BC housing prices slowly recovering but still well below last year

The housing boom of 2022 has left real estate prices well below last year’s records, especially in Kamloops and the Okanagan than the rest of BC.

But they are rebounding, climbing by 9% so far this year.

“BC home sales have now risen for three consecutive months but that recovery in sales has not been matched by listings which continue to fall well below normal levels,” association chief economist Brendon Ogmundson said in a news release. “As a result, average prices across the province are once again rising, recovering much of the decline since prices peaked early last year.”

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That’s true for BC as a whole, where April prices were only 5.8% below those seen in April 2022.

But the picture is not, yet, quite so rosy in the Thompson and Okanagan markets.

Average prices for all types of homes in April fell 12.6% year-over-year in Kamloops to $580,436.

Only Chilliwack (at -17.9%) and Powell River (at -20.2%) experienced bigger drops.

The Okanagan saw price declines of 9.7% from last year to $748,937.

The average price for all of BC was $995,506.

In terms of the number of sales, those are down 17.7% in BC, 21.6% in Kamloops and 28.1% in the Okanagan.

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