Benchmark price for single-family home in Central Okanagan stays steady at just over $1M

It was a mixed July for home sales in B.C.’s Interior.

Data from the Association of Interior Realtors (AIR) shows that July’s total number of places sold was a nearly 10 per cent increase from July 2022.

However, despite being up 9.5 per cent from July 2022, the number of units sold last month (1,337) was down more than 300 from June (1,656).

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AIR attributed the slight downturn to the summer holidays, calling it a typical slowdown.

“Seasonally, it is characteristic to see sales activity cool during the hot summer months, which, given the slight dip from activity in June, isn’t surprising,” said AIR president Chelsea Mann.

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Regarding costs, the benchmark price of a single-family home in the Central Okanagan rose 0.9 per cent to $1,063,700, up slightly from one year ago at $1,060,400.

AIR noted that benchmark prices for single-family homes decreased in the North Okanagan (0.5 per cent), South Okanagan (6.3 per cent) and Shuswap/Revelstoke (0.2 per cent).

The organization also noted that townhomes and condominiums saw increases in the North Okanagan and Shuswap regions, while the Central and South Okanagan saw decreases in the benchmark price for townhomes and condominiums.

“While inventory is gaining momentum, low supply is still an issue and a primary factor driving price growth,”  Mann said.

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Below is a breakdown of benchmark prices:

Shuswap / Revelstoke

• Single-family home: $711,400
• Townhome: $565,900
• Condo/apartment: $430,000

North Okanagan

• Single-family home: $778,300
• Townhome: $598,300
• Condo/apartment: $342,100

Central Okanagan

• Single-family home: $1,063,700
• Townhome: $768,500
• Condo/apartment: $514,900

South Okanagan

• Single-family home: $765,600
• Townhome: $549,600
• Condo/apartment: $443,200

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At the same time, though, in comparing July 2023 with July 2022, last month also saw a 2.3 per cent increase in new listings to 2,550 from 2,488.

Mann added that “it is promising to see some typical market activity despite high-interest rate hikes creating a challenging climate for buyers and sellers.”

More information about AIR’s statistics for July 2023 is on interiorrealtors.ca.