Mark Nichiporuk : Blog : Latest Blog Posts

May Market Snapshot

Mon, 15 Jun 2026 21:09:22 GMT

Slow Sales Continue and now Sellers Pulling Back

Items of Note for May

New Listings down 21% YoY and lower then April. North, Central and South Okanagan all see New Listings decline from April to May - only the 2nd time that has happened in the last decade.
Central Okanagan & South Okanagan New Listings declined 2 months in a row.
British Columbia residential home sales down 2% Year-over-Year.
Bank of Canada keeps overnight rate at 2.25%.

Two things stand out from May's numbers: sales and new listings.

On the sales side, it's a mixed picture. The North Okanagan was down 4.3% year over year — the second lowest May in a decade. The Central Okanagan was down 3.8%, also the second lowest May for sales in ten years. Not great, but not a big surprise given the spring we've had.

The bright spot? The South Okanagan bucked the trend completely — up 26.6% year over year and the third highest May on record in the past decade, sitting 5.7% above the 10-year average. For context, the last time the North and Central Okanagan were above their 10-year averages was April 2022.

Now here's the number that really caught my attention: New Listings. Across all three regions, listings were down year over year by between 18% and 23% — but that's the lesser story. What's more surprising is that all three regions actually saw fewer New Listings in May than in April, which almost never happens. The North Okanagan was down 8.4% from April, with the Central and South Okanagan following the same pattern, down 4.2% and 9.6% respectively.

Even more telling — both the Central and South Okanagan saw more new listings in March than in either April or May. That means two consecutive months of declining listings starting in March, which is when inventory typically begins climbing toward a June peak. In ten years of data, a spring pullback like this hasn't happened before.

So what does it mean heading into summer? Sales are soft, supply may have already peaked for the season, and less inventory combined with cautious buyers sets up a very interesting few months ahead. I’ve always said, one month does not a trend make so we will see how this plays out.

The big question now is whether June snaps back to normal — or whether this is just the way 2026 is going to play out.

Sales

North Okanagan Unit Sales were down 4.3% Year-over-Year (154 vs 161) and come in 20.6% below the 10 Year Average (194).
YTD sales are down 7.6% from 2025 (571 vs 618) and 22.6% below the 10 Year Average (738).
In the last 10 years only May 2020 saw fewer sales (131).

Median Sales Price

Median Selling Price was $646,000, which was down 1.4% Year-over-Year ($655,000), and down from April ($672,450).

Benchmark Price

Single Family Home Benchmark price is $756,900, which is down 1.5% Year-Over-Year but unchanged from April ($758,000)
Townhome Benchmark price is $567,100, which up 3.8% Year-over-Year but down from April ($600,700).
Condo Benchmark price is $322,100, which is unchanged Year-over-Year but up from April ($320,000).
The Overall Composite Benchmark Price for the North Okanagan was up 0.5% Year-over-Year ($661,400 vs $658,100) but down from April ($670,100).

New Listings hitting the market were down 20.5% Year-over-Year (315 vs 396) which is about 12% below the 10-Year average (356). New Listings in May were below April numbers and almost equal to March numbers

Active Listings are down 7.5%Year-over-Year (1016 vs 1098), which puts the North Okanagan about 14% above the 10 year average (890) for the month of May.

The overall North Okanagan market moves in to a Balanced Market.

The Sales to Active Listings ratio is 15% (up from 13% in April).
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 49% (up from 38% in April).
Between 40-60% is considered a Balanced Market.

Central Okanagan

Unit Sales in the Central Okanagan were down 3.8% Year-over-Year (431 vs 448), which is 17% below the 10 Year Average of 521. April Year-To-Date sales are 2.4% below 2025 (1238 vs 1269) and 20.1% below the 10 Year Average (1550).

Benchmark Price

Single Family homes price $1,062,8 which is up 0.6% Year-over-Year and up from April ($1,049,900)
Townhome price $732,400 which is down 1.9% Year-over-Year but up from April ($724,000)
Condo price is $498,200 which is down 1,8% Year-over-Year and unchanged from April ($497,500)
The Overall Composite Benchmark Price for the Central Okanagan was up 0.8% Year-over-Year ($807,500 vs $801,300) and up from April ($798,900)

The chart below shows Benchmark Prices for the Central Okanagan over the past 24 months.

May saw 995 New Listings hit the market, which is down 18% Year-over-Year (1212) and 8% below the 10-Year Average of 1052.

And the 3112 current Active Listings is down 10% Year-over-Year (3473) but is still 27% above the 10-year average of 2446.

With a Sales to Active Listings ratio of 14% and Sales to New Listings ratio of 43% the Central Okanagan enters into a Balanced Market.

Okanagan Shuswap Report

British Columbia Report

Sales Struggle Against a Weak Economy and Rising Mortgage Rates

Vancouver, BC – June 11, 2026. The British Columbia Real Estate Association (BCREA) reports that 6,790 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) Systems in May 2026, down 2 per cent from May 2025. The average MLS^® residential price in BC in May 2026 was down 1.4 per cent at $945,878 compared to $959,216 in May 2025.

Total MLS^® residential sales dollar volume was $6.42 billion, down 3.4 per cent from the same time the previous year. BC MLS^® unit sales were 26.39 per cent lower than the ten-year average for the month of May.

“Rising mortgage rates and a weak labour market continue to constrain activity around the province but especially in the Lower Mainland,” said BCREA Chief Economist Brendon Ogmundson. “The recent rise in mortgage rates presents an unexpected headwind for the market this year and may further delay a recovery in activity.”

Year-to-date, BC residential sales dollar volume is down 8 per cent to $25.1 billion, compared with the same period in 2025. Residential unit sales are down 6.9 per cent year-over-year at 26,681 units, while the average MLS^® residential price is also down 1.2 per cent to $941,883.

April Market Snapshot

Wed, 20 May 2026 19:48:04 GMT

Slower Sales Continue in the North Okanagan

Items of Note for April

North Okanagan sales down 10% Year-over-Year
Sales 25% below the 10 Year Average
Year to date sales down 8.8% vs 2025 and 23% below 10 Year Avg
North Okanagan on the fence between a Buyer's and Balanced Market
Central Okanagan sales down 4% Year-over-Year and 16% below the 10 Year Average
British Columbia residential home sales down 1.9% Year-over-Year and 25% below the 10 Year Average
Next Bank of Canada rate announcement June 10

The North Okanagan market continued its slower pace through April, with sales down 10% year-over-year and sitting roughly 25% below the 10-year average. Notably, April 2026 is the second slowest year for sales in the past decade, with only April 2020 at the onset of COVID seeing lower activity. Year-to-date, sales are down 8.8% compared to 2025, reinforcing the more cautious tone we’ve been seeing throughout the spring market.

Despite softer sales activity, pricing has held relatively steady. The median sale price rose 4% year-over-year to $672,450, while benchmark prices showed mixed results depending on property type. Single-family homes remained relatively flat, while townhomes saw stronger growth, up 4.3%.

Inventory levels continue to give buyers decent choice. Active listings are up about 21% above the 10-year average, even though they are down slightly compared to last year. Meanwhile, new listings declined by 13% year-over-year, suggesting sellers are also taking a more measured approach. The result is a market that isn’t oversupplied, but also not experiencing strong demand.

The North Okanagan remains right on the line between a balanced and buyer’s market, with homes taking about 61 days to sell on average. Well-priced properties are still moving, while others are seeing price reductions before attracting offers.

Across the region, similar trends continue. Central Okanagan sales were down 4% year-over-year and remain 16% below long-term averages, while BC home sales dipped 1.9% and sit 25% below the 10-year norm.

Overall, the market is steady but cautious. Buyers have more leverage, sellers need to be strategic, and many are watching the next Bank of Canada rate decision on June 10 for direction heading into summer.

Sales

North Okanagan Unit Sales were down 9.7% Year-over-Year (129 vs 143) and come in 25.4% below the 10 Year Average (173).
YTD sales are down 8.8% from 2025 (417 vs 457) and 23.3% below the 10 Year Average (544).
In the last 10 years only April 2020 saw fewer sales (69).
April 2021 saw 324 sales which is the most monthly sales in the North Okanagan for any month since at least 2008.
April 2022 was the last time actual sales were above the 10 Year Average

Median Sales Price

Median Selling Price was $672,450, which was up 4% Year-over-Year ($646,000), and up from March ($634,500).

Benchmark Price

Single Family Home Benchmark price is $758,000, which is down 0.6% Year-Over-Year and down from March ($761,700)
Townhome Benchmark price is $600,700, which up 4.3% Year-over-Year and up from March ($548,900).
Condo Benchmark price is $320,000, which is down 0.9% Year-over-Year but up from March ($303,900).
The Overall Composite Benchmark Price for the North Okanagan was up 1.1% Year-over-Year ($670,100 vs $662,600) and down from March ($656,400).

New Listings hitting the market were down 13% Year-over-Year (343 vs 394) which is about 3% below the 10-Year average (332).

Active Listings are down 3%Year-over-Year (980 vs 1015), which puts the North Okanagan about 21% above the 10 year average (811) for the month of April

The overall North Okanagan market continues to straddle the fence between a Balanced Market and a Buyer's Market.

The Sales to Active Listings ratio is 13% (down from 14% in March).
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 38% (down from 39% in March).
Between 40-60% is considered a Balanced Market.

Days to Sell Average is 61 days. This is unchanged Year-over-Year (61),

Central Okanagan

Unit Sales in the Central Okanagan were down 3.6% Year-over-Year (399 vs 414), which is 16% below the 10 Year Average of 476. April Year-To-Date sales are 2.4% below 2025 (1238 vs 1269) and 20.1% below the 10 Year Average (1550).

Benchmark Price

Single Family homes price $1,049,900 which is down 1% Year-over-Year and unchanged from March ($1,047,900)
Townhome price $724,000 which is down 1.5% Year-over-Year and unchanged from March ($725,500)
Condo price is $497,500 which is down 2.3% Year-over-Year but up from March ($471,800)
The Overall Composite Benchmark Price for the Central Okanagan was unchanged Year-over-Year ($798,900 vs $797,600) and up from March ($777,500)

The chart below shows Benchmark Prices for the Central Okanagan over the past 24 months.

April saw 1039 New Listings hit the market, which is down 14% Year-over-Year (1207) and 4.7% above the 10-Year Average of 992.

And the 3057 current Active Listings is down 8.5% Year-over-Year (3342) and is 34.5% above the 10-year average of 2272.

With a Sales to Active Listings ratio of 13% and Sales to New Listings ratio of 38% the Central Okanagan straddles the line between a Buyer's Market and a balanced market.

Okanagan Shuswap Report

Local Residential Real Estate Market Activity Showing Stability and Resilience

KELOWNA, B.C. – May 5, 2026 Residential real estate activity in April showed great resilience in the Interior in comparison to other BC markets, reports the Association of Interior REALTORS® (the Association).

A total of 1,319 residential unit sales were recorded across the Association region in April, up from March’s 1,154 units, and up 0.2% compared to units sold in April 2025.

New residential listings saw an 8.9% decrease compared to April 2025 with 3,134 new listings recorded last month, yet up from the previous month’s 3,059 new listings. The total number of active listings saw a 5.0% decrease in inventory compared to April 2025 with 8,926 recorded across the Association region. The only percentage increase in active listings across the Association region was recorded in the Kamloops and District region with a total increase of 2.3% compared to April last year.

“With sales closely tracking last year’s activity, the Interior real estate market remains comparatively resilient amid other provincial markets that are experiencing increased volatility,” says Association of Interior REALTORS® President Ryan Mayne, adding that “with healthy inventory levels, balanced market conditions and prices staying fairly steady, it remains important for sellers to price appropriately at the onset so listings don’t go stale.”

In the Okanagan and Shuswap/Revelstoke regions, the benchmark price for single-family homes saw decreases last month in all sub-areas in year-over-year comparisons with the exception of the Shuswap/Revelstoke region that saw a percentage increase of 2.3%, coming in at $725,800. The townhome housing category saw percentage increases in all sub-areas with the exception of the Central Okanagan region that saw a slight decrease of 1.5% compared to the same month the previous year, coming in at $724,000. The benchmark price in the condominium housing category saw decreases in all sub-regions compared to April 2025 with the highest percentage decrease of 2.3% recorded in the Central Okanagan, coming in at $497,500.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® Mark Nichiporuk to find out more about the real estate market and how I can help you achieve your real estate goals.

British Columbia Report

Market Activity Endures Through Foreign and Domestic Headwinds

Vancouver, BC – May 11, 2026. The British Columbia Real Estate Association (BCREA) reports that 6,311 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) Systems in April 2026, down 1.9 per cent from April 2025. The average MLS^® residential price in BC in April 2026 was up 0.8 per cent at $952,768 compared to $944,796 in April 2025.

Total MLS^® residential sales dollar volume was $6.01 billion, down 1.1 per cent from the same time the previous year. BC MLS^® unit sales were 25.38 per cent lower than the ten-year average for the month of April.

“Challenges in the local economy and labour market, combined with upward pressure on rates due to the ongoing oil supply shock, are continuing to suppress pent-up demand and weaken overall market activity,” said BCREA Chief Economist Brendon Ogmundson. “However, modest monthly gains (seasonally adjusted) in some regions hopefully depict the beginning of a broader stabilization in housing activity, underpinned by improved affordability conditions that should encourage prospective buyers to enter the market.”

