A total of 766 homes changed hands across the Okanagan last month, down by nearly half from 1,229 in March 2022.
Prices for single-family homes and overall sales volumes continued softening on a year-over-year basis across the Okanagan in March, according to fresh data from the Association of Interior Realtors.
While the price of a benchmark single-family home in the Central Okanagan just barely topped the $1-million mark in March, it was down 9% from $1.1 million in the year-ago period.
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The same benchmark single-family home in the South Okanagan slid 5% to $698,000 over the past year, while in the North Okanagan it fell 7% to $728,000.
The markets for other housing types were more variable, ranging from a 19% spike in townhouses prices in the North Okanagan to an 11% hit to condo prices in the Central Okanagan.
A total of 766 homes changed hands across the Okanagan last month, down by nearly half from 1,229 in March 2022. At the same time, the number of active listings more than doubled over the same timeframe from 2,798 to 4,692.
“This is the highest volume of new listings we’ve had for some time now, indicating that we are heading in a positive direction. While we’re not out of the woods yet, this will help provide more options to buyers and sellers,” said association president Lyndi Cruickshank in a press release.
“The spring months usually witness a surge in market activity, and realtors will certainly be instrumental in providing adequate information and support during this period. Whether you are a buyer or a seller, it’s always a good idea to work with a real estate professional who can assist you in navigating current market condition.”
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After a series of eight consecutive increases dating back to March 2022, the Bank of Canada held its key overnight lending rate at 4.5% in March 2023. Its next rate announcement is set for April 12.
Benchmark prices for Okanagan single-family homes in March 2023 with year-over-year % change
SOUTH OKANAGAN
Single-family: $698K (– 5%)
Townhouse: $538 (+9%)
Condo/apartment: $423K (+5%)
CENTRAL OKANAGAN
Single-family: $1M (– 9%)
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Townhouse: $703K (– 7%)
Condo/apartment: $493K (– 11%)
NORTH OKANAGAN
Single-family: $728K ( – 7%)
Townhouse: $578K (+19%)
Condo/apartment: $310K (–12%)
Source: Association of Interior Realtors
* Benchmark properties are those with what the realtors’ association considers “typical” assets and is viewed as a more accurate indicator than pure averages.
