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Okanagan’s 2023 real estate market in a ‘better spot’ than last year

Click to play video: 'Okanagan real estate market in a better spot'
Okanagan real estate market in a better spot
WATCH: Newly-released statistics from the Association of Interior Realtors shows a large increase in property sales in the South Okanagan while prices have dropped for homes in the area. Taya Fast reports – Jul 10, 2023

The Okanagan real estate market is now in a better spot than it was this time last year, according to a new report.

The Association of Interior Realtors (AIR) released statics for June showing a strong uptick in the number of active listings and a small drop in pricing.

“I think our market is actually doing really well,” said AIR vice-president Lyndi Cruikshank.

“I know that there’s certainly a lot of uncertainty right now with the interest rates rising and expected to go up again. But when we look at our overall numbers over last year, I think we’re sitting in a pretty good spot.”

Click to play video: 'Okanagan housing market showing signs of pre-pandemic levels'
Okanagan housing market showing signs of pre-pandemic levels

The number of active listings in 2022 reached an all-time low, but those numbers have turned around.

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According to AIR, the total number of active listings saw an increase of 13.8 per cent of total inventory compared to June last year. The South Okanagan recorded the highest percentage increase in active listings at 32.3 per cent compared to the same month last year.

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“If you go back a year ago, one of the greatest struggles we had was this lack of inventory that there was on the market, and it affected people that were actively looking at purchasing in the market, but it also affected people’s ability to have confidence in putting their home on the market,” said Cruikshank.

“There’s definitely less people looking for homes right now and there are more homes on the market so it’s what I would call a more balanced market which is really nice to see.”

Click to play video: 'Okanagan real estate feeling the impact of higher interest rates'
Okanagan real estate feeling the impact of higher interest rates

Meanwhile, prices fell across the Okanagan for single-family homes while the average price for townhomes, apartments and condos fell just in the South Okanagan.

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“If you look at what those percentages are, they’re actually really small percentages,” said Cruikshank.

“You might see an arrow up versus an arrow down, but it might be one or two or three per cent. So, we have some pretty consistent pricing happening throughout the Okanagan.”

Single-family Homes:

  • Central Okanagan: $1,063,800, down 3.1 per cent from last year
  • North Okanagan: $785,800, down 0.4 per cent
  • Shuswap/Revelstoke: $718,500, down 1.0 per cent
  • South Okanagan: $783,600, down 3.2 per cent

Townhouses:

  • Central Okanagan: $785,900, up 0.5 per cent from last year
  • North Okanagan: $600,400, up 1.8 per cent
  • Shuswap/Revelstoke: $576,200, up 2.6 per cent
  • South Okanagan: $553,800, down 6.6 per cent

Condos / Apartments:

  • Central Okanagan: $533,100, up 0.9 per cent from last year
  • North Okanagan: $354,100, up 2.7 per cent
  • Shuswap/Revelstoke: $446,600, up 3.5 per cent
  • South Okanagan: $437,700, down 3.1 per cent

AIR says that real estate professionals will continue to support buyers and sellers in navigating markets across the region.

“I think it’s always a great time for people to consider making a move when it’s the right time for them to do so and certainly getting your home on the market now, is a lovely time,” said Cruikshank.

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“My recommendation to everyone always is that if you’re thinking about buying or selling reach out to your trusted real estate professional and let them help you and make the decisions that are best for you.”

Click to play video: 'Are natural disasters impacting the Okanagan housing market?'
Are natural disasters impacting the Okanagan housing market?

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