Housing prices declining in North Okanagan

May 3, 2024 | 3:00 PM

People looking to enter the housing market are seeing some positive trends.

Data from the Association of Interior Realtors (AIR) shows housing prices declined on an annual basis last month.

AIR’s data indicated the benchmark price for a single family home was $738,500 in April, down 4.6 per cent from the same month in 2023.

The benchmark price for townhouses was $548,400, down 5.1 per cent from the previous April, while condominium and apartment prices declined 0.6 per cent to $340,600 last month.

AIR’s data showed benchmark prices for all housing types fell throughout the Interior on an annual basis in April, with the exception the South Okanagan which saw prices for single family homes, as well as apartments and condos, both go up by a percentage point.

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April 2024 report from the Association of Interior Realtors

In total, there were 143 housing units sold in the North Okanagan in April, which were valued at $96.2-million. Both those figures were down on an annual basis.

While sales fell locally, the association said there were 963 active listings in the North Okanagan in April, including 363 new listings, which were up significantly from the same month in 2023.

That trend of increased listings was reflected throughout the Interior.

“There are numerous factors that could be contributing to the increase of new inventory,” AIR President Kaytee Sharun said.

“It could merely be a case of the seasonal spring market finally hitting its stride, a case of government policies coming into play or simply due to an adjustment of expectations aligning more with current market conditions.”

Sharun added the increase in listings, coupled with a decline in benchmark prices, will provide people looking to buy homes with more options.

by Liam Verster

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