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).
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