Kelowna real estate faced big price drops in 2023; Kamloops prices went up

For anyone buying a new home at the end of 2022, the direction their equity took over the following year was vastly different depending on whether they lived in Kelowna or Kamloops.

The owner of a single-family house in Kelowna lost $98 a day in value from December 2022 to December 2023, based on a report issued by international real estate research company Point2.

That amounted to $35,900. The report doesn’t say whether or not that’s based on average or benchmark prices.

Kamloops houses on the other hand gained $67 per day in value, or $24,300 over the course of the year.

Kelowna had the fifth highest drop out of 67 Canadian cities with populations of more than 90,000.

Burlington, Ontario saw the biggest drop at $59,583.

READ MORE: Sales and prices up in Kamloops, Okanagan real estate markets

Kamloops was in the middle of the pack, while Vancouver houses had the largest dollar gain at $208,858.

The picture was similar with condos as Kelowna condo prices dropped by $22,000 while Kamloops condos went up in price by $15,100.

See the full report here.

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