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 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 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)

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.  

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 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).

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