Interest rates keep lid on home sales

Nov 3, 2023 | 1:40 PM

The Association of Interior Realtors (AIR) says high interest rates continue to dampen real estate activity in the region.

Association president Chelsea Mann said while they typically see market activity ease up as the weather cools, the high cost of borrowing seems to be fueling a faster fall slowdown than usual.

“Buyers and sellers are left waiting in the wings despite high demand with the hope of seeing some interest rate relief on the horizon,” Mann said.

Mann added the impact of qualifying for mortgages is being felt by rate-sensitive buyers as they struggle to secure financing.

“It is more important now than ever that buyers get pre-approved ahead of their house hunting efforts to ensure their expectations can align with their needs,” Mann remarked.

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The North Okanagan saw 139 residential sales in October, an increase of 13.9 per cent over October 2022. The area had 799 active listings and 226 new listings.

The benchmark price for a single family home in Greater Vernon was $755,400, up 3.6 per cent.

In the Central Okanagan, 263 residential units were sold, down 13.2 per cent from one year ago. The number of listings was up to 2,399, with 754 new ones.

The benchmark price for a single family home was just over one million dollars ($1,025,700), an increase of 3.5 per cent from October 2022.