Real estate sales in Okanagan, Kamloops slump, but prices stay stubborn

From Kamloops to the South Okanagan, real estate sales slumped in November compared to the same month last year, but prices across all housing types barely budged.

According to numbers released by the Association of Interior Realtors today, Dec. 3, sales were down by five percent compared to the same month in 2024.

However, while sales were down prices have hardly moved and in some markets and housing types prices have increased although sales were down.

In the Central Okanagan, the price of a condo increased by 3% even though there were 24% fewer sales than in November 2024.

Figures released in a recent Rennie Advance real estate report say more homes had been sold in the Central Okanagan by the end of November than in all of 2024.

Sales of single-family homes in the Central Okanagan increased by 9%, while the benchmark price dropped by 2%.

Townhomes in the Central Okanagan saw prices of 3.5%, while sales were a quarter of what they were in November 2024.

The Central Okanagan also saw condo prices increase by 3%, while sales declined by 24%.

The North Okanagan saw sales in its condo market slump by more than 30%, but prices increased, albeit, by 1%.

In Kamloops, sales of condos increased 44%, but prices remained unchanged.

The biggest decline in single-family home sales also took place in Kamloops, with sales down 17%. Prices, however, increased by 2%.

The benchmark prices for a single-family home in Kamloops is $660,000. A townhome will set you back $505,000, and a condo is $367,000.

In the Central Okanagan, the benchmark price for a single-family home is $1,021,000, a townhome is $753,000 and a condo is $487,000.

The benchmark price for a single-family home in the North Okanagan is $740,000, while a townhome goes for $544,000 and a condo for $310,000.

In the Southern Okanagan, the benchmark price for a single-family home is $756,000, a townhome is $522,000 and a condo is $430,000.