Year-to-date, BC residential sales dollar volume is down 9.5 per cent to $18.7 billion, compared with the same period in 2025. Residential unit sales are down 7.6 per cent year-over-year at 20,059 units, while the average MLS^® residential price is also down 2 per cent to $932,492.

March Market Snapshot

Wed, 20 May 2026 19:45:13 GMT

A Cautious Start to Spring

Items of Note for March

North Okanagan Year-over-Year sales unchanged Year-over-Year
Sales 26% below the 10 Year Average for the second month in a row
North Okanagan on the fence between a Buyer's and Balanced Market
Central Okanagan sales up 6% Year-over-Year but still 22% below the 10 Year Average
British Columbia residential home sales down 9.7% Year-over-Year
Next Bank of Canada rate announcement April 29

North Okanagan sales held steady year-over-year but remain 26% below the 10-year average — a reflection of the cautious tone that has defined the market heading into spring. Prices followed a similar pattern: the median selling price edged up 2.3% year-over-year, while benchmark prices dipped slightly across all property types.

On the supply side, new listings were down 12% year-over-year but are tracking close to the 10-year average. Total active inventory is essentially unchanged from last year and sits roughly 20% above the long-term average — meaning buyers have options, but sellers aren't flooding the market either.

The mood right now is measured on both sides. Homes priced correctly are still moving quickly at any price point. Those sitting longer are generally seeing price reductions before attracting offers. With ongoing uncertainty — both domestically and globally — there's no strong sense of urgency from buyers or sellers, and the data reflects that.

Sales

North Okanagan Unit Sales were unchanged Year-over-Year (122 vs 121) and come in 26% below the 10 Year Average (164).

Median Sales Price

Median Selling Price was $634,500, which was up 2% Year-over-Year ($620,000), but down from Feb ($644,000).

North Okanagan Median Selling Price since 2022 peak.

Benchmark Price

Single Family Home Benchmark price is $761,700, which is down 1.1% Year-Over-Year and down from Feb ($781,200)
Townhome Benchmark price is $548,900, which down 4.0% Year-over-Year but unchanged from Feb ($546,000).
Condo Benchmark price is $303,900, which is down 4.8% Year-over-Year and unchanged from Feb ($303,500).
The Overall Composite Benchmark Price for the North Okanagan was down 1.6% Year-over-Year ($656,400 vs $666,800) and down from Feb ($667,800).

Benchmark Selling Prices for the North Okanagan since the peak of the market March 2022.

New Listings hitting the market were down 12% Year-over-Year (311 vs 355) which is about 3% below the 10-Year average (322).

Active Listings are unchanged Year-over-Year (863 vs 865), which puts the North Okanagan about 20% above the 10 year average (722) for the month of March.

The overall North Okanagan market continues to straddle the fence between a Balanced Market and a Buyer's Market.

The Sales to Active Listings ratio is 14% (up from 11.7% in Feb).
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 39% (unchanged from Feb).
Between 40-60% is considered a Balanced Market.

Days to Sell Average is 85 days. This is up Year-over-Year (64) but down sightly from Feb (86).

Central Okanagan

Unit Sales in the Central Okanagan for January were up 6% Year-over-Year (364 vs 343), which is 22% below the 10 Year Average of 476.

Benchmark Price

Single Family homes price $1,047,900 which is down 2.3% Year-over-Year and down from February ($1,056,600)
Townhome price $725,500 which is down 3.4% Year-over-Year but up from February ($671,300)
Condo price is $471,800 which is down 5.7% Year-over-Year but unchanged from February ($472,000)
The Overall Composite Benchmark Price for the Central Okanagan was down 2.6% Year-over-Year ($777,500 vs $797,900) and down from January ($791,000)

The chart below shows Benchmark Prices for the Central Okanagan over the past 12 months.

March saw 1058 New Listings hit the market, which is down 11% Year-over-Year (1186) and 3% above the 10-Year Average of 1030.

And the 2798 current Active Listings is down 10% Year-over-Year (3097) and is 34% above the 10-year average of 2081.

With a Sales to Active Listings ratio of 13% and Sales to New Listings ratio of 34% the Central Okanagan straddles the line between a Buyer's Market and a balanced market.

Okanagan Shuswap Report

Local Residential Real Estate Market Activity Picks Up Heading into Spring

KELOWNA, B.C. – April 7, 2026 Residential real estate activity in March showed signs of gaining momentum ahead of the spring market, reports the Association of Interior REALTORS® (the Association).

A total of 1,154 residential unit sales were recorded across the Association region in March, up from February’s 838 units, and up 1.3% compared to units sold in March 2025.

New residential listings saw a 4.8% decrease compared to March 2025 with 3,059 new listings recorded last month, yet up from the previous month’s 2,235 new listings. The total number of active listings saw a 3.1% decrease in inventory compared to March 2025 with 8,112 recorded across the Association region. The highest percentage increase in active listings across the Association region was recorded in the Kamloops and District region with a total increase of 4% compared to March last year.

“Although sales are still trailing the 10-year average, recent sales activity is a positive sign as we head into the typically busy spring market. We’re seeing improvement from earlier in the year, even as inventory edges down slightly compared to the same time last year, which is likely a reflection of economic uncertainty continuing to temper some consumer confidence,” says Association of Interior REALTORS® President Kadin Rainville, adding that “in this environment, strategic pricing is essential to capture buyer attention and maximize results.”

In the Okanagan and Shuswap/Revelstoke regions, the benchmark price for single-family homes saw decreases last month in all sub-areas in year-over-year comparisons, with the highest percentage decrease of 7.8% recorded in the South Okanagan, coming in at $709,900. The townhome housing category similarly saw percentage decreases in all sub-areas, with the Shuswap/Revelstoke region seeing the highest percentage decrease of 4.1% compared to the same time the previous year, coming in at $536,800. The benchmark price in the condominium housing category saw decreases in all sub-regions compared to March 2025 with the exception of the South Okanagan that saw an increase of 1%, coming in at $425,800.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® Mark Nichiporuk to find out more about the real estate market and how I can help you achieve your real estate goals.

British Columbia Report

Market Activity Flounders Througout the Province

Vancouver, BC – March 12, 2026. The British Columbia Real Estate Association (BCREA) reports that 4,516 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) Systems in February 2026, down 9.7 per cent from February 2025. The average MLS^® residential price in BC in February 2026 was down 2.9 per cent at $932,243 compared to $960,572 in February 2025.

Total MLS^® residential sales dollar volume was $4.21 billion, down 12.3 per cent from the same time the previous year. BC MLS^® unit sales were 32.87 per cent lower than the ten-year average for the month of February.

“Housing market activity continues to struggle, with sales declining from every region in the province compared to the same time last year,” said BCREA Chief Economist Brendon Ogmundson. “We hope that improved affordability conditions in most regions and stable rates will motivate prospective demand to enter the market and drive stronger sales activity over the rest of the year.”

Year-to-date, BC residential sales dollar volume is down 17.8 per cent to $7.3 billion, compared with the same period in 2025. Residential unit sales are down 15.8 per cent year-over-year at 7,832 units, while the average MLS^® residential price is also down 2.4 per cent to $929,323.

February Market Snapshot

Wed, 18 Mar 2026 00:19:00 GMT

Sales Fall Sharply - Hit a 10 Year Low in the North Okanagan

Items of Note for February

North Okanagan Year-over-Year sales down 22%
Sales 26% below the 10 Year Average - the lowest its been since March 2025 (-28%).
North Okanagan on the fence between a Buyer's and Balanced Market
Central Okanagan sales unchanged Year-over-Year and 22% below the 10 Year Average
British Columbia residential home sales down 9.7% Year-over-Year
Bank of Canada holds rates at 2.25%

If you recall the North Okanagan housing market opened 2026 on relatively solid footing - outperforming much of the province. January sales were down 1% year-over-year and just 10% off the 10 year average. February, however, brought a notable pullback, with only 88 units sold, down 22% Year-over-Year and 26% below the 10-year average. These are the lowest sales figures for the month of February in the past 10 years. Ouch!

Despite softer sales, prices held firm: the median reached $644,000 and the average $705,735, both up 7% Year-over-Year. Benchmark results were mixed, with single-family homes and townhomes edging up while condos dipped.

Inventory climbed to 751 active listings — near a 10-year high, though still well below 2010–2016 levels — keeping the market straddling between a buyer's and a balanced market.

Given the market's resilience through most of 2025, February's dip may prove to be a blip, though speculation about rising interest rates bears watching as we head into spring.

For Buyers: More inventory and a slower sales pace means more options and stronger negotiating leverage, particularly on homes that have sat on the market as new listings surge in March with the start of the spring market.

For Sellers: Prices remain stable but the market is more competitive — accurate pricing, strong presentation, and strategic marketing will be key to a successful spring sale.

Sales

North Okanagan Unit Sales were down 22% Year-over-Year (88 vs 113) and come in 26% below the 10 Year Average (119).

Median Sales Price

Median Selling Price was $644,000, which was up 7% Year-over-Year ($600,000), but down from Jan ($680,000).

Average Sales Price

Average Selling Price was $705,735, which is up 7% Year-over-Year ($656,829), and up from Jan ($685,756).

Benchmark Price

Single Family Home Benchmark price is $781,200, which is up 1.1% Year-Over-Year and up from Jan ($745,200)
Townhome Benchmark price is $553,100, which up 4.6% Year-over-Year and up from Jan ($504,900).
Condo Benchmark price is $303,500, which is down 7.1% Year-over-Year and down from Jan ($324,800).
The Overall Composite Benchmark Price for the North Okanagan was up 2% Year-over-Year ($667,800 vs $654,900) and up from Jan ($636,900).

Benchmark Selling Prices for the North Okanagan since the peak of the market March 2022.

New Listings hitting the market were down 5% Year-over-Year (227 vs 239) which is about 8% above the 10-Year average (211).

Active Listings are up 3% Year-over-Year (751 vs 727), which puts the North Okanagan about 19% above the 10 year average (630) for the month of February.

The overall North Okanagan market continues to straddle the fence between a Balanced Market and a Buyer's Market.

The Sales to Active Listings ratio is 11.7% (unchanged from 11.6% in Jan).
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 39% (down from 45% in Jan).

Days to Sell Average is 86 days. This is down Year-over-Year (103) but up from January (83).

Central Okanagan

Unit Sales in the Central Okanagan for January were unchanged Year-over-Year (273 vs 271), which is 22% below the 10 Year Average of 351.

Benchmark Price

Single Family homes price $1,056,600 which is basically unchanged Year-over-Year and unchanged from January ($1,060,300)
Townhome price $671,300 which is down 8.1% Year-over-Year and down from January ($678,400)
Condo price is $472,000 which is down 7.3% Year-over-Year and down from January ($504,600)
The Overall Composite Benchmark Price for the Central Okanagan was down 2.6% Year-over-Year ($777,500 vs $797,900) and down from January ($791,000)

The chart below shows Benchmark Prices for the Central Okanagan since the market peak March 2022.

December saw 823 New Listings hit the market, which is down 9% Year-over-Year (902) and 12% above the 10-Year Average of 735.

And the 2514 current Active Listings is down 6% Year-over-Year (2688) and is 38% above the 10-year average of 1822.

With a Sales to Active Listings ratio of 11% and Sales to New Listings ratio of 38% the Central Okanagan continues to be in a Buyer's Market but is very close to entering a balanced market.

Okanagan Shuswap Report

Local Residential Real Estate Market Sees Modest Bounce-Back in Sales

KELOWNA, B.C. – March 4, 2026 Residential real estate activity in February experienced a modest rebound following a slower-than-expected January, reports the Association of Interior REALTORS® (the Association).

A total of 838 residential unit sales were recorded across the Association region in February, up from January’s 623 units, and down 8.0% compared to units sold in February 2025.

New residential listings saw a 3% decrease compared to February 2025 with 2,235 new listings recorded last month. The total number of active listings saw a 1.9% decrease in inventory compared to February 2025 with 7,206 recorded across the Association region. The highest percentage increase in active listings across the Association region was recorded for another consecutive month in the North Okanagan with a total increase of 4.2% compared to February last year.

“After a sluggish start to the year in January, sales seemed to return to a more normal pace last month. Although we’re still sitting just below average levels, momentum is building and heading in the right direction,” says Association of Interior REALTORS® President Kadin Rainville, adding that “demand hasn’t disappeared, and with more listings coming online, we may just be seeing a natural lag between renewed interest and finalized sales.”

In the Okanagan and Shuswap/Revelstoke regions, the benchmark price for single-family homes saw decreases last month in the Central and South Okanagan in year-over-year comparisons of 0.9% and 5.7% respectively, coming in at $1,056,600 and 691,900. The townhome housing category recorded the Central and South Okanagan as the only sub-regions that saw a decrease of 8.1% and 6.0% compared to the same time the previous year, coming in at $671,300 and $483,200 respectively. The benchmark price in the condominium housing category saw decreases in all regions compared to February 2025 with the exception of the South Okanagan that saw an increase of 1.4%, coming in at $410,400.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® Mark Nichiporuk to find out more about the real estate market and how I can help you achieve your real estate goals.

