The Okanagan residential real estate market cooled in December.
This is according to monthly statistics released this week by the Interior Realtors Association.
The association believes that the market slowdown is a direct result of high interest rates.
In December, 296 home sales were recorded in the Okanagan, with an additional 33 sales in the Shuswap and Revelstoke regions.
The numbers vary, but all show a decrease in sales compared to a year ago.
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- Shuswap and Revelstoke: -31.3%
- North Okanagan: -4.8%
- Central Okanagan: -2.7%
- South Okanagan: -28.4%
The association said December is usually a slow month for sales, but this year it was “slower than usual.”
“Overall, in 2023, three rate hikes, devastating wildfires, a lack of affordable housing, and other external factors all likely contributed to a slowdown in overall transactions,” said Chelsea Mann, president of AIR. “Real estate sales were a bit of a slow year.”
Below are the standard housing prices for December across the southern inland region.
Shuswap / Revelstoke
- Single-family house: $670,600
- Townhome: $573,300
- Condominium/Apartment: $402,900
north okanagan
- Single-family house: $712,700
- Townhome: $600,100
- Condominium/Apartment: $323,500
Central Okanagan
- Single-family house: $966,500
- Townhome: $731,600
- Condominium/Apartment: $480,000
south okanagan
- Single-family house: $714,300
- Townhome: $505,400
- Condominium/Apartment: $449,200
AIR also noted that the average number of days it takes for a home to sell, “an always-watchable barometer,” increased from 69 days in November to 78 days.
More information about AIR statistics for December 2023 is available online.
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