Summer trends take hold of Okanagan real estate activity

Jul 10, 2023 | 6:30 AM

Industry reps say real estate activity has started its typical summer slowdown, but the numbers for June showed improvements over last year.

The Association of Interior Realtors (AIR) says 210 residential units sold in the North Okanagan in June 2023, which was up 14.8 per cent from the same month a year ago.

The benchmark price for single family homes was $785,800 for the area that covers Greater Vernon, which was down 0.4 per cent on an annual basis.

Benchmark prices for townhouses ($600,400) and condos/apartments ($354,100) increased while the number of units sold were also higher.

(Image credit: Association of Interior Realtors)

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In the Central Okanagan, 504 residential units changed hands in June, up 30.6 per cent from June 2022.

The benchmark price for single family homes decreased by 3.1 per cent to $1,063,800, with increases to townhouses and condos.

A total of 1,656 residential unit sales were recorded across the association region in June, representing a 10.7 per cent increase in sales compared to the same month last year, but down compared to May’s 1,662 unit sales.

New residential listings saw a decrease for another consecutive month, down 7.1 per cent compared to June 2022 with 3,045 new listings recorded, an increase from May 2023’s 2,910 new listings.

“After a long supply drought, it is encouraging to see that inventory has slowly been creeping up the last few months,” AIR president Chelsea Mann said. “However, there is still a segment of the market that is not available to meet certain buyer’s needs due to the high cost of lending, in particular affordable housing. Demand for affordable housing is at an all-time high.”

by Pete McIntyre

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