Real estate check in: Central Okanagan sales 25% below normal
So far in 2025, real estate sales in the Central Okanagan are 25% behind the ten-year average.
According to the Rennie Advantage real estate report, sales for the first half of this year are lagging behind.
And sales for June in the Central Okanagan were 30% behind normal.
Condo sales were the hardest hit, with numbers 35% lower than the decade average. Townhouses were down 32%, and detached home sales were down 26%.
However, while numbers for the first half of 2025 aren't great, sales were up seven per cent over 2024.
Sales in May reached a two-year high, but then dropped 16% for June. Typically, the Central Okanagan real estate market sees a four percent decline in sales from May to June.
The first half of 2025 saw new Central Okanagan real estate listings up three per cent from 2024, taking them 20 per cent above the decade average.
"This was the second most new listings through the first six months of a year in 26 years of available data," the report says. Only 2008 had more listings.
The report says there was more inventory listed in June this year than any other month since July 2013, with inventory 44% above its prior 10-year June average.
The numbers show that there are 69% more condos on the market than the decade average, while there are 36% more detached homes, and 37% more townhomes.
"Conditions for condos and detached homes were favourable to buyers while townhome conditions were considered balanced," the report says.
While inventory is up, the price of housing across the region remains largely unchanged.
According to the Association of Interior Realtors, the benchmark price for a detached home in the Central Okanagan is $1,068,000 – up five percent from June 2024.
In the North Okanagan, a detached home goes for $784,000 – up four per cent from this time last year.
A detached home in the South Okanagan is up four per cent from last June to $783,000, and in Kamloops, prices were up five percent to $782,000.
Townhouse prices in Kamloops, the Central and South Okanagan all dropped by one per cent, with the North Okanagan bucking that trend and seeing a four per cent increase.
A townhouse in the Central Okanagan will now set you back $713,000, in the North Okanagan $584,000, in the South Okanagan $523,000, and in Kamloops $537,000.
Even though condo inventory in the Central Okanagan is almost 70% higher than normal, prices still increased six per cent to $517,000. The North Okanagan also saw a five per cent increase in price, taking them to $329,000. Condo prices in the South Okanagan dropped three percent and now sit at $436,000, and in Kamloops dropped two percent to $373,000.
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