Single-family housing prices take hit in Okanagan, Kamloops
While the average cost of buying a home in the Thompson-Okanagan is up compared to this time last year, prices dropped in many categories in July compared to June.
The prices for single-family houses took the biggest hit as they fell in each of the sub-regions.
Worst off was the Central Okanagan with the average single-family house selling for about $89,000 less than in June, at $1,077,431 in July.
Prices in the North Okanagan dropped about $70,500 to $762,368. Kamloops was down about $37,000 to $750,830 and the South Okanagan got off the easiest with a decline of about $10,400 to $762,368.
These figures are based on data released by the Association of Interior Realtors today, Aug. 5.
While the association likes to focus on benchmark, or typical, prices the numbers are averages because the association only recently started suppling benchmark prices for Kamloops.
Townhomes, in most markets, went up in price.
In the Central Okanagan the average price for a townhome was up by about $12,500, Kamloops prices jumped by $14,800 and the North Okanagan by $8,900.
The South Okanagan, on the other hand, saw prices drop by almost $45,000 for townhomes compared to June.
The picture for condos was split, with increases in Kelowna (by almost $12,000) and the South Okanagan (by $40,300).
Condo prices in the North Okanagan took a $92,500 drop and Kamloops saw a decline of almost $30,000.
The number of sales for the entire region covered by the association dropped by 33.3% compared to July 2021. The association includes the Shuswap/Revelstoke, Kootenay and South Peace regions as well.
The North Okanagan had the least slippage in sales with a 14.6% decline compared to July 2021.
The South Okanagan dropped by 32.1%, Kamloops by 38.6% and the Central Okanagan by 47.3%.
While sales were down over last year, the number of homes being listed has gone up by 8.1% compared to last July.
“We are seeing inventory starting to accumulate, slowly moving upward to healthier levels of inventory, which is a welcomed relief for prospective buyers,” association president Lyndi Cruickshank said in a news release. “However, the higher mortgage interest rates are still impacting the real estate market with some home buyers finding it more difficult to qualify for mortgages.”
The slowdown in the region’s housing market is typical of what’s happening across the country.
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