Prices down for local houses and apartments, townhouses on the rise

Jan 4, 2024 | 2:00 PM

The North Okanagan saw some fluctuations in housing prices in December.

The Association of Interior Realtors (AIR) stated the benchmark price for a single family home in the region was $712,700 in December, down 1.7 per cent on an annual basis.

The price for a condo or apartment was down 1.2 per cent to $323,500 last month.

However, the benchmark price for a townhouse in the North Okanagan came in at $600,100, marking a 5.7 per cent annual increase.

(Image credit: Association of Interior Realtors)

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The North Okanagan saw just three condo/apartment sales and four townhouse sales in December, down 75 per cent and 71.4 per cent annually, respectively. There were also 44 single family homes sold in the area in December, marking a 63 per cent annual increase.

A total of 60 housing units were sold in December, which was down 4.8 per cent from the same month in 2022.

The December sales totaled $44,700,000, which was up 28.6 per cent on an annual basis.

(Image credit: Association of Interior Realtors)

The AIR stated high interest rates continued to impact the real estate market in the last month of 2023.

“While we usually see a slowdown in market activity during the holiday season, sales activity was slower than usual in December” Association President, Chelsea Mann, said.

“Buyers and sellers who have been waiting on the sidelines for potential interest rate relief may likely still be optimistically holding off on pursuing their real estate endeavours to see if the new year will finally provide more favourable mortgage rates.”

Mann added rate hikes, wildfire activity, and a lack of affordable housing also affected the market in the North Okanagan and the entire Interior in 2023.

by Liam Verster

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