Shortage of listings pushes Okanagan house prices up

Sales and inventory numbers were both down in the North and Central Okanagan real estate markets in September, while the benchmark prices were way up.

The Association of Interior Realtors said the supply of active residential listings dropped 40 per cent across its coverage region, including a plunge of 52.8 per cent in the North Okanagan and 41.5 per cent in the Central Okanagan for single family homes.

“There has been a lot of talk about high demand and while we are still seeing a strong demand, it actually is within a healthy range,” said association president Kim Heizmann, adding that “the amount of supply is just so low creating an imbalance that makes demand seem overwhelming.”

Heizmann said the sales numbers are showing signs of normal seasonal activity.

“Usually, we do see an influx of new listings in the fall once children go back to school and families want to move before the Christmas holiday, and we are starting to see that with new listings coming on the market. So seasonally the real estate market is showing signs of pre-pandemic normalcy,” said Heizmann.

The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions are consistently showing double-digit percentage increases in year-over-year comparisons in all home categories (see below image). This trend is also seen in the South Okanagan, where benchmark pricing is now available.

(Image credit: Association of Interior Realtors)

The Association of Interior Realtors is a member-based professional organization serving about 1,600 realtors who live and work in communities across the interior of B.C from Revelstoke south to the U.S. border, east to Rock Creek, west to Eastgate Manning Park to communities in the South Peace River region.