The residential real estate market in the Okanagan cooled in December.
That’s according to the Association of Interior Realtors, which released its monthly statistics this week.
The association believes the slowing market is a direct result of high-interest rates.
296 residential sales were recorded in the Okanagan in December, with another 33 in the Shuswap and Revelstoke region.
The numbers varied, but all were drops in sales from one year ago.
- Shuswap and Revelstoke: -31.3 per cent
- North Okanagan: -4.8 per cent
- Central Okanagan: -2.7 per cent
- South Okanagan: -28.4 per cent
The association says December is usually a slower month for sales, but this was still “a slower than usual” month.
“Overall, 2023 was a bit of a weak year for real estate sales with three rate hikes, devastating wildfires, a lack of affordable housing and other outside factors all likely contributing to a general slowdown in transactions,” said AIR president Chelsea Mann.
Below are December’s benchmark prices for homes throughout the Southern Interior.
Shuswap / Revelstoke
- Single-family home: $670,600
- Townhome: $573,300
- Condo / apartment: $402,900
North Okanagan
- Single-family home: $712,700
- Townhome: $600,100
- Condo / apartment: $323,500
Central Okanagan
- Single-family home: $966,500
- Townhome: $731,600
- Condo / apartment: $480,000
South Okanagan
- Single-family home: $714,300
- Townhome: $505,400
- Condo / apartment: $449,200
AIR also noted that the average number of days to sell a home, “always a good barometer to watch,” increased to 78 days compared to 69 days in November.
More information about AIR’s statistics for December 2023 is available online.