Housing sales still low in the North Okanagan

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The Central Okanagan also saw a slightly sluggish market in May.

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Stage 3 water restrictions in place

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Housing Market

Housing sales still low in the North Okanagan

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The AoIR said there were 206 single family home sales and 55 townhouse sales, which were down 6.8 and 26.7 per cent, respectively. However, apartment and condo sales did rise 25.5 per cent annually with 123sales in the region during the latest reporting month.

Benchmark prices for single family homes in the Central Okanagan were recorded at $1,062,800, which was up 0.6 per cent annually. However townhouse prices were recorded at $723,400 and condo and apartment prices were reported as $498,200, which were down 1.9 and 1.8 per cent, respectively.

New listings for all housing types in both regions also saw year-over-year declines this past May.

“While new listing activity remains below last year’s levels, overall real estate activity across the Interior continues at a healthy and sustainable pace,” AoIR President, Ryan Mayne, said.

“The decline in new listings could, in part, reflect buyers’ continued demand for greater choice, with fresh inventory often being absorbed into sales relatively quickly after coming to market. As a result, inventory levels have had limited opportunity to build despite a steady flow of new listings. This dynamic has helped maintain balanced market conditions, creating fair opportunities for both buyers and sellers.”