Continues to Show Signs of Improvement

Items of Note for July

• North Okanagan Year-over-Year sales up 12% 
• Median Selling Price for July basically flat over past 4 years - 2025 $635,000. 2024 $639,000, 2023 $639,000 and 2022 $621,000
• The North Okanagan continues to be in a Balanced market
• Central Okanagan sales up 6.5% Year-over-Year and finally makes up some ground vs the 10 Year Avg
• Central Okanagan moves into a Balanced Market
• British Columbia residential home sales for month of July up 2.2% Year-over-Year - the 2nd month in a row with positive Year-over-Year sales growth
• Bank of Canada keeps overnight rate at 2.75%.  Next announcement Sept 17

Sales

North Okanagan Unit Sales were up 12% Year-over-Year (171 vs 153) which is 14% below the 10 Year Average of 198. 

July's 171 home sales surpasses 2022 (157), 2023 (151) and 2024.

More good news is that sales continue to improve against the 10 Year Average.  July sales were 14% below the 10 Year Average while June sales were 17% below the 10 Year Avg, 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.

Median Sales Price

• Median Selling Price was $635,000, which was down slightly Year-over-Year ($639,000), but up from June ($623,500). 
• Median Sales Price over the past 4 years - 2025 $635,000. 2024 $639,000, 2023 $639,000 and 2022 $621,000  

• Average Selling Price was $703,172 which is up 7% Year-over-Year ($656,156), and up from June ($683,318).
  
   

Benchmark Price

• Single Family Home Benchmark price is $770,500, which is up slightly Year-Over-Year ($762,000) but down from June ($784,100)
• Townhome Benchmark price is $563,100, which up slightly Year-over-Year ($561,200) but down from June ($584,100).
• Condo Benchmark price is $320,700, which is up slightly Year-over-Year ($317,700) but down from June ($329,00). 
• The Overall Composite Benchmark Price for the North Okanagan was up slightly Year-over-Year ($664,700 vs $654,200) but down from June ($678,800).

Composite Benchmark Selling Price for the North Okanagan since March 2020. 


 

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