Central Okanagan real estate ‘seasonal slowdown’ underway

Residential real estate market sales activity hit what industry officials call a “seasonal slowdown,” though statistics indicate that it’s notably slower than even the same period a year earlier.

Central Okanagan real estate ‘seasonal slowdown’ underway

Data released Wednesday by the Association of Interior Realtors indicates a total of 813 residential unit sales recorded in the region last month, which is a 5.9-per cent  decrease in sales compared to November 2022. The average number of days to sell a home, always a good barometer to watch, decreased to 69 days compared to the previous month’s 73 days.

“Seasonally, it is not unusual for market activity to soften as we head into the December holidays,” said  Association of Interior Realtors president Chelsea Mann.

Mann said that buyers and sellers “are still feeling frustrated and constrained by high mortgage rates.”

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“The cost of borrowing is creating a disconnect between what is currently achievable for buyers in terms of what they can afford given the interest rate pinch versus what may be their desired expectations, which makes it challenging for some given the lack of affordable supply in many regions,” she said.

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The number of listings across the region rose, with less demand across the region, with listings, up seven per cent year over year.

The total number of active listings across the Okanagan, however, saw a significant increase, rising 19.9 per cent compared to November of last year.

The highest percentage increase in active listings is in the South Okanagan with a total increase of 38.8 per cent compared to last year.

As for prices, the benchmark cost of a single-family home in the South Okanagan, North Okanagan and Shuswap-Revelstoke regions all saw increases in year-over-year comparisons.

But the Central Okanagan region saw a marginal price decrease of 1.6 per cent in single-family homes, with the benchmark price coming in at $991,700.

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