Housing prices up in Kamloops, Okanagan in June

The price of townhomes and condos went up in most of the Thompson-Okanagan in June compared to May. Single-family homes didn’t fare so well.

Condo prices went up in three of the four sub-regions in the Thompson-Okanagan based on data released today, July 6, by the Association of Interior Realtors.

The South Okanagan saw average sale prices climb by more than $44,000 to $495,680, while average prices went up by $25,000 in the North Okanagan to $346,500. The Central Okanagan saw average condo prices drop by almost $32,500 to $492,425.

The benchmark, or typical, price in Kamloops went up by $13,700 to $404,300.

It was a slightly different mix in terms of townhomes with the South Okanagan seeing a drop of almost $34,000 while prices climbed in the other three regions, most notably by $79,000 in the North Okanagan.

It was a 50-50 split for single-family homes with the Central and North Okanagan seeing declines. Most notable was a $28,500 drop in the Central Okanagan to $1,084,093. That drop is almost as much as average single-family home prices increased in May versus April.

The North Okanagan saw a $4,000 drop to $792,996.

In Kamloops, single-family house prices jumped by $18,000 to $651,700 while the South Okanagan saw a $9,000 gain to $815,097.

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The number of new listings in the association’s market area — which includes the Kootenays, Shuswap, Revelstoke and South Peace — were up slightly month over month to 3,045.

“After a long supply drought, it is encouraging to see that inventory has slowly been creeping up the last few months,” association president Chelsea Mann said in a news release.

“However, there is still a segment of the market that is not available to meet certain buyer’s needs due to the high cost of lending, in particular affordable housing. Demand for affordable housing is at an all-time high.”

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