British Columbia Report

Market Activity Flounders Througout the Province

Thinking of Downsizing - PART IV

Mon, 16 Feb 2026 17:20:56 GMT

Selling in 2027: What Downsizers Can Do Now to Make the Transition Easier Later

Selling in 2027 doesn’t mean waiting until 2027 to act. The most confident downsizers use the years leading up to their sale to make thoughtful, low-stress decisions.

Focus on flexibility, not rigid timelines

Instead of locking yourself into a date, focus on understanding:

Which housing types suit you best
What resale looks like for condos and townhomes
Which Vernon neighbourhoods align with your lifestyle

Flexibility gives you control when opportunity appears.

Reduce future friction, one step at a time

Small steps now make a big difference later:

Simplify possessions gradually
Organize important documents
Maintain your home consistently

This protects your energy — not just your finances.

Storage deserves its own strategy

One of the most common regrets I hear from downsizers is:

“I didn’t realize how much I’d miss having easy access to my things.”

Before you move:

Inventory your gear honestly
Decide what must stay close
Choose housing that supports your lifestyle, not fights it

Whether it’s bikes, skis, kayaks, or travel gear, convenient storage often determines long-term satisfaction.

Remember: downsizing is a process

The goal isn’t just to sell a house. It’s to move into a home that feels lighter, easier, and aligned with how you want to live next.

January Market Snapshot

Mon, 16 Feb 2026 17:15:41 GMT

January Solid in the North Okanagan

Items of Note for January

North Okanagan Year-over-Year sales down 1%.
Sales 10% below the 10 Year Average.
North Okanagan on the fence between a Buyer's and Balanced Market
Central Okanagan sales down 16% Year-over-Year and 21% below the 10 Year Average
British Columbia residential home sales down 24.4% Year-over-Year and 31% below the 10 Year Average
Bank of Canada holds overnight rate at 2.25%

A Promising Start to the Year in the North Okanagan

2026 is off to a solid start here in the North Okanagan! While many parts of BC saw slower sales in January, our market held remarkably steady. Home sales were down just 1% from last year and sit about 10% below the 10-year average — much stronger than the provincial picture, where sales dropped more than 24% and 31% respectively.

Prices remained fairly steady. The median sale price rose 8% year-over-year to $680,000, the average price came in at $685,756 - up 3%, while the overall composite benchmark price eased slightly.

With interest rates holding steady, the North Okanagan continues to show resilience and stability. All in all, a fairly solid kickoff to the year!

Sales

North Okanagan Unit Sales were down 1% Year-over-Year (79 vs 80) and come in 10% below the 10 Year Average.

Median Sales Price

Median Selling Price was $680,000, which was up 8% Year-over-Year ($628,750), and also up from Dec ($638,000).

Average Sales Price

Average Selling Price was $685,756, which is up 3% Year-over-Year ($668,100), but down from Dec ($770,635).

Benchmark Price

Single Family Home Benchmark price is $745,200, which is down 1.7% Year-Over-Year and down from Dec ($753,900)
Townhome Benchmark price is $504,900, which down 3.1% Year-over-Year and down from Dec ($556,500).
Condo Benchmark price is $324,800, which is down 2% Year-over-Year but up from Dec ($302,700).
The Overall Composite Benchmark Price for the North Okanagan was down 1.4% Year-over-Year ($636,900 vs $645,900) and down from Dec ($653,500).

Composite Benchmark Selling Price for the North Okanagan since March 2020.

New Listings hitting the market were down 15% Year-over-Year (176 vs 207) which is about 7% above the 10-Year average (165).

Active Listings are unchanged Year-over-Year (676 vs 677), which puts the North Okanagan about 14% above the 10 year average (593) for the month of January.

The overall North Okanagan market downgraded from a balanced market to straddling the fence between a Balanced Market and a Buyer's Market.

The Sales to Active Listings ratio is 11.6% (down from 14% in Dec).
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 45% (down from 86% in Dec).
Between 40-60% is considered a Balanced Market but ratios skew higher in the winter months when the number of new listings hitting the market are low.

Days to Sell Average is 83 days. This is up slightly Year-over-Year (82) and up from December (81).

Central Okanagan

Unit Sales in the Central Okanagan for January were down 16% Year-over-Year (203 vs 241), which is 21% below the 10 Year Average of 257.

Benchmark Price

Single Family homes price $1,060,300 which is basically unchanged Year-over-Year and up from December ($1,045,700)
Townhome price $678,400 which is down 8.7% Year-over-Year but up slightly from December ($675,700)
Condo price is $504,600 which is down 1.6% Year-over-Year but up from December ($470,600)
The Overall Composite Benchmark Price for the Central Okanagan was down 1% Year-over-Year ($791,000 vs $799,700) but up from December ($773,300)

The chart below shows the Composite Benchmark Price for the Central Okanagan since March 2020.

December saw 767 New Listings hit the market, which is down 13% Year-over-Year (885) and 26% above the 10-Year Average of 607.

And the 2323 current Active Listings is down 4% Year-over-Year (2414) and is 38% above the 10-year average of 1689.

With a Sales to Active Listings ratio of 9% and Sales to New Listings ratio of 26% the Central Okanagan continues to be in a Buyer's Market.

For the full report click here

Thinking of Downsizing - Part III

Mon, 09 Feb 2026 00:24:00 GMT

Selling in 2027: Why Downsizers in the North Okanagan Benefit From Thinking Ahead

If your goal is to sell in 2027, you’re already ahead of the curve just by thinking about it now.

The smoothest, least stressful sales are rarely rushed. They’re planned.

Market cycles matter — especially locally

The Vernon and North Okanagan market shifts with interest rates, inventory levels, and buyer demand. Planning ahead allows you to:

Watch trends instead of reacting to them
Adjust timing if conditions change
Avoid selling under pressure

When you’re informed early, you get to choose when to act — not feel forced.

Equity planning is central for downsizers

For many homeowners, the family home represents decades of equity. Early planning helps you:

Estimate realistic net proceeds
Compare buying vs renting
Decide whether to sell first or buy first

Clarity reduces anxiety and makes the next step feel achievable.

Storage and lifestyle planning belong here too

Many people don’t think about storage until after they’ve sold — and that’s often when regret sets in.

Ask yourself now:

Will my future home fit the lifestyle I want to keep?
Do I want easy access to my gear, or am I okay with downsizing hobbies?
Would a storage unit add ongoing cost and inconvenience?

These questions shape better decisions — long before you list.

Think about future you

Health, energy, and mobility change. Planning early lets you:

Move once instead of multiple times
Choose a home that works long-term
Reduce physical and emotional stress

Thinking of Downsizing in 2026 - Part II

Fri, 06 Feb 2026 22:34:05 GMT

Downsizing in 2026: How to Prepare Your Home Without Overdoing It

If 2026 is your target year to downsize, preparation is your biggest advantage. What you do before you list often has a greater impact on your outcome than what you do once the sign goes up.

The biggest mistake downsizers make? Waiting too long to prepare — then feeling rushed.

Declutter early, but with intention

Start where buyers won’t see — and where stress quietly builds:

Garages
Storage rooms
Spare bedrooms
Filing cabinets and paperwork

This isn’t about purging everything. It’s about identifying what truly needs to come with you — especially items tied to your lifestyle.

Decide what’s worth keeping close

This is the moment to separate:

Daily-use items
Seasonal gear you actively enjoy
“Just in case” items that haven’t been used in years

If you ski every winter, bike weekly, or paddle all summer, you’ll want a future home that accommodates that without friction. If you travel all winter, your storage needs will look very different.

Downsizing works best when your next home supports your life — not when it forces constant compromises.

Focus on updates that buyers actually value

You don’t need a full renovation. In Vernon’s established neighbourhoods, buyers respond best to:

Fresh, neutral paint
Updated or well-maintained flooring
Good lighting
Minor repairs completed

Homes that feel clean, bright, and well cared for consistently outperform those that feel dated or deferred.

Get a planning conversation early

A no-pressure review 12–18 months out helps you:

Decide what updates are worth doing
Avoid unnecessary spending
Time your sale more confidently

Preparation creates options — and options create leverage.

Thinking of Downsizing in 2026 - Part I

Tue, 03 Feb 2026 03:47:00 GMT

Downsizing in 2026: Start With the “Why” — and the Lifestyle You Actually Live

If you’re considering downsizing in 2026, the most important work doesn’t start with listings, floor plans, or even price ranges. It starts with understanding why you want to downsize — and how you actually live day to day in the Vernon and the North Okanagan area.

Downsizing done well isn’t about giving things up. It’s about right-sizing your home to fit your next chapter.

Clarify the real motivation behind your move

Local downsizers often share similar goals, but they don’t all need the same type of home. Ask yourself:

Are you looking for less maintenance and yard work?
Do stairs feel less appealing than they once did?
Are you traveling more and want a “lock-and-leave” lifestyle?
Are you freeing up equity for retirement or family?

Your answers shape every decision that follows — especially what type of home will work best.

Lifestyle matters more than square footage

Many people focus on “smaller,” but the real shift is toward simpler living. In the Okanagan, that often means prioritizing:

One-level or main-floor living
Fewer exterior responsibilities
Proximity to shopping, medical services, and recreation
Quiet communities with strong resale demand

A 1,400 sq ft home that’s well designed can feel far more livable than a poorly laid-out 2,000 sq ft house.

Storage: the piece most downsizers underestimate

This is where many downsizing plans quietly fall apart.

Before choosing your next home, take an honest look at what you actually use and enjoy:

Are you a pickleball player who travels south all winter?
Do you ski SilverStar or Sovereign Lake, bike year-round, paddle or kayak Okanagan or Kal Lake?
Do you own multiple bikes, skis, or seasonal gear?
Do you have a boat, side-by-side or travel trailer?

Many downsizers quickly realize that off-site storage units are inconvenient, costly, and frustrating over time. Repeated trips across town to grab gear often take the joy out of the lifestyle they were trying to preserve.

In this market, smart downsizers look for:

Oversized garages
Secure storage lockers
Ground-level storage rooms
Space that keeps their lifestyle close by, not locked away

Give yourself emotional breathing room

Downsizing is both practical and emotional. Starting early in 2026 gives you time to:

Let go gradually
Talk through concerns
Avoid rushed decisions

The goal isn’t to move fast — it’s to move well.

The True Cost of Home Ownership

Mon, 02 Feb 2026 22:47:57 GMT

The True Cost of Homeownership: What You Pay Beyond the Mortgage

When many new Canadian homebuyers calculate whether they can afford a new home, they focus almost exclusively on one number: the monthly mortgage payment. It’s the figure lenders use for the mortgage stress test, the number real estate agents discuss during showings, and the benchmark buyers use to determine their budget.[ratehub]

However, the mortgage is only the starting line. Homeowners also pay for property taxes, insurance, utilities, strata special levies, surprise repairs, and ongoing maintenance. According to housing cost breakdowns from Ratehub, these non-mortgage expenses can easily add $1,500 or more per month on top of the mortgage, depending on the home and location. When you factor in these costs, a $3,000 monthly mortgage can quickly push total housing expenses well beyond $4,500 per month.[ratehub]

So while qualifying for a mortgage answers one question, “Can a bank trust you with this loan?”, it doesn’t answer the more important one: “Can you comfortably maintain this lifestyle?”

In today’s market, about one in four Canadian homebuyers report experiencing at least some post-purchase regret. While most homeowners remain satisfied, research shows that regret often emerges when the true cost of ownership—such as maintenance, repairs, and ongoing living expenses—was higher than expected. To reduce the risk of buyer’s remorse, it’s critical for homebuyers to plan not just for the mortgage payment, but for the full cost of living in the home.ratehub+1

The Predictable Ongoing Costs

Property Taxes
Property tax bills have been rising in many Canadian cities as municipalities work to fund infrastructure and services. In 2024, the median year-over-year change in property tax rates among 24 major Canadian cities was about 4.9 percent, with some regions experiencing even greater increases.[zoocasa]

Property taxes aren’t fixed. Reassessments and rate changes happen regularly, and as neighbourhood values rise, so do tax bills even when the rate stays the same.[zoocasa]

Home Insurance
As of 2026, home insurance premiums in Canada have entered a “new normal.” Record weather-related losses in recent years, combined with higher rebuilding and replacement costs, continue to push insurers to raise rates and reassess risk across many regions.[ca.investing]

In some provinces, home insurance premiums have increased sharply over the past decade, with upward pressure emerging nationwide. As insurers recalibrate risk at the postal-code level, homeowners can see their premiums rise $100–$200 per month in a single year—even without making a claim or changing coverage.[ca.investing]

Condo and Strata Fees
For buyers entering the condo market, monthly fees typically range from $0.60 to $1.00 per square foot, depending on the building and amenities. These fees are mandatory and are used to fund day-to-day operations as well as long-term reserve funds for major repairs.[ratehub]

By contributing regularly, owners help reduce the risk of large, unexpected special assessments later on.[ratehub]

Utilities
Homeowners should budget between $250 to $600 monthly for utilities including electricity, heating, water, internet, and phone services, with costs varying based on your home’s size and location. These expenses often come as a surprise to first-time buyers, particularly those transitioning from apartment living where some utilities may have been included in rent. Larger homes naturally require more energy for heating and cooling, while properties with outdoor spaces may see higher water usage during warmer months.[ratehub]

The "Commuter Tax"
There’s also what might be called “the commuter tax.” Moving to suburban markets for a cheaper house can increase gas and transit costs that often negate the mortgage savings. That apparent price difference can disappear quickly if you’re spending hundreds of dollars more each month on commuting.

