Central Okanagan real estate sales still lagging after busiest August in 4 years

Real estate sales in the Central Okanagan are still 25% below the decade average, but it was still the busiest August in four years.

The Rennie Advance real estate analysis report shows that single-family home sales were up 9% over August 2024, and condo sales increased 18%. Townhome sales dropped by 6%, and are 32% below the 10-year average.

While the housing market normally sees an 8% drop from July to August, this year it doubled to a 16% drop.

Sales of single-family homes in the Central Okanagan lagged 25% behind the decade average, with condo sales 23% behind.

The number of single-family homes on the market dropped by 5% in August, but still sits at 30% higher than the decade average.

There were almost 20% more condos on the market in August than the same month last year, and inventory sits at 63% higher than the decade average.

According to the Association of Interior Realtors, the benchmark price of a single-family home in the Central Okanagan is $1,050,900 – up 3% over August 2024.

Numbers from the association also show that overall sales in all housing types from the North to the South Okanagan increased.

“Real estate activity softened toward the end of the month, which is not uncommon, when seasonal patterns and summer activities often play a role in moderating market activity. However, sales still
outperformed last year’s pace, underscoring a positive trend of the last few months despite lingering economic uncertainty,” Association of Interior Realtors president Kadin Rainville said in a media release.

“It’s encouraging to see the market continuing to build momentum and signalling recovery, particularly when compared to some of the other markets across the province.”

The Southern Okanagan saw the biggest increase in sales of single-family homes, with 36% more sales than August last year. Townhome sales in the region remain the same, while condo sales increased by 6%.

In the North Okanagan, single-family home sales increased 9%, condo sales remained the same, and townhome sales increased by a whopping 136%, albeit with 26 sales.

In both the North and South Okanagan, prices remained steady, fluctuating by a few percentage points.

In Kamloops, sales in single-family homes increased by 5%. Townhome sales saw a 26% jump, while condo sales fell 31%. However, only 29 townhomes and 20 condos were sold.

While the real estate market lags behind its decade average, prices largely remain unchanged.

The benchmark price for a single-family home in the North Okanagan sits at $793,000. In the South Okanagan it’s $736,000 and in Kamloops it’s $670,000.