Photo: The Canadian Press
The losing streak is over for the benchmark price of a single-family home in the Central Okanagan.
According to Association of Interior Realtors data released Friday, the benchmark price of a single-family home in the Central Okanagan increased 1.5% in October from $981,800 to $997,000. The price had fallen for five consecutive months after topping out at $1.13 million in April.
The same rebound could not be said for townhomes and condominiums in the Central Okanagan. The townhome benchmark price fell for the third straight month, hitting $767,500, while the condominium benchmark fell below the $500,000 mark for the first time since November 2021, dipping to $490,600.
It checked in at $721,500 in October after hitting a record high of $807,600 in May.
There were 1,001 sales over the entire AIR region in October, representing a 7.6% drop from September. The region encompasses the Okanagan, Kamloops, Kootenay and South Peace River regions.
“Unlike the last two years or so, where we saw buyers’ and sellers’ expectations drastically unaligned from each other, a shift from the frenzy earlier this year, coupled with the winter seasonal slowdown, is bringing some equilibrium to the market amidst rising interest rates,” AIR president Lyndi Cruickshank said in a press release.
“Motivated buyers’ and sellers’ expectations are able to come closer together, resulting in a much more positive home buying and selling experience.”
The number of homes on the market has increased substantially since last winter, when a dearth of options led to massive price increases. There were 67.5% more homes for sale in the AIR region this October than there was last October.
“It’s nice to see active listings starting to build back up again,” Cruickshank said. “However, we are not quite out of what is considered a sellers’ market and into a balanced market.”
