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).

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