Local housing prices increased in November following declines the month prior

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Meanwhile, the Central Okanagan and Shuswap/Revelstoke regions saw single family home prices increase on an annual basis. Apartment and condo prices, as well as townhouse prices, were both down on an annual basis in those regions.

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There were increases in units sold in those two regions, though they both saw the number of new listings decline on a year-over-year comparison.

“While real estate market activity typically slows as temperatures drop, the market seems to have held on to some of the recovery seen in the fall with a healthy degree of sales above that of last year November,” Association of Interior REALTORS® President, Kaytee Sharun, said.

“The welcomed interest rate cuts of recent months may have helped spur a more optimistic outlook throughout the region, which may have contributed to busier than usual activity for this time of year.”

Sharun added that, as consumer confidence increases, pricing properties according to market conditions will be crucial to maintain real estate activity.