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Housing in Okanagan, Kamloops still a bargain compared to much of B.C.

Image Credit: SUBMITTED/B.C. Assessment

The further one travels away from the Lower Mainland, the more affordable housing gets in B.C.

There has been a lot of attention given in recent months to the hot Okanagan real estate market with Kamloops experiencing a similar increase in prices.

READ MORE: Housing prices take big jump in Kamloops, South Okanagan, not so much in Kelowna

But average April sale prices, even in places like Powell River ($841,387) and Chilliwack ($895,165), are higher than the Okanagan ($840,455), according to data released, May 12, by the B.C. Real Estate Association.

Greater Vancouver, as usual, topped the price list at $1.34 million, followed by the Fraser Valley ($1.15 million) and Victoria ($1.1 million).

At the other end of the spectrum is the South Peace with an average sale price in April at $259,831. The B.C. Northern region was at $455,717, Kootenays at $523,584 and Kamloops came in at $664,038.

The average B.C. home sold for $1,065,250 in April, explained by the fact that the vast majority of the sales are in the Lower Mainland and on Vancouver Island.

READ MORE: Higher interest rates push homes sales in B.C. back toward normal: association

All regions of the province, except the South Peace, saw prices increase by 10% to 24% over April 2021. South Peace prices dropped by 15.3%.

Sales activity for April showed a drop of almost 35% from the booming April 2021, blamed largely on higher interest rates.

“Canadian mortgages have sharply increased, surpassing four per cent for the first time in a decade,” association chief economist Brendon Ogmundson said in a media release. “With interest rates rising, demand across B.C. is now on a path to normalizing. However, given existing levels of supply, market conditions remain tight.”

He expects it to take another year before the number of listings comes into balance with the level of demand.

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