Routine Maintenance
Beyond emergencies, Canadian homes require ongoing care: lawn service, gutter cleaning, pest control, HVAC servicing, snow removal, and seasonal tasks. These aren’t luxuries for many households—they’re practical solutions to time constraints and property upkeep in Canada’s demanding climate. Collectively, these services can add $200–$400 monthly to ownership costs.[ratehub]

The Irregular—but Inevitable—Expenses

Major System Replacements
This is where many Canadian homeowners get caught off guard. Maintenance and repairs aren’t a matter of if but when—and rising labour and material costs have made these repairs significantly more expensive in recent years.[ca.investing]

According to Statistics Canada and industry cost reports, home repair and maintenance costs have increased materially since 2018, driven by construction inflation and labour shortages. As a result, homeowners are commonly advised to budget 1%–2% of their home’s value annually for maintenance and long-term repairs.ratehub+1

Major system replacements can add up quickly:

Roof replacement: $8,000–$15,000+
HVAC (furnace or heat pump): $5,000–$12,000
Water heater: $1,200–$2,500
Foundation repairs: $4,000–$15,000+

These aren’t hypothetical expenses—they’re inevitable over time, with uncertain timing and rising costs.

Use the inspection as a planning tool. A 15-year-old furnace or aging roof signals $8,000–$15,000 in likely expenses within the first few years. That’s not a deal-breaker—it’s a budget roadmap. Buyers who understand these timelines can plan strategically instead of scrambling when systems fail.

Canada’s climate makes this worse. The “freeze-thaw” cycle wears down roofs, driveways, and foundations faster than in many milder climates, shortening the effective lifespan of key components. A roof that might last 25 years in a gentler environment may need replacement years sooner in parts of Canada.

Newer isn’t maintenance-free. Newer builds offer a temporary reprieve, but systems still age, warranties expire, and eventually every home requires major capital improvements.

Emergency repairs happen at the worst times. An HVAC failure during a cold snap, a burst pipe in winter, or ice dam damage to the roof—these scenarios happen when it’s least convenient and most expensive. Without liquid reserves, a single emergency can derail finances entirely.

Ownership Costs That Creep Up Over Time

Here’s what surprises many first-time Canadian buyers: the so-called “fixed costs” of homeownership aren’t actually fixed.

While a locked-rate mortgage provides payment stability for your term (typically 5 years in Canada), the other components—taxes, insurance, and condo fees—can climb significantly year over year due to inflation, climate risk, and local policy changes. A mortgage payment that felt comfortable at closing can feel tight three years later, even without lifestyle changes.[zoocasa]

The “2026 Renewal Wall” presents a significant challenge for Canadian homeowners. Approximately 60% of all outstanding mortgages in Canada are expected to renew in 2025 or 2026, with many owners facing substantial payment increases. Unexpected costs go beyond just maintenance and repairs. Many homeowners will experience sticker shock when their mortgage payments reset at higher rates upon renewal.collectorhq+1

The same gradual creep affects utilities, maintenance services, and every other aspect of homeownership.[ratehub]

Planning Smarter: How Canadian Homeowners Can Stay Ahead

Create a Dedicated House Repair Fund
Separate from emergency savings, this fund exists solely for home maintenance and repairs. Treat it like a non-negotiable monthly bill—set up automatic transfers so it happens without thinking about it.

The old rule of saving 1% of your home’s value annually for repairs is proving insufficient for some homeowners, particularly those with older properties or homes experiencing extreme weather. Aim for 2% if possible. For a newer home with recent updates, less might suffice. For an older property or one with systems nearing end-of-life, you’ll likely need to plan for greater costs.[ratehub]

Don’t Drain Your Savings at Closing
Cash reserves protect against surprises and prevent forced debt when repairs arise. If possible, keep a liquid emergency repair fund after closing rather than putting every available dollar into the down payment or immediate renovations. That breathing room matters more than most buyers realize.[ratehub]

Invest in Preventative Maintenance
Annual furnace servicing, gutter cleaning, and seasonal inspections catch small problems before they become expensive emergencies. A modest service call that prevents a major system failure is almost always worthwhile.

Create a seasonal maintenance calendar: HVAC checkups in spring and fall, gutter cleaning before winter, roof inspections after major storms. Consistency prevents costly surprises.

Leverage Canadian Tax Advantages
Consider leveraging Canadian tax advantages to build these reserves. First-time buyers should keep their FHSA (First Home Savings Account) open after purchase, or use the tax refund generated by it to seed their repair fund. The tax benefits you received while saving for the down payment can continue working for you as a homeowner.[ratehub]

Know Your Home’s Systems and Timelines
Understanding when major systems were last replaced helps predict future expenses. A 15-year-old water heater isn’t an emergency today, but it signals a likely expense within the first few years of ownership. Planning beats scrambling.

Why Homeownership Still Makes Sense

Long-Term Equity Building
Mortgage payments build equity with every payment. Unlike rent, ownership creates a forced savings mechanism that compounds over decades. In most markets, homes appreciate over time, multiplying the wealth-building effect.[ratehub]

Stability and Control
Homeowners control their living environment. Want to renovate the kitchen, paint the walls, landscape the yard, or install solar panels? Ownership provides autonomy that renting does not. That control has both lifestyle and financial value.[ratehub]

Predictability vs. Rent Volatility
While ownership costs rise gradually over time, rent increases can be sudden and dramatic. A fixed-rate mortgage provides a level of predictability that the rental market cannot match.ratehub+1

Yes, taxes and insurance increase, but the principal and interest portion—typically a majority of the total payment—remains locked for your term. Renters face volatility on 100% of their housing costs.ratehub+1

Lifestyle Benefits
Beyond finances, homeownership offers intangible benefits: deeper community roots, stability for families, space for hobbies, and the pride of building something that’s truly yours. These benefits have real value, even if they don’t appear on a balance sheet.

The key is ensuring the financial foundation supports the lifestyle, not undermines it.

A Better Way to Think About Affordability

The true measure of affordability isn’t what a lender will approve—it’s what allows you to sleep well at night when the furnace fails or your mortgage comes up for renewal.

The smartest buyers calculate affordability as “mortgage plus carrying costs” from the start. This might narrow the price range slightly, but it creates breathing room and peace of mind that makes a house feel like a home.[ratehub]

Homeownership remains one of the most powerful wealth-building tools available to Canadian families, but only when approached with financial realism rather than maximum leverage. Having an honest conversation about what affordability truly looks like isn’t about limiting dreams—it’s about making sure those dreams don’t become financial nightmares.[ratehub]

2025 Year in Review

Thu, 29 Jan 2026 19:35:01 GMT

North Okanagan Real Estate Wrap-Up: 2025 Ends on a Positive Note

After a fairly strong start early in the year, the North Okanagan real estate market faced a few bumps before regaining some momentum to close 2025 on solid footing. Activity early on reflected confidence, but external factors — including market uncertainty tied to U.S. policies under President Trump and the impact of tariffs — briefly slowed things down through spring. By mid-year, however, the market regained some positive momentum, finishing in a balanced position with sales improving across the board.

Early Momentum

The year began with notable strength. In January, sales soared 34% year over year, though they remained about 10% below the 10-year average. February continued the upward trend, up 20% over the previous year and tracking just 7% below the 10-year-average. Both months reflected absorption rates straddling between a buyer’s and balanced market.

A Spring Slowdown

March maintained solid year-over-year gains (+33%) but lost considerable footing versus long term sales figures coming in 28% under the 10-year average. By April, growth stalled, with no change over the previous year and continued weakness compared to longer-term trends. May marked possibly the lowest point of the year, with sales down 12% year over year and 21% below the 10-year-average; although the market did move back into balanced market territory.

Steady Recovery Through Summer

The turnaround began in June, as confidence crept back into the market. Sales grew modestly by 4% compared to 2024 and closed 16.5% under the 10-year average — a marked improvement from spring’s gaps. July and August kept the momentum going with year-over-year increases of 12% and 21% respectively.

A Mixed Bag Finish

The fall months brought even stronger performance. September led the pack with a 51% year-over-year surge, bringing sales within 3.7% of the 10-year average. Things then cooled off for a couple months with October seeing an 18% bump year-over-year and 13% off the 10 year average, while November saw -10% and -20% respectively. December wrapped the year on a bright note with sales up 20% over 2024 and right on par with the 10-year-average average.

Bank of Canada

The Bank of Canada’s overnight rate started the year at 3.25% with 0.25% drops in January and again in March bringing the BoC rate down to 2.75% where it stayed until September. Rates came down 0.25% in Sept and again in October bringing the BoC rate down to 2.25% where it finished off the year

The Takeaway

Despite spring headwinds, the North Okanagan market demonstrated resilience. Sales numbers versus the 10-year-average made fairly steady gains after March lows (-28%) and ended the year with sales equaling the 10-year-average in December (a first since March 2022).

Buyers benefited from interest rate relief and growing inventory through the year, while sellers saw balanced market conditions nine out of 12 months and renewed optimism as sales strengthened through the second half of the year (for the most part).

It may have been a bit of a finicky market for sellers, but with the right pricing strategy homes sold (and often sold quickly).

Compared to many markets around the province - especially Greater Vancouver and the Fraser Valley - the North Okanagan faired quite well.

With slowly growing demand, good inventory levels, and with interest rates predicted to remain steady through 2026 the North Okanagan real estate market looks poised to continue to slowly gain strength. While not a hot real estate year by any means 2025 did show continued growth and ended with stronger sales numbers than 2024 and 2023.

December Market Snapshot

Wed, 21 Jan 2026 23:04:45 GMT

December Closes the Year Strong in the North Okanagan

Items of Note for December

North Okanagan Year-over-Year sales up 20%.
Sales finally equal the 10 Year Average. This is the first time since April 2022 that unit sales were not below the 10 Year Average.
North Okanagan continues to be in a Balanced Market
Central Okanagan sales down 4% Year-over-Year and 13% below the 10 Year Average
British Columbia residential home sales down 5.9% Year-over-Year.
Next Bank of Canada rate announcement Wednesday January 28.

Sales

North Okanagan Unit Sales were up 20% Year-over-Year (98 vs 82) which equals the 10 Year Average of 98. After being close to beating the 10 Year Average in September sales slowed down in Oct and Nov but December ended the year on a strong note. Not only was it the first time since April 2022 that sales didn't come in below the 10 Year Average but it was also the strongest December in four years.

Median Sales Price

Median Selling Price was $638,000, which was down 9% Year-over-Year ($702,000), and also down from Nov ($646,700).

Average Sales Price

Average Selling Price was $770,635, which is up 7% Year-over-Year ($719,209), and also up from Nov ($679,689).

Benchmark Price

Single Family Home Benchmark price is $753,900, which is unchanged Year-Over-Year and up from November ($739,400)
Townhome Benchmark price is $556,500, which up 6% Year-over-Year but unchanged from November ($557,600).
Condo Benchmark price is $302,700, which is down 1% Year-over-Year and down from November ($309,800).
The Overall Composite Benchmark Price for the North Okanagan was up almost 2% Year-over-Year ($653,500 vs $641,400) and up from November ($644,800).

Composite Benchmark Selling Price for the North Okanagan since March 2020.

New Listings hitting the market were up 13% Year-over-Year (114 vs 101) which is about 21% above the 10-Year average (94).

Active Listings are up 12% Year-over-Year (710 vs 634), which puts the North Okanagan about 20% above the 10 year average (594) for the month of December.

The overall North Okanagan market continues to be in a balanced market.

The Sales to Active Listings ratio is 14% (up from 13% in November).
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 86% (up from 63% in November).
Between 40-60% is considered a Balanced Market but ratios skew higher in the winter months when the number of new listings hitting the market are low.

Days to Sell Average is 81 days. This is down Year-over-Year (99) and unchanged from November (81).

Central Okanagan

Unit Sales in the Central Okanagan for December were down 4% Year-over-Year (240 vs 250), which is 13% below the 10 Year Average of 277. If you recall, November sales came in 25% below the 10 Year Average.

Benchmark Price

Single Family homes price $1,045,700 which is basically unchanged Year-over-Year and up from November ($1,021,000)
Townhome price $675,700 which is down 9.5% Year-over-Year and down from November ($752,800)
Condo price is $470,600 which is unchanged Year-over-Year but down from November ($486,700)
The Overall Composite Benchmark Price for the Central Okanagan was down Year-over-Year ($773,300 vs $784,100) and down from November ($787,700)

The chart below shows the Composite Benchmark Price for the Central Okanagan since March 2020.

December saw 365 New Listings hit the market, which is up 9% Year-over-Year (334) and 13% above the 10-Year Average of 324.

And the 2358 current Active Listings is up 2% Year-over-Year (2309) and is 42% above the 10-year average of 1665.

With a Sales to Active Listings ratio of 10% and Sales to New Listings ratio of 66% the Central Okanagan continues to be in a Buyer's Market.

