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

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

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 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

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 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

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 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

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

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

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

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

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

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

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