Real estate sales down while housing inventory up in Central Okanagan
After an uptick in the fall, real estate sales in the Central Okanagan were almost a third below their long-run average last month, while housing inventory hit its highest level in more than a decade.
According to BC real estate report The Rennie Advance, sales in the Central Okanagan were down 31% compared to the 10-year average, with the pace of increase falling considerably after October to January saw sales jump between 26% and 41% year-over-year.
The Rennie Advance report shows sales in the Central Okanagan were up 8% from March 2024.
"Sales activity across all major BC markets has slowed significantly in the past two months as a result of the U.S. tariff-driven economic uncertainty," the report states.
The report states last month there were 51% more properties in the Central Okanagan on the market than the 10-year average and the highest number since 2013.
The report shows a 13% increase in listings since March 2024.
A separate report from the Association of Interior Realtors paints a more optimistic picture highlighting that sales of single-family homes in the Central and North Okanagan increased by 15% in both markets. The South Okanagan saw the biggest jump, with single-family home sales increasing 50% compared to March 2024.
While inventory climbed the price of a single-family home still increased by 5% in both the Central and North Okanagan. The price of townhomes remained flat with 2% price increases in the Central and North Okanagan, while condos increased four percent in both markets.
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The benchmark price for a single-family home in the Central Okanagan now sits at $1,047,000 and $774,000 in the North Okanagan. In the South Okanagan, it's $771,000.
Benchmark prices for townhouses in the Central and North Okanagan sit at $751,000 and $592,000 respectively. The price in the South Okanagan is $529,000.
In Kamloops, the benchmark price of a single-family home remained untouched at $668,000, while sales fell 20% compared to March 2024.
Sales of townhouses increased seven percent in Kamloops but saw prices fall four percent, with the benchmark price now sitting at $508,000.
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