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Real estate sales down while housing inventory up in Central Okanagan

Real estate sales down while housing inventory up in Central Okanagan | iNFOnews.ca
FILE PHOTO. Image Credit: pexels.com

After an uptick in the fall, real estate sales in the Central Okanagan were almost a third below their long-run average last month, while housing inventory hit its highest level in more than a decade.

According to BC real estate report The Rennie Advance, sales in the Central Okanagan were down 31% compared to the 10-year average, with the pace of increase falling considerably after October to January saw sales jump between 26% and 41% year-over-year.

The Rennie Advance report shows sales in the Central Okanagan were up 8% from March 2024.

“Sales activity across all major BC markets has slowed significantly in the past two months as a result of the U.S. tariff-driven economic uncertainty,” the report states.

The report states last month there were 51% more properties in the Central Okanagan on the market than the 10-year average and the highest number since 2013.

The report shows a 13% increase in listings since March 2024.

A separate report from the Association of Interior Realtors paints a more optimistic picture highlighting that sales of single-family homes in the Central and North Okanagan increased by 15% in both markets. The South Okanagan saw the biggest jump, with single-family home sales increasing 50% compared to March 2024.

While inventory climbed the price of a single-family home still increased by 5% in both the Central and North Okanagan. The price of townhomes remained flat with 2% price increases in the Central and North Okanagan, while condos increased four percent in both markets.

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The benchmark price for a single-family home in the Central Okanagan now sits at $1,047,000 and $774,000 in the North Okanagan. In the South Okanagan, it’s $771,000.

Benchmark prices for townhouses in the Central and North Okanagan sit at $751,000 and $592,000 respectively. The price in the South Okanagan is $529,000.

In Kamloops, the benchmark price of a single-family home remained untouched at $668,000, while sales fell 20% compared to March 2024.

Sales of townhouses increased seven percent in Kamloops but saw prices fall four percent, with the benchmark price now sitting at $508,000.

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Ben Bulmer

After a decade of globetrotting, U.K. native Ben Bulmer ended up settling in Canada in 2009. Calling Vancouver home he headed back to school and studied journalism at Langara College. From there he headed to Ottawa before winding up in a small anglophone village in Quebec, where he worked for three years at a feisty English language newspaper. Ben is always on the hunt for a good story, an interesting tale and to dig up what really matters to the community.

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