Sales and Inventory Drop

Items of Note for July

• Sales down 5% Year-over-Year and 14% below the 10 Year Average.
• New Listings down 27% YoY.  
• Central Okanagan sales Unchanged YoY and only 9% below the 10 Year Avg. 
• British Columbia residential home sales down 6.7% Year-over-Year, and 18.8% below the 10 Year Avg.
• Bank of Canada overnight rate at 2.25%.  Next announcement Sept 2

July cooled off somewhat after June's rebound. Unit sales were down 5% year-over-year — 162 versus 171 — and came in 14% below the 10-year average of 189. Median sale price was up 2.4%, to $650,000 from $635,000 last year, so pricing continues to bounce around but not really make any meaningful movement.

The inventory story remains the top story. New listings were down 27% year-over-year — 226 versus 310 — and active listings fell 14%, from 1,149 down to 988. That's a meaningful tightening on top of what was already a scarce market.

If you recall, June saw a real spike in the $1M+ segment — record sales, record share of the market. July didn't repeat it. Sales were down year-over-year over $1M (27 vs. 29). June's surge at the top end looks more like a standout month than the start of a new pattern — which fits what I said at the time: one month doesn't make a trend.

By property type, sales were down almost across the board. Townhomes/triplexes/fourplexes saw the steepest drop — 18 sales versus 30 last year - well below the 10-year average of 31. Single-family home sales were the one bright spot, up year-over-year — 97 versus 90.

Overall, the North Okanagan remains in a balanced market.

Elsewhere in the valley:

Central Okanagan sales were flat year-over-year and came in just 9% below the 10-year average — but the story there was the high end. Sales above $1M jumped to 127 from 100 last year, with similar spikes above $2M, $3M, $4M, and $5M. If June's high-end surge was the North Okanagan’s moment, July was the Central's.

South Okanagan sales declined year-over-year (174 vs. 193), landing 13% below the 10-year average.

Sales

North Okanagan Unit Sales were down 5% Year-over-Year (162 vs 171) and come in 14% below the 10 Year Average (189).  

Median Sales Price

• Median Selling Price was $650,000, which was up 2.4% Year-over-Year ($635,000), but down from June ($660,900). 

Benchmark Price

• Single Family Home Benchmark price is $782,100, which is up 1.9% Year-Over-Year but down from June ($784,500)
• Townhome Benchmark price is $561,000, which up 3.2% Year-over-Year but down from June ($591,600).
• Condo Benchmark price is $316,200, which is down 0.4% Year-over-Year and down from June ($318,100). 
• The Overall Composite Benchmark Price for the North Okanagan was up 3% Year-over-Year ($677,200 vs $657,300) and up from June ($684,900).
   

New Listings hitting the market were down 27% Year-over-Year (226 vs 310) which is about 22% below the 10-Year average (286).  New Listings were the lowest totals we have seen over the past 10 years fr the month of July.  

Active Listings are down 14%Year-over-Year (988 vs 1149), which puts the North Okanagan about 5% above the 10 year average (937) for the month of July.

The overall North Okanagan remains in to a Balanced Market but is pushing closer to a Sellers Market.

The Sales to Active Listings ratio is 16% (down from 18% in June).
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 72% (up from 66% in June).
Between 40-60% is considered a Balanced Market. 


 

Central Okanagan

Unit Sales in the Central Okanagan were unchanged Year-over-Year (438 vs 439), which is 9% below the 10 Year Average of 480.  
 

Benchmark Price 

• Single Family homes price $1,072,400 which is unchanged Year-over-Year and up from June ($1,053,700)
• Townhome price $709,500 which is down 2.4% Year-over-Year but up from June ($707,500)
• Condo price is $490,700 which is down 2% Year-over-Year and down from June ($495,100)
• The Overall Composite Benchmark Price for the Central Okanagan was up 1.6% Year-over-Year ($804,500 vs $791,600) and up from June ($795,600)

 July saw 873 New Listings hit the market, which is down 17% Year-over-Year (1047) and 6% below the 10-Year Average of 931.

And the 3066 current Active Listings is down 14% Year-over-Year (3555).

With a Sales to Active Listings ratio of 14% and Sales to New Listings ratio of 50% the Central Okanagan continues to be in a Balanced Market.  

Housing Market Activity Uneven Across Regions
 

Vancouver, BC – August 13, 2026. The British Columbia Real Estate Association (BCREA) reports that 6,561 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) Systems in July 2026, down 6.7 per cent from July 2025. The average MLS^® residential price in BC in July 2026 was down 1.3 per cent at $929,619 compared to $942,247 in July 2025.

Total MLS^® residential sales dollar volume was $6.1 billion, down 7.9 per cent from the same time the previous year. BC MLS^® unit sales were 18.8 per cent lower than the ten-year average for the month of July.

“Seasonally adjusted sales activity rose from the previous month across most of BC, while weaknesses remained concentrated in the Lower Mainland,” said BCREA Chief Economist Brendon Ogmundson. “Looking ahead, resilience in the economy and a recovering labour market should translate to regional markets converging to long-term averages over the next year.”

Year-to-date, BC residential sales dollar volume is down 6.7 per cent to $38.04 billion, compared with the same period in 2025. Residential unit sales are down 5.6 per cent year-over-year at 40,432 units, while the average MLS^® residential price is also down 1.2 per cent to $940,948.