Housing cheaper than it was a year ago in Okanagan, Kamloops

A slow December with an accompanying drop in prices for homes sold through the MLS system left year-end values lower than they were a year ago.

Sales and prices took off in the region and most of Canada in 2022, so the decline in sales due to higher interest rates is not unexpected, with sales down 12.4% in December versus last December, according to the latest data released by the Association of Interior Realtors today, Jan. 4.

“While we usually see a slowdown in market activity during the holiday season, buyers and sellers who have been waiting on the sidelines for potential interest rate relief may likely still be optimistically holding off on pursuing their real estate endeavours to see if the new year will finally provide more favourable mortgage rates,” association president Chelsea Mann said in a news release.

Price drops depended on home style and location year over year. In the Central Okanagan, for example, the benchmark selling price of single-family houses fell about 2%, by almost $20,000, to $976,800.

The drop in the South Okanagan was by almost $58,000 (9%) to $656,000. Kamloops single-family houses were down 4% ($24,300) to $625,700, while the North Okanagan dropped $16,200 (2%) to $696,500, year over year.

In two categories and locations sale prices actually climbed. There was a $40,700 increase in townhome prices in the South Okanagan and condos went up in price by $22,000 in the Central Okanagan.

For December, prices fell in most categories and locations, but again there were two exceptions. Single-family houses gained $4,800 in the Central Okanagan and townhome prices went up $55,000 in the North Okanagan.

The biggest drops in December were single-family houses falling $52,800 in the South Okanagan while townhome prices fell by $24,900 in the Central Okanagan.

See all the Association of Interior Realtors' market stats here.

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