Osoyoos Market Update

February 2009

There is no doubt that we are in a slow down. Compared to this time last year, sales are almost half of what they were. The average time to sell a house in Osoyoos has increased from 131 days at this time last year to 188 in 2009 and an average of 305 days to sell a condo/townhouse compared to only 93 days at this time last year. In addition, the average home price has dropped by more than $110,000 while condos and townhomes have decreased by approximately $145,000.

While many sellers have yet to come to the realization that we are in a declining market, they are missing out on the spurt of enthusiasm that is hitting other areas and expected to develop in the South Okanagan. There are now opportunities for first time buyers to take advantage in the slump in prices together with the lowest mortgage interest rates in history.