Cost of single-family home in Central Okanagan drops from summer prices

The Central Okanagan bucked a regional trend by seeing some home prices increase, not decrease, during the month of September.

On Thursday, the Association of Interior Realtors (AIR) released its monthly housing statistics, and single-family home prices in the greater Kelowna area rose by three per cent when compared to stats from September 2022.

The benchmark price for single-family homes in the Central Okanagan is currently $1,006,300. Last September, that price was under seven figures at $981,800.

1:56 Kelowna residents invited to share input on infill housing

However, going back, the benchmark price was $1,037,500 in January 2022, with January 2023 coming in at $976,800. By summer, the price rose to $1,063,800 in June, followed by $1,063,700 in July and $1,068,600 in August.

The rest of the Southern Interior saw decreases from last year’s stats.

In the Shuswap, the benchmark price for a single-family home is $666,300 (-4.8 per cent), while it’s $728,100 (-1.6 per cent) in the North Okanagan and $762,000 (-2.2 per cent) in the South Okanagan.

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Regarding townhomes and condominiums,  housing categories saw decreases across all regions compared to September 2022.

2:35 Kelowna Chamber hosts housing panel

Townhome benchmark prices

• Central Okanagan: $762,100, down 2.1 per cent
• Shuswap: $542,800, down 2.7 per cent
• North Okanagan: $549,800, down 2.9 per cent
• South Okanagan: $545,400, down 0.9 per cent

Condo / apartment benchmark prices

• Central Okanagan: $481,100, down 6.5 per cent
• Shuswap: $399,900, down 5.2 per cent
• North Okanagan: $321,500, down 4.3 per cent
• South Okanagan: $450,400, down 1.2 per cent

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Along with falling numbers, the amount of homes sold also decreased in September and from a year ago as well.

Last month saw 541 residential unit sales in the Okanagan and Shuswap, down from 709 in August and 646 in September 2022.

“Typically the fall market starts to pick up momentum in September, however sales activity for the month suggests that the weight of high interest rates continues to bog down both buyers and sellers,” said AIR president Chelsea Mann.

“Many buyers and sellers have seemingly hit the brakes on their real estate efforts and have taken a wait-and-see approach hoping for the cost of borrowing to lighten.”

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Mann added that “the market slowdown does not, however, mean that there aren’t still deals being made. Homes that are priced appropriately to reflect current market conditions are still being sold at an even pace.”

2:27 Report indicates Kelowna has an immediate need for more housing