Real estate in B.C.’s Interior appears to be swinging towards a balanced market.
According to the Association of Interior Realtors, the number of sold homes climbed in May (1,512 units), beating April’s tally (1,282 units).
Last month’s totals, though, were down 10.7 percent from one year ago, when 1,662 units were sold in May 2023.
Those numbers included the Okanagan and Shuswap regions, as well as Kamloops, the Kootenays, and North Peace.
For the Okanagan and Shuswap, May saw 926 units sold, up from 785 in April.
All those stats, though, are down from May 2022. That month saw 1,687 total units sold across the Interior, with 1,050 in the Okanagan and Shuswap regions.
“Market activity last month has risen compared to the month before. However, it’s not surprising that this year’s May activity is lower than last year’s, considering the market was fairly heated a year ago,” said AIR president Kaytee Sharun.
“This is a pretty typical level of market activity that one would expect to see in the spring months.”
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Interestingly, of the dozen price points listed by AIR — single-family, townhouse and condo/apartment for the Southern Interior’s four regions — prices have risen noticeably in 10 of them since January.
For example, a single-family home in the Central Okanagan in January had a benchmark price of $989,800. It’s now $1,015,700.
A townhouse in the South Okanagan in January was benchmarked at $467,100. That price is now $558,100.
And a condo in the Shuswap/Revelstoke priced at $406,300 is now $430,400.
The two drops were in the townhouse category for both the North Okanagan ($610,000 to $577,800) and Shuswap Revelstoke ($581,700 to $554,100).
Below are May’s benchmark prices for homes throughout the Southern Interior.
Shuswap / Revelstoke
- Single-family home: $729,100
- Townhome: $559,600
- Condo/apartment: $422,300
North Okanagan
- Single-family home: $765,400
- Townhome: $591,600
- Condo/apartment: $325,100
Central Okanagan
- Single-family home: $1,015,700
- Townhome: $724,300
- Condo/apartment: $507,500
South Okanagan
- Single-family home: $783,500
- Townhome: $515,700
- Condo/apartment: $444,000
A list of AIR’s monthly market statistics is available online.
Another organization, Mortgage Sandbox, noted that total active listings in the Okanagan are trending upward.
“Demand in the Okanagan is low. Many people want to buy a home, but affordability is very low, which is reflected in the number of successful purchases,” reads the company’s webpage.
“Significantly fewer people can realize their homeownership dream in these market conditions.
“New homebuyers can’t afford to get onto the first rung of the homeownership ladder, and high rates trap existing owners. Families that want to upgrade to a larger home can’t qualify for a new mortgage at the current rates.”
More information about Mortgage Sandbox — which suggested that developers should build 4- and 5-bedroom condos for several reasons, including that not everyone can afford a home — is available online.
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