Price of houses jumped in Kamloops and the Okanagan in March
While the selling price for houses was down considerably in March from a year ago, they did increase compared to February in Kamloops and the Okanagan.
In the spring of 2022, house prices hit record highs before falling as the Bank of Canada interest rate rose dramatically from 0.25% to 4.5% today. The next rate announcement from the bank is Wednesday.
But, as is typical in the local real estate market, March is the start of the busiest season of the year so, while sales numbers were down from March 2022, they increased substantially from February.
READ MORE: Kamloops, Okanagan home sales still slow in March
The uptick in sales was accompanied by increases in prices in most housing categories.
The Central Okanagan led the way where the benchmark, or typical, single-family house sold for $1,001,500, an increase of $30,000 from February.
The South Okanagan saw an increase of $29,600 to $698,100 and the North Okanagan prices were up $19,400 to $728,000.
The Kamloops single-family housing market did not fare as well, climbing by only $6,900 to $622,400.
But condos in Kamloops saw a $29,300 jump to $383,300. Condo prices were down by $3,700 in the Central Okanagan and $1,300 in the North Okanagan. South Okanagan condo prices were up by $5,100.
The townhome market saw drops everywhere but in Kamloops where they went up by $6,700.
The biggest drop in townhome prices was in the Central Okanagan where they fell by $39,000. There were drops of just under $14,000 in the North and South Okanagan.
Benchmark prices for single-family houses are $80-$130,000 lower than their peaks last May.
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