For the full report click here

November Market Snapshot

Wed, 14 Jan 2026 21:29:13 GMT

The Market Slows Down for the Holidays Early in the North Okanagan

Items of Note for November

North Okanagan Year-over-Year sales down 10%. Since November 2023 there have only been two months that experienced Year-over-Year sales declines (May being the other one).
Sales take a another step back against the 10 Year Average. November sales in the North Okanagan come in 20% below the 10 Year Average - this is after September sales figures came in just 3.7% below the 10 Year Average.
Central Okanagan sales down 8% Year-over-Year and 25% below the 10 Year Average
British Columbia residential home sales down 13% Year-over-Year.
Bank of Canada holds overnight rate at 2.25% .

Sales

North Okanagan Unit Sales were down 10% Year-over-Year (106 vs 118) which is 20% below the 10 Year Average of 132.

Median Sales Price

Median Selling Price was $646,700, which was up 2% Year-over-Year ($631,25000), and up from Oct ($624,500).

Average Sales Price

Average Selling Price was $679,689, which is unchanged Year-over-Year ($676,520), but down from Oct ($709,393).

Benchmark Price

Single Family Home Benchmark price is $739,400, which is down 3% Year-Over-Year and also down from October ($773,400)
Townhome Benchmark price is $557,600, which down 7% Year-over-Year and down from October ($570,300).
Condo Benchmark price is $309,800, which is up 1% Year-over-Year and but down from October ($314,800).
The Overall Composite Benchmark Price for the North Okanagan was down Year-over-Year ($644,800 vs $664,700) and unchanged from October ($646,200).

Composite Benchmark Selling Price for the North Okanagan since March 2020.

New Listings hitting the market were up 6% Year-over-Year (169 vs 160) which is about 4% above the 10-Year average (163).

Active Listings are up 10% Year-over-Year (833 vs 756), which puts the North Okanagan about 17% above the 10 year average (713) for the month of November.

The overall North Okanagan market continues to be in a balanced market.

The Sales to Active Listings ratio is 13% (down from 16% in Octoberr, 15% in Sept, Aug, July, June and May).
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 63% (down from 74% in October).
Between 40-60% is considered a Balanced Market.

Days to Sell Average is 81 days. This is up Year-over-Year (76) and up from October (79).

For the full report click here

Should You Sell in the Winter

Mon, 24 Nov 2025 18:44:13 GMT

Winter can be a surprisingly strategic time to sell your home in Vernon, BC and the North Okanagan, and knowing the insider advantages will give you the edge in the marketplace. Unlike the crowded spring and summer selling seasons, winter offers unique benefits that only the most knowledgeable homeowners take advantage of—making you the person everyone turns to for real estate wisdom in the Okanagan.

Reduced Competition, Serious Buyers

During winter in Vernon, there are fewer homes on the market. That means less competition for your property, making it stand out and catch the attention of motivated buyers. Many sellers wait for spring, but those who enter the winter market tap into a serious and focused pool of buyers—people who need to move for work, family, or other life changes and are not deterred by a little snow. This can lead to quicker sales and even multiple-offer scenarios if your home is priced right and presented well.

Homes Sell Year-Round—At Great Prices

It’s a myth that homes don’t sell or fetch lower prices during the winter months. In reality, statistics and local trends show strong, steady activity throughout the year. Motivated winter buyers often make faster decisions and are less likely to use small cosmetic issues as bargaining chips. According to Canadian real estate data, homes sold in December through February can sell at prices comparable, and sometimes even superior, to peak seasons. This means you don’t have to sacrifice on value just because it’s cold outside.

Leverage Cozy Winter Features

Winter also allows you to showcase the best cozy aspects of your home. Highlight fireplaces, efficient heating, and winter décor to create an inviting atmosphere. Tasteful holiday or winter decorations, freshly shoveled sidewalks, and a warm, well-lit interior will resonate with buyers picturing their own gatherings in the space. In this season, even small efforts in curb appeal—like keeping walks clear and adding evergreens—go a long way.

Shorter Winters Can Mean Spring-like Closings

Okanagan’s winters are generally milder and shorter compared to other parts of Canada. Sellers can list in winter and, by the time offers are accepted and deals close, spring-like weather often arrives, making the process more seamless than expected.

In fact, if you are just now considering selling this winter, by the time you are ready to get your home on market, get pictures, video and marketing materials ready and get an accepted offer there is a good time you will be heading into spring by the time you need to move.

Okanagan Winter Attracts New Residents

The Okanagan offers a wide range of winter activities, from skiing and snowboarding at world-class resorts - don’t forget Sovereign Lake for the skinny ski set - to exploring snowy snowshoe trails, fat tire biking, cold plunging in Kal Lake, wine tasting, and relaxing at spas. While the mountain areas receive abundant "champagne powder," the valley experiences milder temperatures, allowing for year-round hiking and other activities. After falling in love with all the winter activities available in the Okanagan some of these visitors will likely turn into Okanagan residents.

Where Are You and What Are You Selling

If you’re selling a condo or a smaller townhome then moving in winter really isn’t that much of an inconvenience. However, as your home increases in square footage and acreage you may want to reconsider selling a little closer to spring to make your move easier. And the same goes for location. In the valley the snow load can be quite low but head up towards Silver Star or further away from Vernon and you may run into snow loads that make you want to reconsider having to move until early spring. These are all logistics that can be figured out between you as the seller and your trusted real estate professional Mark Nichiporuk

Maximize Your Digital Presence

Most buyers today begin their search online. Winter shoppers often spend more time at home browsing listings, so invest in professional photography and virtual tours. This boosts your property’s visibility and appeal—regardless of the weather. With fewer homes to compete with, your listing will naturally receive more attention and attract buyers who are ready to act.

Pro Tips Only North Okanagan Insiders Know

Stay flexible with showings to accommodate buyers’ busy winter schedules.

Share evidence of your home’s energy efficiency—lower heating bills are a powerful selling point.

Partner with Mark Nichiporuk, your trusted Okanagan real estate professional, to price your home perfectly for winter buyers and market trends.

Mortgage Renewal Decisions — Should You Switch Lenders or Stay Put?

Tue, 18 Nov 2025 16:33:32 GMT

When your mortgage comes up for renewal, you face a key choice: stick with your current lender or shop around. Many homeowners automatically renew, but that can cost thousands over time.

Staying put is convenient. You avoid paperwork, appraisals, and the stress of negotiating. If your lender’s offer is competitive and you value simplicity, renewing directly might make sense, especially if your income or debt levels have changed and requalifying could be difficult.

Switching lenders can pay off if you are willing to do a little legwork. Competing lenders may offer lower rates, better prepayment options, or terms that fit your future plans. Even a small rate difference, such as 0.25%, can translate to significant savings over a five-year term.

Example: A homeowner with a $400,000 mortgage could save over $4,000 in interest just by switching to a lender offering a slightly lower rate.

Before signing that renewal letter, take time to review your goals. Are you planning to move, refinance, or pay off faster? A mortgage professional can compare offers and help you decide whether staying or switching aligns best with your financial picture.

Reprinted with permission of Dan Oliver at Oliver Mortgage

October Market Snapshot

Thu, 13 Nov 2025 16:14:15 GMT

A Solid Month in the North Okanagan

Items of Note for October

Sales take a step back against the 10 Year Average. October sales in the North Okanagan came in 13% below the 10 Year Average - this is after September sales figures came in just 3.7% below the 10 Year Average.
North Okanagan Year-over-Year sales up 18%.
Central Okanagan sales down 4% Year-over-Year and 18% below the 10 Year Average
British Columbia residential home sales down 10.2% Year-over-Year and come in 17.1% below the 10 Year Average.
Bank of Canada lowers interest rate to 2.25%. Next rate announcement December 10th.

Sales

North Okanagan Unit Sales were up 18% Year-over-Year (150 vs 127) which is 13% below the 10 Year Average of 172.

Median Sales Price

Median Selling Price was $624,500, which was down 7% Year-over-Year ($672,000), and down from Sept ($632,000).

Average Sales Price

Average Selling Price was $709,393 which is down 9% Year-over-Year ($780,252), but up from Sept ($690,329).

Benchmark Price

Single Family Home Benchmark price is $773,400, which is up 4% Year-Over-Year and also up from September ($753,500)
Townhome Benchmark price is $570,300, which down 2% Year-over-Year and down from September ($596,200).
Condo Benchmark price is $314,800, which is unchanged Year-over-Year and also unchanged from September ($315,900).
The Overall Composite Benchmark Price for the North Okanagan was up Year-over-Year ($669,300 vs $651,000) and up from September ($663,100).

Composite Benchmark Selling Price for the North Okanagan since March 2020.

New Listings hitting the market were up 4% Year-over-Year (201 vs 193) which is about 4% below the 10-Year average (209).

Active Listings are up 5% Year-over-Year (945 vs 900), which puts the North Okanagan about 16% above the 10 year average (816) for the month of October.

The overall North Okanagan market continues to be in a balanced market.

The Sales to Active Listings ratio is 16% (Up from 15% in Sept, Aug, July, June and May).
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 74% (up from 55% in Sept).
Between 40-60% is considered a Balanced Market.

Days to Sell Average is 79 days. This is down Year-over-Year (81) but up from Sept (76).

For the full report click here

September Market Snapshot

Mon, 03 Nov 2025 19:57:49 GMT

Best Month Since April 2022?

Items of Note for September

Sales continue to improve against the 10 Year Average. It looked like North Okanagan sales were finally going to end up above the 10 Year Average (it would have been the first time since April 2022). In the end, we finished 7 sales shy (156 vs 162) and came in 3.7% below the 10 Year Average. This is still our best monthly result vs the 10 Year Average since April 2022 so one could argue that this is the best monthly sales result since April 2022.
Rounding out the top 3 results are: June 2023 4.1% below and May 2022 6.1% below. August sales were 11% below the 10 Year Average.
North Okanagan Year-over-Year sales up 51%.
Central Okanagan sales up 40% Year-over-Year but still 15% below the 10 Year Average
British Columbia residential home sales up 4.4% Year-over-Year (the 4th month in a row with positive Year-over-Year sales growth) but is still 21.4% below the 10 Year Average.
Bank of Canada next interest rate announcement Wed Oct 29.

Sales

North Okanagan Unit Sales were up 51% Year-over-Year (156 vs 103) which is just 3.7% below the 10 Year Average of 162.

Median Sales Price

Median Selling Price was $632,000, which was down almost 7% Year-over-Year ($677,000), and down slightly from Aug ($637,000).

Average Sales Price

Average Selling Price was $690,329 which is down 11% Year-over-Year ($773,552), and down from Aug ($734,875).

To see full report click here

August Market Snapshot

Mon, 03 Nov 2025 19:49:01 GMT

Continues to Show Signs of Improvement

Items of Note for August

North Okanagan Year-over-Year sales up 21%.
Sales continue to improve against the 10 Year Average. August sales were 11% below the 10 Year Average while July sales were 14% below the 10 Year Avg, June sales were 17% below, May sales were 21% below, April was 23% and March sales were 28% below the 10 Year Avg. If you recall sales had climbed within 7% of the 10 Year Avg in Feb before the market slowed down with the threat/introduction of US tariffs etc. The last time sales came in above the 10 Year Average was April 2022.
The North Okanagan continues to be in a Balanced market
Central Okanagan sales up 14% Year-over-Year but loses lots of ground vs the 10 Year Average
British Columbia residential home sales for month of August up 0.5% Year-over-Year - the 3rd month in a row with positive Year-over-Year sales growth
Bank of Canada lowered its key interest rate by 25 basis points to 2.5 per cent, marking its first cut since March

Sales

North Okanagan Unit Sales were up 21% Year-over-Year (167 vs 138) which is just 11% below the 10 Year Average of 188.

August's 167 home sales surpasses 2022 (141), 2023 (146) and 2024 (138).

Median Sales Price

Median Selling Price was $637,000, which was down 1% Year-over-Year ($644,500), but up slightly from July ($635,000).

Average Sales Price

Average Selling Price was $734,875 which is down 2% Year-over-Year ($748,629), but up from July ($703,172).

For full report click here

July Market Snapshot

Tue, 19 Aug 2025 19:29:03 GMT

Continues to Show Signs of Improvement

Items of Note for July

North Okanagan Year-over-Year sales up 12%
Median Selling Price for July basically flat over past 4 years - 2025 $635,000. 2024 $639,000, 2023 $639,000 and 2022 $621,000
The North Okanagan continues to be in a Balanced market
Central Okanagan sales up 6.5% Year-over-Year and finally makes up some ground vs the 10 Year Avg
Central Okanagan moves into a Balanced Market
British Columbia residential home sales for month of July up 2.2% Year-over-Year - the 2nd month in a row with positive Year-over-Year sales growth
Bank of Canada keeps overnight rate at 2.75%. Next announcement Sept 17

Sales

North Okanagan Unit Sales were up 12% Year-over-Year (171 vs 153) which is 14% below the 10 Year Average of 198.

July's 171 home sales surpasses 2022 (157), 2023 (151) and 2024.

More good news is that sales continue to improve against the 10 Year Average. July sales were 14% below the 10 Year Average while June sales were 17% below the 10 Year Avg, May sales were 21% below, April was 23% and March sales were 28% below the 10 Year Avg. If you recall sales had climbed within 7% of the 10 Year Avg in Feb before the market slowed down with the threat/introduction of US tariffs etc.

