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April Market Snapshot
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Thinking of Downsizing - PART IV
Selling in 2027: What Downsizers Can Do Now to Make the Transition Easier Later
Selling in 2027 doesn’t mean waiting until 2027 to act. The most confident downsizers use the years leading up to their sale to make thoughtful, low-stress decisions.
Focus on flexibility, not rigid timelines
Instead of locking yourself into a date, focus on understanding:
- Which housing types suit you best
- What resale looks like for condos and townhomes
- Which Vernon neighbourhoods align with your lifestyle
Flexibility gives you control when opportunity appears.
Reduce future friction, one step at a time
Small steps now make a big difference later:
- Simplify possessions gradually
- Organize important documents
- Maintain your home consistently
This protects your energy — not just your finances.
Storage deserves its own strategy
One of the most common regrets I hear from downsizers is:
“I didn’t realize how much I’d miss having easy access to my things.”
Before you move:
- Inventory your gear honestly
- Decide what must stay close
- Choose housing that supports your lifestyle, not fights it
Whether it’s bikes, skis, kayaks, or travel gear, convenient storage often determines long-term satisfaction.
Remember: downsizing is a process
The goal isn’t just to sell a house. It’s to move into a home that feels lighter, easier, and aligned with how you want to live next.
January Market Snapshot
January Solid in the North Okanagan
Items of Note for January
- North Okanagan Year-over-Year sales down 1%.
- Sales 10% below the 10 Year Average.
- North Okanagan on the fence between a Buyer's and Balanced Market
- Central Okanagan sales down 16% Year-over-Year and 21% below the 10 Year Average
- British Columbia residential home sales down 24.4% Year-over-Year and 31% below the 10 Year Average
- Bank of Canada holds overnight rate at 2.25%
A Promising Start to the Year in the North Okanagan
2026 is off to a solid start here in the North Okanagan! While many parts of BC saw slower sales in January, our market held remarkably steady. Home sales were down just 1% from last year and sit about 10% below the 10-year average — much stronger than the provincial picture, where sales dropped more than 24% and 31% respectively.
Prices remained fairly steady. The median sale price rose 8% year-over-year to $680,000, the average price came in at $685,756 - up 3%, while the overall composite benchmark price eased slightly.
With interest rates holding steady, the North Okanagan continues to show resilience and stability. All in all, a fairly solid kickoff to the year!
Sales
North Okanagan Unit Sales were down 1% Year-over-Year (79 vs 80) and come in 10% below the 10 Year Average. 
Median Sales Price
- Median Selling Price was $680,000, which was up 8% Year-over-Year ($628,750), and also up from Dec ($638,000).
Average Sales Price
- Average Selling Price was $685,756, which is up 3% Year-over-Year ($668,100), but down from Dec ($770,635).
Benchmark Price
- Single Family Home Benchmark price is $745,200, which is down 1.7% Year-Over-Year and down from Dec ($753,900)
- Townhome Benchmark price is $504,900, which down 3.1% Year-over-Year and down from Dec ($556,500).
- Condo Benchmark price is $324,800, which is down 2% Year-over-Year but up from Dec ($302,700).
- The Overall Composite Benchmark Price for the North Okanagan was down 1.4% Year-over-Year ($636,900 vs $645,900) and down from Dec ($653,500).
Composite Benchmark Selling Price for the North Okanagan since March 2020. 
New Listings hitting the market were down 15% Year-over-Year (176 vs 207) which is about 7% above the 10-Year average (165). 
Active Listings are unchanged Year-over-Year (676 vs 677), which puts the North Okanagan about 14% above the 10 year average (593) for the month of January.
The overall North Okanagan market downgraded from a balanced market to straddling the fence between a Balanced Market and a Buyer's Market.
The Sales to Active Listings ratio is 11.6% (down from 14% in Dec).
Between 12-25% is considered a Balanced Market.
The Sales to New Listing ratio is 45% (down from 86% in Dec).
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 83 days. This is up slightly Year-over-Year (82) and up from December (81).
Central Okanagan
Unit Sales in the Central Okanagan for January were down 16% Year-over-Year (203 vs 241), which is 21% below the 10 Year Average of 257.
Benchmark Price
- Single Family homes price $1,060,300 which is basically unchanged Year-over-Year and up from December ($1,045,700)
- Townhome price $678,400 which is down 8.7% Year-over-Year but up slightly from December ($675,700)
- Condo price is $504,600 which is down 1.6% Year-over-Year but up from December ($470,600)
- The Overall Composite Benchmark Price for the Central Okanagan was down 1% Year-over-Year ($791,000 vs $799,700) but up from December ($773,300)
December saw 767 New Listings hit the market, which is down 13% Year-over-Year (885) and 26% above the 10-Year Average of 607.
And the 2323 current Active Listings is down 4% Year-over-Year (2414) and is 38% above the 10-year average of 1689.
With a Sales to Active Listings ratio of 9% and Sales to New Listings ratio of 26% the Central Okanagan continues to be in a Buyer's Market.
For the full report click here
Thinking of Downsizing - Part III
Selling in 2027: Why Downsizers in the North Okanagan Benefit From Thinking Ahead
If your goal is to sell in 2027, you’re already ahead of the curve just by thinking about it now.
The smoothest, least stressful sales are rarely rushed. They’re planned.
Market cycles matter — especially locally
The Vernon and North Okanagan market shifts with interest rates, inventory levels, and buyer demand. Planning ahead allows you to:
- Watch trends instead of reacting to them
- Adjust timing if conditions change
- Avoid selling under pressure
When you’re informed early, you get to choose when to act — not feel forced.
