Real estate prices drop for condos but rise for houses in Okanagan, Kamloops
Prices for all homes in Kamloops and the Okanagan are up from where they were last year but the prices for condos and townhomes dropped in October versus September.
Single-family homes on the other hand mostly went up compared to September.
An average single-family house in the Central Okanagan sold for $1,091,603 in October, up $773 from September but down by more than $150,000 since the $1.24 million peak in April.
Single-family house prices jumped by an average of $89,808 in the North Okanagan to $764,808. They also went up in Kamloops by $7,220 to $680,079 but dropped $12,939 in the South Okanagan to $697,725.
For townhomes, prices went up month over month in Kamloops by $58,320 to $589,625 but fell in each of the other regions covered by the Association of Interior Realtors.
The biggest drop of $183,045 was in the North Okanagan followed by $107,504 in the Central Okanagan and $63,957 in the South Okanagan.
Condos prices were down in all markets, ranging from $7,340 in Kamloops to $105,085 in the North Okanagan.
Sales for the entire association region (which includes the Shuswap, Kootenays and South Peace) dropped 7.6% to 1,001 in October versus September, due in part to a normal seasonal slowdown.
That’s a 43.8% drop from the “seasonally uncommon strong market of October 2021” when demand and prices started taking off throughout Canada.
“Unlike the last two years or so, where we saw buyers’ and sellers’ expectations drastically unaligned from each other, a shift from the frenzy earlier this year coupled with the winter seasonal slowdown is bringing some equilibrium to the market amidst rising interest rates,” association president Lyndi Cruickshank said in a news release.
While active listings continue to be low, the 7,450 units currently for sale is a 67.5% increase over October 2021.
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