Median Sales Price

Median Selling Price was $635,000, which was down slightly Year-over-Year ($639,000), but up from June ($623,500).
Median Sales Price over the past 4 years - 2025 $635,000. 2024 $639,000, 2023 $639,000 and 2022 $621,000

Average Sales Price

Average Selling Price was $703,172 which is up 7% Year-over-Year ($656,156), and up from June ($683,318).

Benchmark Price

Single Family Home Benchmark price is $770,500, which is up slightly Year-Over-Year ($762,000) but down from June ($784,100)
Townhome Benchmark price is $563,100, which up slightly Year-over-Year ($561,200) but down from June ($584,100).
Condo Benchmark price is $320,700, which is up slightly Year-over-Year ($317,700) but down from June ($329,00).
The Overall Composite Benchmark Price for the North Okanagan was up slightly Year-over-Year ($664,700 vs $654,200) but down from June ($678,800).

Composite Benchmark Selling Price for the North Okanagan since March 2020.

For Full Report Click Here

May Market Snapshot

Tue, 17 Jun 2025 16:14:09 GMT

More of the Same

Items of Note for May

North Okanagan Year-over-Year sales were down 12% (161 vs 183) and come in 21% below the 10 Year average (204).
Median Selling Price down 4% Year-over-Year while Average Selling Price was pretty much unchanged Year-over-Year.
the Composite Benchmark Selling Price was unchanged Year-over-Year ($665,600 vs $665,200) but down slightly from April ($670,000).
The North Okanagan moves back into a Balanced market
Central Okanagan sales up 3% Year-over-Year (450 vs 436) but come in 20% below the 10 Year Average (560).
British Columbia residential home sales for month of May down 13.5% Year-over-Year. (April was down 14.6% Year-over-Year)
Overnight Rate stays at 2.75%,

Sales

North Okanagan Unit Sales were down 3% Year-over-Year (161 vs 183) which is 21% below the 10 Year Average of 204. (April sales were also 23% below the 10 Year Avg while March was 23% below the 10 year average). In the past 10 years only 2020 had fewer sales for the month of May (131).

Median Sales Price

Median Selling Price was $655,000, which is down 4% Year-over-Year ($685,000), but up from April ($646,000).

Average Sales Price

Average Selling Price was $734,855 which is basically unchanged Year-over-Year ($731,365), but is up from April ($698,382).

Benchmark Price

Single Family Home Benchmark price is $771,300, which is up Year-Over-Year ($765,400) and up from April ($764,900)
Townhome Benchmark price is $567,000, which down Year-over-Year ($591,600) and also down from April ($597,800).
Condo Benchmark price is $325,800, which is unchanged Year-over-Year ($325,100) and unchanged from April ($326,400).
The Overall Composite Benchmark Price for the North Okanagan was unchanged Year-over-Year ($665,600 vs $665,200) but down slightly from April ($670,000).

For full report click here

April Market Snapshot

Mon, 26 May 2025 18:46:41 GMT

Much Like 2024 But With Much Lower Interest Rates

Items of Note for April:

North Okanagan Year-over-Year sales flat (143 vs 143) and come in 23% below the 10 Year average for April (185). Over the past three years April sales consistently low (149, 143 & 143).
Median Selling Price up 2% Year-over-Year while Average Selling Price was also up 2% Year-over-Year.
the Composite Benchmark Selling Price was up 3.6% Year-over-Year ($670,000 vs $646,600) but down slightly from March ($673,700).
North Okanagan sees the highest number of Active Listings for April since 2016.
The North Okanagan straddles the line between a Buyer's and a Balanced market
Central Okanagan sales unchanged Year-over-Year (415 vs 415) and come in 19% below the 10 Year Average (415 vs 510). (March sales were 30% below the 10 Year Average).
British Columbia residential home sales for month of April down 14.6% Year-over-Year
Overnight Rate April 2025: 2.75%, Overnight Rate April 2024: 5%

Sales

North Okanagan Unit Sales were unchanged Year-over-Year (143 vs 143) which is 23% below the 10 Year Average of 185 (March was 28% below the 10 year average). In the past 10 years only 2020 had fewer sales (69).

For the full report click here

March Market Snapshot

Thu, 17 Apr 2025 00:22:00 GMT

North Okanagan Sales Momentum Pulls Back

Items of Note for March:

North Okanagan sales momentum slows. After getting to within 7% of the 10 Year average in Feb, March saw sales fall to 28% below the 10 Year average (121 vs 169). The good news is that sales were up 33% Year-Over-Year. The not so good news is that over the past 10 years only March 2024 saw fewer sales than March 2025.
Median Selling Price was unchanged Year-over-Year while Average Selling Price was down 5% Year-over-Year.
the Composite Benchmark Selling Price was up 5% Year-over-Year ($673,700 vs $640,500) and up slightly from Feb ($661,300).
North Okanagan sees the highest number of Active Listings for March since 2016.
The North Okanagan moves down out of a Balanced Market
Central Okanagan sales come in 30% below the 10 Year Average (344 vs 490)
British Columbia residential home sales for month of March down 9.6% Year-over-Year
Bank of Canada holds interest rate to 2.75%.

Sales

North Okanagan Unit Sales were up 33% Year-over-Year (121 vs 91) which sounds positive - and it is. But it isn't all roses as it was the second worst March for sales in the past 10 years. And after four months of strengthening sales momentum March sales came in 28% below the 10 Year Average (121 vs 168). For reference Feb was only 7% below the 10 Year average. This continues the trend that we first saw in the Central Okanagan and the Lower Mainland in February.

Median Sales Price

Median Selling Price was $620,000, which is unchanged Year-over-Year ($622,000), but is up from Feb ($600,000).

Average Sales Price

Average Selling Price was $655,646 which is down 52% Year-over-Year ($691,390), but is unchanged from Feb ($656,829).

Benchmark Price

Single Family Home Benchmark price is $774,400, which is up Year-Over-Year ($716,500) but is unchanged from Feb ($774,200)
Townhome Benchmark price is $591,600, which up Year-over-Year ($552,300) and up from Feb ($541,700).
Condo Benchmark price is $322,200, which is down Year-over-Year ($332,500) and also down from Feb ($330,300).
The Overall Composite Benchmark Price for the North Okanagan was up 5% Year-over-Year ($673,700 vs $640,500) and up from Feb ($661,300)

Composite Benchmark Selling Price for the North Okanagan since March 2020.

For the Full Report click here

February Market Snapshot

Thu, 17 Apr 2025 00:14:00 GMT

North Okanagan Sales Remain Strong While Central Okanagan Sales Pull Back

Items of Note for February:

North Okanagan sales show growing strength for the 4th month in a row - up 20% Year-over-Year (113 vs 94) which is just 7% below the 10 Year Average (122).
Selling prices continue to bounce around but the overall trend the past year has been fairly flat with just a slight increase in pricing
- Median Selling Price was up 4% Year-over-Year while Average Selling Price was unchanged Year-over-Year; however both were down from January figures.
- the Composite Benchmark Selling Price was up 4% Year-over-Year ($661,300 vs $633,100) and up slightly from January ($651,700).
The North Okanagan moves back into a Balanced Market.
After four strong months the Central Okanagan's resurgence in sales pulled back somewhat in February - while up 9% Year-over-Year (271 vs 248), sales were 26% below the 10 Year Average (365).
British Columbia residential home sales for month of February down 9.7% Year-over-Year
Bank of Canada cuts interest rate to 2.75%.

Sales

North Okanagan Unit Sales were up 20% Year-over-Year (113 vs 94) and were only 7% below the 10 Year average (122). North Okanagan sales haven't been above the 10 Year Average since April 2022 but the past four months have been getting close.

For the full report click here

January Market Snapshot

Thu, 13 Feb 2025 23:29:44 GMT

North Okanagan Real Estate Market Starts the Year Trending Upwards

Items of Note for January:

Selling prices continue to bounce around but the overall trend the past year has been fairly flat with just a slight increase in pricing

Median Selling Price was up 12% Year-over-Year while Average Selling Price was up 11% Year-over-Year; however both were down significantly from December.
the Composite Benchmark Selling Price was up 5% Year-over-Year ($651,700 vs $618,700) and up slightly from December ($647,400).

North Okanagan sales show growing strength for the third month in a row - up 34% Year-over-Year (82 vs 61) which is just 10% below the 10 Year Average (91). Keep in mind that January is typically the slowest month of the year for sales.
Central Okanagan sales rebounding for fourth straight month - up 22% Year-over-Year (241 vs 197), which is only 6% below the 10 Year Average (257).
British Columbia residential home sales for month of Jan up 6.4% Year-over-Year
Bank of Canada dropped rates 0.25% on January 29, 2025. The current rate is 3%. The next scheduled rate announcement is March 12.

Sales

North Okanagan Unit Sales were up 34% Year-over-Year (82 vs 61) and were only 10% below the 10 Year average (91).

For the full report click here

December Market Snapshot

Thu, 23 Jan 2025 23:27:51 GMT

North Okanagan Real Estate Market Show Signs Of Strengthening For Second Straight Month

Items of Note for December:

Selling prices continue to bounce around but the overall trend the past year has been fairly flat
- Median Selling Price and Average Selling Price up significantly from November; however December selling prices were fairly flat Year-over-Year. Median Selling Price was up 3% Year-over-Year while Average Selling Price was down 3.4% Year-over-Year.
- the Composite Benchmark Selling Price was up Year-over-Year ($647,400 vs $637,900) but down from November ($671,500).
- North Okanagan's $705,000 Median Selling Price sets new all time record for any month and tops $700k for the first time ever.
North Okanagan sales continue to show growing strength - up 41% Year-over-Year (83 vs 59) which is just 14% below the 10 Year Average for Dec (96).
Central Okanagan sales rebounding for third straight month - up 41% Year-over-Year (251 vs 178), which is just 12% below the 10 Year Average (284).
British Columbia residential home sales for month of Dec up 24.7% Year-over-Year
Bank of Canada next rate announcement January 29, 2025.

Click for the full report

November Market Snapshot

Mon, 16 Dec 2024 20:11:18 GMT

Okanagan Real Estate Market Show Signs Of Strengthening For Second Straight Month

Items of Note for November:

North Okanagan November sales see nice boost - up 17% Year-over-Year (118 vs 101) which is just 13% below the 10 Year Average for Nov (136).
Prices remain fairly strong
- while Median Selling Price and Average Selling Price were down significantly from October they still set all time highs for the month of November.
- the Composite Benchmark Selling Price up Year-over-Year ($671,500 vs $635,900) and up from October ($651,000).
Central Okanagan sales rebounding for second straight month - up 30% Year-over-Year (298 vs 230). While still 20% below the 10 Year Average (373) it is a marked improvement over what the Central Okanagan experienced for much of 2024.
British Columbia residential home sales up 25.7% Year-over-Year
Bank of Canada lowers overnight rate 50 basis points to 3.25%.

Sales

North Okanagan Unit Sales were up 17% Year-over-Year (118 vs 101) and were only 13% below the 10 Year average (136).

Click for the full report

October Market Snapshot

Mon, 02 Dec 2024 19:01:51 GMT

North Okanagan Sales Down Year-Over-Year but Sales Around BC Up. Is the Market Starting to Turn Around?

North Okanagan Items of Note for October:

North Okanagan sales still sluggish - down 7% Year-over-Year (129 vs 139) and 24% below the 10 Year Average for Oct (169).
Prices remain fairly strong - Median Selling Price and Average Selling Price set all time highs for the month of October, although Benchmark Selling Price down slightly Year-over-Year.
Central Okanagan sales surge - up 39% Year-over-Year (365 vs 263) and only 16% below the 10 Year Average (435).

Sales

North Okanagan Unit Sales were down 7% Year-over-Year (129 vs 139) and were 24% below the 10 Year average (169).

Click for full report

September Market Snapshot

Mon, 21 Oct 2024 20:31:49 GMT

North Okanagan Items of Note for September:

Sales still sluggish - despite being up 8% Year-over-Year (105 vs 97) sales are 35% below the 10 Year Average for Sept.
Prices remain strong - Median Selling Price and Average Selling Price set all time highs for the month of September.
The North Okanagan market continues to be in a Balanced Market.

Sales

North Okanagan Unit Sales were up 8% Year-over-Year (105 vs 97) but were 35% below the 10 Year average (162). If you recall last year the fires in West Kelowna and the Shuswap essentially shut down real estate for the month of September. So while an 8% Year-over-Year increase in sales is positive, keep in mind that last September I mentioned that if we go back all the way to 2002 the only September with lower sales than 2023 was in 2008 (88).

Click for the full report

August Market Snapshot

Tue, 01 Oct 2024 18:33:19 GMT

Despite Lower Interest Rates Slow Sales Continue

North Okanagan Items of Note for August:

Sales hit 10 year low for the month of August and finish the month 26% below the 10 Year Average (138 vs 186)
Average Selling Price up 13% Year-over-Year - spurred on by a strong month for homes selling in the $1,000,000+ price range.
The North Okanagan market continues to be in a Balanced Market.

Sales

North Okanagan Unit Sales were down 6% Year-over-Year (138 vs 146) and are 26% below the 10 Year average (186).
It was also the lowest number of sales recorded for the month of Aug over the past 10 years.

Median Sales Price

Median Selling Price was $644,500 which is up 9% Year-over-Year ($592,500) and is up from July ($639,000).

Average Sales Price

Average Selling Price was $748,629 which is up a substantial 13% Year-over-Year ($664,813) and also up from July ($656,254).

