Some housing prices falling in Okanagan, Kamloops

While housing prices show double digit increases in sale prices this year in the Thompson-Okanagan region compared to last year, that’s not the case when comparing month to month in 2022.

In most categories there have been significant price drops from May to June – by more than $70,000 in some locations.

Only condos in Kamloops and the North Okanagan and single-family homes in Kelowna have increased in value month over month.

The Association of Interior Realtors focuses on benchmark, or typical, selling prices in the Okanagan but only lists averages for the Kamloops area. This report, therefore, deals with averages for all Kamloops and Okanagan markets.

The association also includes the Kootenays and South Peace regions.

READ MORE: How Kamloops, Okanagan governments raise prices of new homes

Kelowna prices were hardest hit with the average townhome selling for $73,361 less in June than in May. Condos were also down $13,225. Single-family homes did gain $27,441 month to month but that was after a $103,626 drop from April to May.

The picture was a little brighter in Kamloops where condos and townhomes increased in average value by more than $43,000 from May to June. But, single-family home prices dropped by $33,164.

Condo sale prices also increased in the North Okanagan by more than $79,000 but townhomes dropped by more than $15,000 and single-family home prices fell by more than $40,000.

Average single-family home prices: June (May in brackets)

• $1,166,575 ($1,139,144) – Central Okanagan
• $832,930 ($873,339) – North Okanagan
• $787,826 ($829,990) – Kamloops
• $755,499 ($827,024) – South Okanagan

Average townhome prices: June (May in brackets)

• $694,794 ($768,155) – Central Okanagan
• $569,396 ($526,380) – Kamloops
• $514,026 ($577,845) – South Okanagan
• $502,026 ($517,385) – North Okanagan

Average condo prices: June (May in brackets)

• $505,412 ($505,412) – Central Okanagan
• $426,746 ($445,177) – South Okanagan
• $417,394 ($337,900) – North Okanagan
• $403,323 (359,568) – Kamloops

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