As housing prices fall, Kamloops and Okanagan fare better than rest of B.C.

The average price of a home in B.C. fell 8.6% in November versus a year earlier.

In Kamloops, the average price of a single-family house fell by only 1.4%, while prices were down 2.4% in the Okanagan, according to data released by the B.C. Real Estate Association today, Dec. 13.

“A lot has changed in 2022,” Brendon Ogmundson, chief economist of the association, said in a news release. “This time last year, home sales were near a record for November, home prices were accelerating and mortgage rates were less than half of current levels.

“Elevated mortgage rates will continue to constrain sales activity, although with the Bank of Canada nearing the end of its tightening cycle and benchmark bond yields falling, mortgage rate relief may be on the horizon.”

The average price of a home in B.C. in November was $906,785. In the Okanagan the average price was $739,891, while Kamloops averaged $595,955.

Greater Vancouver was the most expensive at $1.2 million, a drop of 3.3% from November 2021.

READ MORE: Housing price slide in Okanagan, Kamloops eases in November

The biggest price drops were 18.6% in Chilliwack to $649,000 and 17.1% in the Fraser Valley to $915,484.

Prices did climb in more rural areas including 1.6% in the B.C. Northern region, 6.8% in the Kootenays and 6.2% in Powell River.

The B.C. Northern Region includes everything north of 100 Mile House except for the South Peace, which is part of the Association of Interior Realtors which covers most of Southern Interior.

The most affordable region in the province is the South Peace River where the average price of a house dropped 7.9% to $266,579.

The number of sales dropped 50.8% in B.C. as a whole in November compared to a year earlier. Sales were down 46.7% in Kamloops and 51.2% in the Okanagan.

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