Okanagan, Kamloops real estate sales still lagging
Real estate sales across the Okanagan increased considerably in November compared to this time last year but still lag behind the 10-year average.
According to statistics released by the Association of Interior Realtors, sales in all housing categories increased across the Central, South and North Okanagan as well as in the Shuswap.
In Kamloops, sales in townhomes increased, while single-family homes stayed roughly the same and condo sales declined by 20%.
Sales in townhomes across the North, Central and South Okanagan saw by far the biggest increase in sales, with sales doubling or more compared to November 2023.
Along with the number of townhomes sold increasing, prices also increased in the North Okanagan and Shuswap, by 13% and 11% respectively. Prices in the Central and South Okanagan dropped by a few percentage points.
The benchmark price for a townhome in the Central Okanagan is now $726,000 and in the North Okanagan $622,000.
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Prices of single-family homes in the Central and North Okanagan largely stayed the same and while sales increased in the South Okanagan by 74% prices dropped albeit by 8%.
The benchmark price for a single-family home in the Central Okanagan is now $1,013,000. In the North Okanagan, it's $762,000 and in the South Okanagan it's $501,400.
The price of a condo dropped across all markets by a few percentage points, with the Central Okanagan seeing the biggest jump in sales with 98 units being sold – a 58% increase over this time last year.
"While real estate market activity typically slows as temperatures drop, the market seems to have held on to some of the recovery seen in the fall with a healthy degree of sales above that of last year November," Association of Interior Realtors president Kaytee Sharun said in a media release.
"The welcomed interest rate cuts of recent months may have helped spur a more optimistic outlook throughout the region, which may have contributed to busier than usual activity for this time of year."
Sales and prices in Kamloops remained largely stagnant compared to November 2023.
The benchmark price for a single-family home in Kamloops is now $656,000, and a townhome $530,000.
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