Local home sales, prices increased in September

The North Okanagan saw home sales and benchmark prices increase last month.

The Association of Interior Realtors stated there were 105 homes sold for a total of $81.5 million in the North Okanagan in September. The number of units sold was up by 7.1 per cent from the same month in 2023, while the dollar volume was also up 18.6 per cent annually.

The association noted the benchmark prices for all housing types increased on an annual basis.

Single home benchmark prices had increased 4.6 per cent to $764,100; townhouse prices went up 8.5 per cent to $604,800; while prices for condominiums and apartments increased by 5.5 per cent to $326,100.

The Association noted sales increased on an annual basis in the Central Okanagan and Shuswap/Revelstoke regions by 0.3 and 20 per cent, respectively. The Shuswap/Revelstoke area also saw it’s dollar volume total increase by 15.8 per cent, though the sales totals in the Central Okanagan declined by 3.4 per cent from September of 2023.

Active listings also increased in all three regions, with the North Okanagan’s figures rising by 16.5 per cent in the North Okanagan to 1,005 listings, increasing by 33.8 per cent to 3,281 listings in the Central Okanagan, and jumping 41.2 per cent to 761 listings in the Shuswap/Revelstoke area.

“While active listings are trending upwards, September marked a seemingly sluggish month for sales activity despite anticipation of recent rate cuts potentially providing some relief to rate-sensitive buyers,” Kaytee Sharun, President of the Association of Interior Realtors, said.

“Stimulus from recent policy changes, such as the potential for 30-year mortgage amortization and the increase in insured mortgage rate cap, could bolster real estate activity in the coming months.”

The Association President added there “may still be some disconnect between buyers’ and sellers’ expectations, with sellers potentially holding out for a higher payoff while buyers are continuing to take a more cautious approach, which could potentially be contributing to slower decision-making in the market in the region.”

—