North, Central Okanagan housing sales increased annually in February

February saw more housing sales in the North and Central Okanagan compared to the previous year, while prices also mostly increased.

The Association of Interior Realtors said there were 113 housing sales in the North Okanagan and 271 in the Central Okanagan during the latest reporting month. Those figures were up 20.2 per cent and 9.3 per cent, respectively, from the sales recorded in February of 2023.

Active and new listings also increased on an annual basis in the two regions.

The Association also recorded price increases for the majority of housing types in the areas.

The benchmark price for single family homes in the North Okanagan rose 6.3 per cent on an annual basis to $774,200, while apartment and condominium prices increased 2.5 per cent to 330,300.

In the Central Okanagan, the benchmark prices for single family homes rose 3.9 per cent to 1,036,900, while apartment and condo prices also increased 1.7 per cent to $513,400.

Townhouses were the exception in both areas, as prices in the North Okanagan fell annually by 2.8 per cent to $541,700, while prices for those housing types in the Central Okanagan stayed flat at $730,100.

The Association’s report stated housing sales and listings across the entire Southern Interior increased on a year-over-year basis in February, though there was a slight decline in new listings.

“Overall, it was a relatively steady month for real estate transactions, despite a slight decline in new listings,” Kaytee Sharun, President of the Association of Interior Realtors, said.

“Typically we see a seasonal uptick in momentum leading into the spring market. However, external factors—such as economic uncertainty and the potential impact of tariffs—may be among the influences causing a slight easing off the accelerator in real estate activity.”