The Okanagan Mainline Real Estate Board (OMREB) has released its housing report for January and the market remains hot in the region. 

Between Revelstoke and Peachland, residential home sales saw a 20% jump compared to the same time last year, a rebound that may help alleviate the recent decline in property assessments in the region.

That January jump in sales follows a 23% increase reported for December 2019 compared to December 2018, a sign that the housing market continues is not slowing down. 

"A strong level of demand at the back-end of 2019, backed by an uptick of growth and consumer confidence has helped pushed 2020 off to a great start,” said OMREB president Michael Loewen in a release. 

‘The consensus within the industry is that this is a positive outlook for the year ahead and shows signs of the housing market normalizing.”

Photo Credit: OMREB.

In the Central Okanagan, the report said real estate sales for single-family homes were up by 45% between Dec. of 2018 and Jan. of 2019.

Between Dec. of 2018 and Jan. of 2019, real estate sales for condos also rose by over 6% in the Central Okanagan.

In January, OMREB said the average condo/apartment and single-family home sold for $388,300 and $658,300 respectively in the Central Okanagan.