North Okanagan housing prices increased in January

Feb 7, 2025 | 10:34 AM

The first month of 2025 saw an uptick to the local housing market.

The Association of Interior Realtors said there were 82 units sold in the North Okanagan in January of 2025, up 34.4 per cent from the same month the year prior.

That was also nearly flat compared to the 83 sales in the region in December of 2024.

The Association of Interior Realtors (AoIR) said there were 659 active listings, including 208 new listings in January, which were also both up on an annual basis.

The benchmark prices for all housing types also increased in a January-to-January comparison.

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The AoIR reported the price for single family homes were $759,000, up 5.3 per cent. Townhouse prices in the North Okanagan were up 2.8 per cent to $540,200. The benchmark prices for apartments and condominiums also increased by 5.7 per cent to $335,000.

The Central Okanagan and Shuswap/Revelstoke regions saw similar changes in January.

The AoIR stated there were 241 units sold in the Central Okanagan and 49 sold in Shuswap/Revelstoke , up 21.1 per cent and 6.5 per cent, respectively.

The benchmark prices in the Central Okanagan and Shuswap/Revelstoke also all rose. The Central Okanagan prices were recorded at $1,030,600 for single family homes, $742,900 for townhouses, and $517,100 for apartments and condos. The Shuswap/Revelstoke rates increased to $705,300 for single family homes, $504,500 for townhouses, and $435,500 for apartments and condos.

Data from AoIR showed the South Okanagan also saw benchmark price increases for single family homes and townhouses, though apartment and condo prices declined in January.

The Association of Interior Realtors monthly figures also showed that the number of units sold, dollar volume from sales, and both active and new listings increased throughout the Southern Interior in the first month of 2025.

“Real estate activity typically picks up after the holidays,” Kaytee Sharun, president of the Association of Interior Realtors, said.

“However, last month exceeded expectations, reaching 10-year average sales levels across many of the Association regions. Milder winter conditions coupled with a balanced market and digestible interest rates may have helped drive overall market activity.”

Sharun added homes priced in line with current market conditions sell quicker than those whose owners hold onto past values.

by Liam Verster

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