To see full report click here

July Market Snapshot

Wed, 21 Aug 2024 16:09:58 GMT

North Okanagan Items of Note for July:

July sales flat Year-over-Year, and remain well below the 10 Year Average (153 vs 200)
Average Selling Price down significantly Year-over-Year for second straight month.
Sales activity above $1,000,000 through first 7 month of year way down from 2023.
TheNorth Okanagan market continues to be in a Balanced Market.

To read full report click here

June Market Snapshot

Wed, 24 Jul 2024 18:46:58 GMT

Two Steps Forward, One Step Back

North Okanagan Items of Note for June:

June Unit Sales slow after a solid May. June's 170 Unit Sales are down 18% Year-over-Year and 21% below the 10-Year average.
Prices down from May. After seeing record high Median and Average selling prices in May, prices in June take a tumble with Median Selling price down 9% from May and Average Selling price down 11% from May. Benchmark Prices for all property types were down from May and down Year-over-Year as well.
The North Okanagan market continues to be in a Balanced Market

To read the full report click here

May Market Snapshot

Tue, 18 Jun 2024 20:34:04 GMT

North Okanagan Market Continues To Improve

North Okanagan Items of Note for May:

Unit Sales continue to rebound. May's 183 sales is only 12% below the 10-Year average. While sales were only up 3% Year-over-Year, the market has improved steadily since a very slow March.
Active Listings tops 1,000 for first time since Sept 2019.
Prices continue to rise - the North Okanagan just had the highest median selling price and average selling price ever for the month of May. And the Benchmark Price for the overall North Okanagan market has been climbing steadily since the start of the year, hitting its highest mark since August 2023.
Overall the North Okanagan market moves into a Balanced Market.
Bank of Canada begins to lower interest rates.

Click for full report

April Market Snapshot

Tue, 14 May 2024 16:25:34 GMT

Sales Still Slow But Much Better Than March

North Okanagan Items of Note for April:

Unit Sales make nice rebound after abysmal March sales (143 from 91).
Inventory finally reaches pre-pandemic levels as Active Listings inch above 10-Year Average.
Overall North Okanagan market on the cusp between Buyer's and Balanced Market.

Conclusion

Sales make a nice rebound from March's very low numbers - even though sales remain about 25% below the 10-Year average.

Prices are wavering but continue to be fairly flat.

Inventory in the North Okanagan finally back to pre-pandemic levels as we see new listings above the 10-Year average.

It does appear that many would-be buyers are still waiting to hear that interest rates are coming down. And with all the uncertainty that is out there who can blame them. Affordability is still an issue for many buyers.

And just like last month it continues to be a good opportunity for those people who are looking to buy subject to selling their current home. In the past few months we have seen many offers/contracts coming in subject to the Buyer selling their home.

Click for full report

March Market Snapshot

Wed, 10 Apr 2024 16:30:25 GMT

Ouch

North Okanagan Items of Note for January:

Unit Sales take a dive Year-over-Year (91 vs 131).
Both North Okanagan and Central Okanagan hit 10-Year lows for March unit sales.
Overall North Okanagan market moves from Balanced Market back to a Buyer's Market.

North Okanagan Unit Sales were down 31% Year-over-Year (91 vs 131). Sales were also down slightly from February (94), which is quite unusual given that March is the transition into the spring market. March 2024 unit sales were 46% below the 10-Year Average of 169 unit sales (and 43% below the 23-Year average of 160).

It was a 10-year low for unit sales and over the past 23 years only 2009 saw fewer sales for the month of March (86)

Read Full Report

February Market Snapshot

Mon, 18 Mar 2024 02:40:00 GMT

Much Like February 2023

North Okanagan Items of Note for January:

Prices up Year-over-Year. Depending on the metric used pricing was flat or up slightly Year-over-Year. The only negative growth was the Benchmark Price for townhomes which was down approximately 5% Year-over-Year
Unit Sales pretty much unchanged from 2023 (94 vs 95)
New Listings up significantly from last year - Active listings now only 3% below 10-year average
Overall North Okanagan market moves from Buyer's Market back to a Balanced Market.

North Okanagan Unit Sales were down 1% Year-over-Year (94 vs 95) but up 54% from January (61) - which is to be expected as we head towards the spring market. February 2024 unit sales were 20% below the 10-Year Average of 118 unit sales (and 19% below the 23-Year average of 116).

One interesting item of note: If we omitted the years 2021 and 2022 (the peak of COVID sales) the revised 8-year average falls to 104 which would put February 2024 only 10% below average. There is no denying that sales are slow, but looked at in this with this new slant they're not quite as slow as the ten year average would suggest.

Click to see the full report

January Market Snapshot

Fri, 16 Feb 2024 04:54:00 GMT

A Typical January - Just Slower

North Okanagan Items of Note for January:

Median Sales Price up Year-over-Year but down big from December's huge gains
Unit Sales up 11% Year-over-Year but 32% below 10 Year average
Overall North Okanagan market moves from Balanced Market to a Buyer's Market

While North Okanagan Unit Sales were up 11% Year-over-Year (61 vs 55), sales are still quite sluggish. In the past 10 years, in the North Okanagan, only last year saw fewer sales (55) for the month of January. January 2024 unit sales were 32% below the 10-Year Average of 90 unit sales and 31% below the 23-Year Average of 88 unit sales.

See full report

2023 Year in Review

Thu, 01 Feb 2024 15:07:22 GMT

2023 market data for Vernon and the North Okanagan real estate market - looking at overall sales activity, house pricing and inventory levels.

December Market Snapshot

Wed, 24 Jan 2024 19:27:37 GMT

Out With A Whimper - Sort Of

North Okanagan Items of Note for December:

Sales Prices get a little weird
Sales remain sluggish - lowest Dec Unit Sales since 2012
The North Okanagan remains in a Balanced Market.

While North Okanagan Unit Sales were only down slightly Year-over-Year (59 vs 63) sales are still very sluggish with Dec 2023 coming in 39% below the 10-Year Average of 97 Unit Sales. The last time we saw sales this slow was in 2012 when only 50 Unit Sales were recorded. Going all the way back to 2002 only 2012, 2010 (55 sales) and 2008 (39 sales) saw fewer sales than 2023.

Click to see the full report

November Market Snapshot

Thu, 14 Dec 2023 18:55:18 GMT

More of the Same

North Okanagan Items of Note for November:

103 Unit Sales - Up 4 Sales Year-over-Year, but well below the 10 Year Average of 134.
Prices - for the most part - continue to soften since early summer.
The North Okanagan is in a Balanced Market.

Unit Sales While North Okanagan Unit Sales were up slightly Year-over-Year (103 vs 99) sales are still sluggish compared to the 10-Year Average of 134 Unit Sales and even the 21-Year Average of 121 Unit Sales.

Median Sales Price

Nov Median Selling Price was $587,200. That is down from Oct's $631,500 but unchanged Year-over-Year ($587,200 vs $588,000).

Benchmark Price after a bounce-back month in Oct for all product types the Benchmark Prices declined across the board in Nov.

While Townhome prices were only down slightly Year-over-Year, Nov's $545,100 is the lowest Benchmark price for Townhome's since April 2022.

New Listings hitting the market were down slightly Year-over-Year (146 vs 159) which is about 9% below the 10 year average (161).

Active Listings are up 22% from 2022 (740 vs 607) and are only 5% below the 10 year average of 780.

The overall North Okanagan market continues to be in a Balanced Market.
The Sales to Active Listings ratio is 14% (down from 17% in Oct). Between 12-25% is considered a Balanced Market.
The Sales to New Listing ratio is 71% (up from 62% in Oct). Between 40-60% is considered a Balanced Market.

Days to Sell Average is 61 days. This is up from 56 in Sept and 55 in Nov 2022.

Central Okanagan

Unit Sales in the Central Okanagan continues to be very slow. If you recall October sales were 40% below the ten-year average and Sept was 43% below the ten-year average. November's 230 sales is 38% below the ten-year average of 372 and 9% below last year's 252 sales.

November saw 657 New Listings hit the market (up from 500 last year) which is a ten-year high and also 11% above the 10-year-average of 592.

And the 2403 current Active Listings is 27% above the ten-year average of 1892.

With a Sales to Active Listings ratio of 10% and Sales to New Listings ratio of 35% the Central OK remains in a Buyer's Market.

The Benchmark Price for Single Family homes is $971,300 (down 3% from $1,025,700 in Oct). This is the first time the Benchmark Price for single family homes in the Central Okanagan has fallen below the $1,000,000 mark since February 2023.
The Benchmark Price for Townhomes increased 2%, while Condo prices decreased 4% from Oct.

Conclusion

The overall trend is still one of a slowing market - especially as we head into what is traditionally the slowest four months of the year for sales.

Given that inventory is finally back where it should be and with slower than average sales we should expect the market to remain fairly flat until spring or until we start to hear of possible interest rate cuts from the Bank of Canada. Speculation right now is that we shouldn't expect any cuts until the latter part of 2024.

Given the market, there may be some good opportunities for buyers through the winter months.

For those people who can only buy a home subject to selling their current home the next half year may be their best opportunity to do so. If the experts are correct about pent up demand just waiting for interest rates to come down, once interest rate drops are announced it may get much more difficult to buy a home subject to selling.

If you or someone you know is looking to buy or sell a home (anywhere in the province) and need help don't hesitate to call, txt or email.? My door is always open.

For the full report click here

October Market Snapshot

Wed, 15 Nov 2023 20:54:14 GMT

Market Bounces Back

Items of Note for October:

139 Unit Sales - Up from September's abysmal 98 sales, but the North Okanagan is still seeing below average sales brought in part by high interest rates and affordability challenges.
Active Listings are finally back to normal - currently only 3% below the 10 Year Average
The North Okanagan is back in a Balanced Market.

Unit Sales October's 139 Unit Sales was up 14% from last year (122) and up 42% from September (98), but we do need to keep these numbers in perspective. September sales were hampered by wildfires and travel bans. And if you look back to 2022 you will see that North Okanagan October sales were well below average. So, while sales did made a nice rebound, October's 139 sales is still 19 below the 10 year average of 171.

Median Sales Price

Oct Median Selling Price was $631,500. $595,000. That is up significantly from Sept's $595,000 and 6% from Oct 2022 ($597,450).

Benchmark Price for Single Family homes and Townhomes rebound after 3 months of decline.

Benchmark Price for Single Family homes in Oct was up 3.7% from Sept ($755,400 vs $728,100) and up 4.7% year-over-year ($721,500). 2023 Benchmark prices for Single Family homes peaked in June at $785,800 and have been on a slow decline since.
Townhome prices also rebounded with a 2.7% increase from September ($564,700 vs $549,800) and were up 1% from 2022 ($558,800). The Benchmark Price for Townhomes peaked in June at $600,400.
Condo prices were up 7.6% from Sept ($345,800 vs 321,500) and up from 2022 (306,600)

The number of Active Listings is up 24% from 2022 (838 vs 674) and is only 3% below the 10 year average of 865.

New Listings hitting the market were almost unchanged Year-over-Year (223 vs 221) which is about 9% over the 10 year average (205).

The overall North Okanagan market moved back into a Balanced Market after entering a Buyer's market in Sept.
The Sales to Active Listings ratio is 17% (up from 11% in Sept). Between 12-25% is considered a Balanced Market.
The Sales to New Listing ratio is 62% (up from 37% in Sept). Between 40-60% is considered a Balanced Market.

Days to Sell Average is a low 56 days. This is down from 70 in Sept and 59 in Oct 2022.

Central Okanagan

While Oct sales rebounded somewhat in the North Okanagan the Central Okanagan was not as lucky.
Sales continued to be slow in the Central Okanagan as well. October's 263 Unit Sales is 40% below the 10-year-average of 439 for Oct. If you recall last month sales were 43% below the 10-year-average.

Sept saw 761 New Listings hit the market which is 13% above the 10-year-average of 674.

And the 2463 current Active Listings is 21% above the 10 year average of 2030.

With a Sales to Active Listings ratio of 11% and Sales to New Listings ratio of 35% the Central OK remains in a Buyer's Market.

The Benchmark Price for Single Family homes in the Central Okanagan is currently $1,025,700 which is up 2% from Sept ($1,006,300).
The Benchmark Price for Townhomes decreased 3%, while Condo prices increased 7.5% from Sept.

Conclusion

Oct brought a nice rebound in sales after a very slow September. However the overall trend is still one of a slowing market - especially as we head into what is traditionally the slowest four months of the year for sales.

Prices, like sales, made a bit of a rebound from September, but overall prices have softened a bit since early summer.

Given that inventory is finally back where it should be and with slower than average sales we should expect the market to remain fairly flat until spring or until we start to hear of possible interest rate cuts from the Bank of Canada. Speculation right now is that we shouldn't expect any cuts until the latter part of 2024.

Fixed rate mortgages continue to bounce around with bond prices but the trend lately has seen bond prices declining so it may be a good time to keep your eyes on fixed rate mortgages as they trend downward (for now).

Given the market, there may be some good opportunities for buyers through the winter months.

And for those people who can only buy a home subject to selling their current home this may be the best time to get into the market. If demand is as pent up as the experts say, once it looks like interest rates are ready to come down it may be too late to buy subject to selling.

