Okanagan and Kamloops bucking trend of rising housing prices in BC
The average price for homes sold in BC in June went up 4.7% to $991,648.
But prices fell in Kamloops and the Okanagan, according to statistics released by the BC Real Estate Association today, July 13.
The biggest drop was in the Kamloops market where the average home price fell 14.2% to $576,420 on 303 sales.
The Okanagan saw a 1.1% drop to $765,979 on sales of 1,020 homes.
READ MORE: Cost of renting drops slightly in Kelowna
The Fraser Valley market had the biggest impact on overall prices in the province with an increase of 7.1% to $1,017,726 on 1,849 sales.
The province’s biggest market, Greater Vancouver, had 2,988 sales with prices rising 4.6% to $1,271,759.
The most affordable area of the province was South Peace River with the average home price rising 18.2% to $315,385 on 39 sales.
“June home sales continued to outperform expectations, following a very strong rebound in May,” association chief economist Brendon Ogmundson said in a news release. “However, rising interest rates will likely dampen home sales activity in coming months.”
The Bank of Canada raised its prime lending rate by 0.25% yesterday to 5%, the highest it has been in more than 20 years.
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