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. 

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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.

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