Click to see full report

Sept Market Snapshot

Thu, 12 Oct 2023 21:17:31 GMT

OUCH! A Slowing Market and Forest Fires Hit Market Hard

Items of Note for September:

Only 98 Unit Sales - If we go back all the way to 2002 the only Sept with lower sales was in 2008 (88).
Active Listings are finally getting back to normal - only 8% below the 10 Year Average
The overall North Okanagan market entered into a Buyers Market.

Unit Sales With only 98 Unit Sales Sept was down 18% from last year (120) and was 42% below the 10 Year Average of 169 Unit Sales. Sept sales were also down significantly from Aug sales (98 vs146). And if we go back all the way to 2002 the only Sept with lower sales was in 2008 (88).

Median Sales Price

Sept Median Selling Price was $595,000. That is up slightly from Aug's $592,500 but down 3% from Sept 2022 ($615,000).

Benchmark Price for Single Family homes and Townhomes down 3 months in a row .

Benchmark Price for Single Family homes in Sept was down 4.5% from Aug ($728,100 vs $763,100) and down slightly from 2022 ($728,100).
Townhome prices were down 4.6% from Aug ($549,800 vs $576,400). The $549,800 is lower then the previous 21 month low of $551,100 in January (which seems highly questionable based on current selling prices so possibly a misprint).
Condo prices were down 8% from Aug ($321,500 vs 350,400) and down slightly from 2022 ($321,500)

The number of Active Listings is up 25% from 2022 (903 vs 720) and is only 8% below the 10 year average of 982.

New Listings hitting the market were up 19% Year-over-Year (268 vs 225) and up 11% over the 10 year average (242).

The overall North Okanagan market has slipped into a Buyer's Market.
The Sales to Active Listings ratio is 11% (down from 17% in Aug). Between 12-25% is considered a Balanced Market.
The Sales to New Listing ratio is 37% (down from 56% in Aug). Between 40-60% is considered a Balanced Market.

Days to Sell Average is a low 70 days. While this is up from 59 in Aug and 48 in Sept 2022 the Days to Sell average is still quite low historically.

Central Okanagan

Sales continued to be slow in the Central Okanagan as well. Sept's 264 Unit Sales is 43% below the 10 year average of 465 for Sept. Both Sept and Aug saw10-year lows for Unit Sales for their respective months.

Sept saw 956 New Listings hit the market (a ten year high for the month of Sept) which is 22% above the 10 year average of 785.

And the 2516 current Active Listings is 14% above the 10 year average of 2214.

With a Sales to Active Listings ratio of 10% and Sales to New Listings ratio of 28% the Central OK is in a Buyer's Market.

The Benchmark Price for Single Family homes in the Central Okanagan is currently $1,006,300 which is down 6% from Aug ($1,068,600).
The Benchmark Price for Townhomes decreased 3%, while Condo prices decreased 8% from August.

Conclusion

September brought very slow sales and plenty of new listings. In the North Okanagan that translated into Active Listing levels almost getting back to normal (which has been a long time coming). And the Benchmark Price for Single Family homes continued to soften since peaking in June (down about 7%).

In the Central Okanagan the number of Active Listings is well above average while Single Family home prices finally cooled down after being in the $1,050,000 - $1,070,000 range since April.

How much were September numbers influenced by all the wildfires in the area? The market had been slowing down since June, however it does appear that wildfires, smoke and travel bans to Okanagan likely had a major impact on the real estate market. October should give us a better understanding of how much of the slow down were market driven and how much was due to fires.

Click for Full Market Report

July Market Snapshot

Tue, 08 Aug 2023 21:41:03 GMT

After a Strong June Sales Slow in July

Items of Note for July:

Unit sales slow down considerably from June (152 vs 210). July 2023 hits 10 year low for July unit sales. Unit Sales 26% below the 10 year average (205).
Median Sales Price up 3% year-over-year but down from June 2023.
Benchmark Sales Price for Single Family homes, Townhomes and Condos all down slightly from June 2023.
The overall North Okanagan market back into a Balanced Market.

Unit Sales With only 152 Unit Sales July was 26% below the 10 Year Average of 205 Unit Sales. And the 152 Unit Sales for the month is a 10 year low for July sales.

Median Sales Prices for the overall North Okanagan market was up year-over-year but was down slightly from June.

July Median Selling Price $637,000. That is down from June's $649,950. It is the lowest Median Selling Price since March 2023.

Benchmark Price for Single Family homes finally sees a small decline after increasing every month since January .

Benchmark Price for Single Family homes in July was $778,300 - Down 1% from $785,800 in June.
At $342,100 the Benchmark Price for Condos decreased 3% from June ($354,100).
Townhomes decreased less then half a percent from June. ($598,300 vs $600,400)

The number of Active Listings is up 16% from 2022 (839 vs 722) but the number is still historically low and currently sits about 19% below the 10 year average of 1037 active listings for July.

New Listings hitting the market were down 12% Year-over-Year (267 vs 302) and sits about 9% below the 10 year average of 295.

The overall North Okanagan market is now back into a Balanced Market after briefly moving into a Sellers Market in June.
The Sales to Active Listings ratio is 18% (down from 26% in June). Above 20-25% is considered a Sellers Market.
The Sales to New Listing ratio is 56% (down from 67% in June). Between 40-60% is considered a Balanced Market.

Days to Sell Average remains unchanged at a low 55 days.

Central Okanagan

Sales slowed down in the Central Okanagan as well. July's 408 Unit Sales is 23% below the 10 year average of 527 for July. It was also a significant drop from June's 504 sales.

June saw 995 New Listings hit the market which is 13% above the 10 year average of 882. And the 2446 Active Listings, is 4% above the 10 year average of 2346. So the Central Okanagan continues to be one of the few areas that of hasn't really been effected by low inventory levels.

The Benchmark Price for Single Family homes in the Central Okanagan is currently $1,063,700 which is unchanged from June
The Benchmark Price for Townhomes Benchmark Prices dropped 2% while Condos dropped just over 3%.

Conclusion

After a strong June for sale figures it appears that July has taken some wind out of the sails (sales). June is typically the strongest month for sales so seeing a decline month-to-month from here to the end of the year should not come as a surprise.

It does appear that price increases have flattened out the past couple months.

The key numbers moving forward, for the North Okanagan, is how much below the 10 year average sales and new listings remain and what effect this has on prices.

And also what happens with interest rates (up, down or unchanged) as we move through the second half of the year.

To view full report click here

If you or someone you know is looking to buy or sell and need help don't hesitate to call, txt or email.? My door is always open.

2023 First Half Recap

Fri, 21 Jul 2023 22:23:27 GMT

Sales stats thru the first half of 2023 illustrate how resilient the North Okanagan real estate market has been.

Even though the Unit Sales and Sales Dollar Volume are way down compared to the same time frame last year, the market continues to surprise, as we have seen a 20% increase in the Median Sale Price since the start of the year.

So what about all that noise we were hearing last year, from the “EXPERTS”, who were saying it was a bad time to buy a home? Hmmmm

So looking forward, is it still/now a bad time to buy? Especially with the interest rate hikes we have seen recently. Obviously a lot depends on your financial situation and affordability etc. But if you can get into the market and don’t plan on making a move for a number of years the odds of prices being up compared to down are pretty damn good.

There is risk in every market. But there can be reward in every market.

June Market Snapshot

Fri, 07 Jul 2023 20:51:25 GMT

June Sees Strong Sales in North Okanagan

Items of Note for June:

Home Sales Surge - after a sluggish spring market the summer market kicks off with a bang as sales almost hit the 10 year average for first time since February.
Prices continues to rise - Single Family Benchmark Prices down only 3% from peak. Condo Benchmark Price hits new all-time high.
The overall North Okanagan market entered into a Seller's Market.

Unit Sales With 210 Unit Sales June was only 4% below the 10 Year Average of 219 Unit Sales. And the 210 Unit Sales was 15% higher then last year's 183 sales (this marks the first time that Year-over-Year sales increased since November 2021).

Average and Median Sales Prices for the overall North Okanagan market were up slightly from May and have been trending upwards since December.

June Average Selling Price $708,7606. Up from $689,626 in May but down from $768,153 last June.
June Median Selling Price $649,950. Up slightly from 641,600 in May and virtually the same as last June's $650,000.

Benchmark Price for Single Family homes has increased every month since hitting a low in January.

Benchmark Price for Single Family homes in June was $785,800 - Up from $777,600 in May. The Benchmark price for single family homes has increased 13% since bottoming out in January ($696,500). $785,800 is the highest the Benchmark price for single family homes has been since June 2022 ($798,500) and is only 2.7% below the peak price in May 2022* ($807,600).
At $354,100 the Benchmark Price for Condos broke an all-time high. The previous high was $353,400 in April 2022*.

*The formula to determine Benchmark Price was changed in June 2022.

The number of Active Listings is up 22% from 2022 (815 vs 666) but the number is still historically low and currently sits about 21% below the 10 year average of 1035 active listings for June.

New Listings hitting the market were down 12% Year-over-Year (315 vs 359) but were only about 8% below the 10 year average of 341.

The overall North Okanagan market has now entered Seller's Market territory.
The Sales to Active Listings ratio is 26% (up from 22% in May). Above 20-25% is considered a Sellers Market.
The Sales to New Listing ratio is .67% (up from 51% in May). Between 40-60% is considered a Balanced Market.

Days to Sell Average remains low remains low at 55 days.

Overall, the North Okanagan market continues to be quite resistant. The market for single family homes in the lower price ranges has really heated up. But we are seeing sales across all price ranges and property types. The big question is how will interest rates - if they continue to rise - effect sales and prices as we head into the dog days of summer?

Central Okanagan

Junes 504 Unit Sales were only 10% below the 10 year average of 563 for June and were 31% above last year's 386 sales. However, sales did drop 9% from May's 556 sales.

June saw 1142 New Listings hit the market which is 13% above the 10 year average of 1008. And the 2284 Active Listings, is only 2% below the 10 year average of 2336. So the Central Okanagan continues to be one of the few areas that of hasn't really been effected by low inventory levels.

The Benchmark Price for Single Family homes in the Central Okanagan is currently $1,063,800 which is down slightly from May's $1,048,900 and 6% below the April 2022* peak price of $1,131,800.
Townhome Benchmark Prices were the second highest on record - only trailing May 2022* ($785,900 vs $829,800).

*The formula to determine Benchmark Price was changed in June 2022.

Interest Rates

July 12 is the date for the next Bank of Canada announcement on interest rates and the betting money is that rates will increase another 0.25% at that time - taking the overnight rate to 5% which would be a new 22 year high.

If rates do rise again will that be the be enough to slow down home sales? And probably more to the point, will increased rates be enough to slow down rising home prices?

Stay tuned.

Click to see full report

If you or someone you know is looking to buy or sell and need help don't hesitate to call, txt or email.? My door is always open.

May Market Snapshot

Mon, 12 Jun 2023 17:01:22 GMT

New Listings finally arrive. But continued sluggish sales.

Slow Sales but Rising Prices

Sat, 13 May 2023 18:09:00 GMT

Slow Sales but Rising Prices

Items of Note for April:

Slow Home Sales - the only April with fewer Unit Sales in the past 10 years was 2020.
No New Listings - since 2003 the only years with fewer New Listings hitting the market were 2003 & 2020.
Currently in a Balanced Market but close to becoming a Sellers Market.
Selling Price continue to trend upwards.

Average and Median Price for the overall North Okanagan market continues to trend upwards after bottoming out in December. This can typically be attributed to the type of property selling during the winter months (more urban properties and fewer acreages and waterfront properties etc) vs spring/summer months.

Average Selling Price $726,274. Up from $551,075 in Dec
Median Selling Price $646,750. Up from $517,5000 in Dec

Benchmark Price for Single Family homes has increased every month since hitting a low in January.

Benchmark Price for Single Family Homes $764,400 from $696,500 in Jan (+4.5%). Up from $728,000 in March.

The number of Active Listings continues to rise (+54% from 2022) overall but it is still historically low. Back in Jan/Feb it looked like we were going to be back up to normal inventory (based on the assumption that we would see low sales but normal new inventory hitting the market). But the number of New Listings hitting the market this spring is well below the 10 year average and thus inventory sits about 22% below the 10 year average for the month of April (722 actual vs 923 avg).

Overall we are currently in a Balanced Market (but very close to moving into a Sellers Market).
The Sales to Active Listings ratio is 21% (up from 19.4% in March). Above 20-25% is considered a Sellers Market.
The Sales to New Listing ratio is .54% (up from 44% in March). Above 60% is considered a Sellers Market.

Days to Sell Average remains low. While sales may be slow buyers are quick to act on homes that are priced correctly. There are motivated buyers in the market - just not a lot of them.

So, overall the North Okanagan market continues to be quite resistant. The market for single family homes in the lower price ranges has really heated up. But we are seeing sales across all price ranges and property types.

The question I asked last month still holds true. Are prices really starting to rise? Or is this the proverbial Dead Cat Bounce? If you believe all you hear in the news the past month you are led to believe one of two things:

Price declines are taking a bit of break (for now) but will continue to drop when the economy slows down; or
Prices have hit bottom and the market is starting to rebound.

At this time no one seems to have an answer to this question either way.

But if we continue to see lower then expected inventory hitting the market, the less chance that we will see prices softening anytime soon.

Stay tuned.

read full report