Increase in Kamloops, Okanagan housing prices slower than much of BC this year

Despite the recent drop-off in housing prices in most categories and regions in Kamloops and the Okanagan, they are still up from this time last year.

But those increases are now below the provincial average as prices begin to come down.

Kamloops saw the biggest gain in November with prices up 3.6% compared to November 2022, averaging $619,805 for all housing types, according to data released today, Dec. 12, by the BC Real Estate Association.

Prices were up 2% in the Okanagan to $752,804.

Provincially, prices climbed by 6.6%, led by the Fraser Valley at 8% (to $988,647) and Chilliwack by 7% (to $694,387).

The Greater Vancouver real estate area, which accounted for almost 40% of the provincial sales, matched the BC average with a 6.6% price growth rate to $1.3 million.

READ MORE: Real estate market hammered in Kamloops, Okanagan as prices fall below $1M

The most affordable part of the province was the South Peace region where average prices went up 1.4% to $256,189.

“Despite high mortgage rates and generally weak sales, home prices across the province have been remarkably resilient in 2023,” association Chief Economist Brendon Ogmundson said in a news release. “Low inventory has meant that prices hold firm even at the much-reduced levels of sales activity experienced this year.”

Sales for the province were up 2.2% year over year to 4,630.

Sales were up 13.9% in Kamloops to 164 but down 11.3% in the Okanagan to 455.

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