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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