compared to the same time last year, and in the Shuswap/Revelstoke regions, up 223 per cent.

Read more: Salmon Arm experiencing ‘unprecedented’ sellers’ housing market

Read more: Okanagan-Shuswap real estate market continues hot start to 2021

The association’s president, Kim Heizmann, said the pandemic has contributed to increased demand for housing, creating a “huge shock” on supply. She said it will take a long time before that supply returns to a healthy level.

Salmon Arm realtor Linda Rholfs said in March that local demand has, in part, been coming from people from larger urban centres, including Kelowna and the Lower Mainland, who are wanting to relocate.

“They’re trying to move away – especially if they can work from out of their homes – and into smaller communities,” said Rholfs, adding the pandemic has prompted some people to relocate to less congested areas. “Many are looking for a house or acreage right now… (they) have become desirable because of COVID-19 I think.”

The resulting low inventory and high demand has created a seller’s market which, Heizmann pointed out, is making for a difficult time for buyers.

“Buyers are struggling to find homes and the lack of supply is putting upward pressure on pricing,” commented Heizmann.


lachlan@saobserver.net
Like us on Facebook and follow us on Twitter

General

Real estateSalmon Arm

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

B.C's COVID-19 dashboard shows the peaks and valleys of cases prior to the record daily report of 132 on April 9, 2021. (Dashboard image)
Interior Health has record day of COVID-19 cases

132 cases reported Friday, April 9, more deaths in Vernon hospital outbreak

Cases continue to climb in B.C amid a third wave of COVID-19. (Omar Marques/AP photo)
Physicians of Golden warn of third wave

Cases continue to climb provincially

Environment Canada is forecasting up to 20 centimetres of snow on the Coquihalla Highway Friday, April 9, 2021. (File photo)
Snowfall warning in effect for Coquihalla Highway

Environment Canada is forecasting up to 20 cm of snow to fall on the Coquihalla Friday

The Peach is adhering to the mandatory mask protocols put in place by the Provincial Health Officer on Nov. 19. (Monique Tamminga Western News)
Interior Health doesn’t echo B.C.’s daily COVID record

80 new cases reported Thursday, April 8, compared to 91 the day prior

Restaurant patrons enjoy the weather on a patio in Vancouver, B.C., Monday, April 5, 2021. The province has suspended indoor dining at restaurants and pubs until at least April 19 in B.C. due to a spike in COVID-19 numbers. THE CANADIAN PRESS/Jonathan Hayward
B.C. sets new COVID-19 daily record with 1,293 cases Thursday

New order allows workplace closures when infections found

B.C. Health Minister Adrian Dix and Premier John Horgan describe vaccine rollout at the legislature, March 29, 2021. (B.C. government)
1,262 more COVID-19 infections in B.C. Friday, 9,574 active cases

Province’s mass vaccination reaches one million people

Two-year-old Ivy McLeod, seen here on April 9, 2021 with four-year-old sister Elena and mom Vanessa, was born with limb differences. The family, including husband/dad Sean McLeod, is looking for a family puppy that also has a limb difference. (Jenna Hauck/ Chilliwack Progress)
B.C. family looking for puppy with limb difference, just like 2-year-old Ivy

Ivy McLeod born as bilateral amputee, now her family wants to find ‘companion’ puppy for her

This illustration provided by the Centers for Disease Control and Prevention in January 2020 shows the 2019 Novel Coronavirus.[CDC]
More COVID-19 exposures reported at schools in Kelowna

Interior Health added additional schools and dates to their list of exposures

A vehicle that was driven through the wall of a parkade at Uptown Shopping Centre and into the nearby Walmart on April 9 was removed through another hole in the wall later that night. (Photo via Saanich Police Department and Ayush Kakkar)
Vehicle launched into B.C. Walmart removed following rescue of trapped workers

Crews cut new hole in parkade wall to remove vehicle safely

Four members with Divers for Cleaner Lakes and Oceans were out at Cultus Lake on March 28 and 29 hauling trash out of the waters. (Henry Wang)
PHOTOS: Out-of-town divers remove 100s of pounds of trash from Cultus Lake

Members of Divers for Cleaner Lakes and Oceans hauled out 470 pounds of trash over two days

As of Saturday, April 10, people born in 1961 are the latest to be eligible for a COVID-19 vaccine. (Black Press files)
B.C. residents age 60+ can now register to get their COVID-19 vaccine

Vaccine registration is now open to people born in 1961 or earlier

A new saline gargle test, made in B.C., will soon be replacing COVID-19 nasal swab tests for kids. (PHSA screenshot)
Take-home COVID-19 tests available for some B.C. students who fall ill at school

BC Children’s Hospital plans to provide 1,200 kits to Vancouver district schools this April

Sun Peaks is tracking rising COVID-19 cases. (Kamloops This Week Photo)
Sun Peaks sees spike in COVID-19 cases at end of ski season

On April 9, there were 15 positive cases confirmed.

Ruming Jiang and his dog Chiu Chiu are doing fine following a brush with hypothermia that saw several people work together to get them out of the Fraser River near Langley’s Derby Reach Park on March 25, 2021 (Special to the Advance Times)
Man finds men who rescued him from drowning in B.C.’s Fraser River

A grateful Ruming Jiang says he will thank them again, this time in person when the pandemic ends

Most Read