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Housing price slide in Okanagan, Kamloops eases in November

Image Credit: SUBMITTED/B.C. Assessment

The resale price of homes in Kamloops and the Okanagan has slowly been falling from a peak this past spring.

In November, that trend made a slight turn in the other direction but it varies by region and housing type.

In terms of single-family homes, average prices went up by $37,962 in the South Okanagan and by $36,938 in Kamloops, according to an Association of Interior Realtors media release issued today, Dec. 5.

It was a different picture in the Central Okanagan where the average price of a single-family house dropped by $18,353 after rising by about $45,000 in the previous two months.

Average prices in the North Okanagan tend to shift dramatically from month to month with the price of single-family homes falling $72,103 in November after jumping by almost $90,000 in October.

Despite the decline, in Kelowna, houses still averaged more than $1 million. Prices have dropped, however, from a peak of $1,242,760 in April to $1,073,250 in November.

On the townhome front, the average price in the Central Okanagan went up by more than $105,000 and by more than $250,000 in the South Okanagan, reversing declines last month.

Prices for townhomes fell by about $110,000 in Kamloops and $14,000 in the North Okanagan.

Condo prices in all four markets fell in October but rebounded in three of them in November.

Average prices were up about $11,600 in the South Okanagan, $12,000 in the Central Okanagan and $60,000 in the North Okanagan. Kamloops prices fell but just over $14,000.

All prices were up compared the same time in 2021.

The number of housing sales was down by 48.4% in November from the “hyperactive” 2021 market, the real estate association said.

It also covers the Kootenays, Shuswap/Revelstoke and South Peace regions.

“Comparing to a typical seasonal pre-pandemic November would represent a more accurate comparison over the frenzied market over the last few years, which would show that we are currently not that far off from an average November,” association president Lyndi Cruickshank said in the news release.

READ MORE: Sun Peaks, Big White real estate prices forecast to buck national trend in 2023

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