Equity planning is central for downsizers
For many homeowners, the family home represents decades of equity. Early planning helps you:
- Estimate realistic net proceeds
- Compare buying vs renting
- Decide whether to sell first or buy first
Clarity reduces anxiety and makes the next step feel achievable.
Storage and lifestyle planning belong here too
Many people don’t think about storage until after they’ve sold — and that’s often when regret sets in.
Ask yourself now:
- Will my future home fit the lifestyle I want to keep?
- Do I want easy access to my gear, or am I okay with downsizing hobbies?
- Would a storage unit add ongoing cost and inconvenience?
These questions shape better decisions — long before you list.
Think about future you
Health, energy, and mobility change. Planning early lets you:
- Move once instead of multiple times
- Choose a home that works long-term
- Reduce physical and emotional stress
Thinking of Downsizing in 2026 - Part II
Downsizing in 2026: How to Prepare Your Home Without Overdoing It
If 2026 is your target year to downsize, preparation is your biggest advantage. What you do before you list often has a greater impact on your outcome than what you do once the sign goes up.
The biggest mistake downsizers make? Waiting too long to prepare — then feeling rushed.
Declutter early, but with intention
Start where buyers won’t see — and where stress quietly builds:
- Garages
- Storage rooms
- Spare bedrooms
- Filing cabinets and paperwork
This isn’t about purging everything. It’s about identifying what truly needs to come with you — especially items tied to your lifestyle.
Decide what’s worth keeping close
This is the moment to separate:
- Daily-use items
- Seasonal gear you actively enjoy
- “Just in case” items that haven’t been used in years
If you ski every winter, bike weekly, or paddle all summer, you’ll want a future home that accommodates that without friction. If you travel all winter, your storage needs will look very different.
Downsizing works best when your next home supports your life — not when it forces constant compromises.
Focus on updates that buyers actually value
You don’t need a full renovation. In Vernon’s established neighbourhoods, buyers respond best to:
- Fresh, neutral paint
- Updated or well-maintained flooring
- Good lighting
- Minor repairs completed
Homes that feel clean, bright, and well cared for consistently outperform those that feel dated or deferred.
Get a planning conversation early
A no-pressure review 12–18 months out helps you:
- Decide what updates are worth doing
- Avoid unnecessary spending
- Time your sale more confidently
Preparation creates options — and options create leverage.
Thinking of Downsizing in 2026 - Part I
Downsizing in 2026: Start With the “Why” — and the Lifestyle You Actually Live
If you’re considering downsizing in 2026, the most important work doesn’t start with listings, floor plans, or even price ranges. It starts with understanding why you want to downsize — and how you actually live day to day in the Vernon and the North Okanagan area.
Downsizing done well isn’t about giving things up. It’s about right-sizing your home to fit your next chapter.
Clarify the real motivation behind your move
Local downsizers often share similar goals, but they don’t all need the same type of home. Ask yourself:
- Are you looking for less maintenance and yard work?
- Do stairs feel less appealing than they once did?
- Are you traveling more and want a “lock-and-leave” lifestyle?
- Are you freeing up equity for retirement or family?
Your answers shape every decision that follows — especially what type of home will work best.
Lifestyle matters more than square footage
Many people focus on “smaller,” but the real shift is toward simpler living. In the Okanagan, that often means prioritizing:
- One-level or main-floor living
- Fewer exterior responsibilities
- Proximity to shopping, medical services, and recreation
- Quiet communities with strong resale demand
A 1,400 sq ft home that’s well designed can feel far more livable than a poorly laid-out 2,000 sq ft house.
Storage: the piece most downsizers underestimate
This is where many downsizing plans quietly fall apart.
Before choosing your next home, take an honest look at what you actually use and enjoy:
- Are you a pickleball player who travels south all winter?
- Do you ski SilverStar or Sovereign Lake, bike year-round, paddle or kayak Okanagan or Kal Lake?
- Do you own multiple bikes, skis, or seasonal gear?
- Do you have a boat, side-by-side or travel trailer?
Many downsizers quickly realize that off-site storage units are inconvenient, costly, and frustrating over time. Repeated trips across town to grab gear often take the joy out of the lifestyle they were trying to preserve.
In this market, smart downsizers look for:
- Oversized garages
- Secure storage lockers
- Ground-level storage rooms
- Space that keeps their lifestyle close by, not locked away
Give yourself emotional breathing room
Downsizing is both practical and emotional. Starting early in 2026 gives you time to:
- Let go gradually
- Talk through concerns
- Avoid rushed decisions
The goal isn’t to move fast — it’s to move well.
The True Cost of Home Ownership
The True Cost of Homeownership: What You Pay Beyond the Mortgage
When many new Canadian homebuyers calculate whether they can afford a new home, they focus almost exclusively on one number: the monthly mortgage payment. It’s the figure lenders use for the mortgage stress test, the number real estate agents discuss during showings, and the benchmark buyers use to determine their budget.[ratehub]
However, the mortgage is only the starting line. Homeowners also pay for property taxes, insurance, utilities, strata special levies, surprise repairs, and ongoing maintenance. According to housing cost breakdowns from Ratehub, these non-mortgage expenses can easily add $1,500 or more per month on top of the mortgage, depending on the home and location. When you factor in these costs, a $3,000 monthly mortgage can quickly push total housing expenses well beyond $4,500 per month.[ratehub]
So while qualifying for a mortgage answers one question, “Can a bank trust you with this loan?”, it doesn’t answer the more important one: “Can you comfortably maintain this lifestyle?”
In today’s market, about one in four Canadian homebuyers report experiencing at least some post-purchase regret. While most homeowners remain satisfied, research shows that regret often emerges when the true cost of ownership—such as maintenance, repairs, and ongoing living expenses—was higher than expected. To reduce the risk of buyer’s remorse, it’s critical for homebuyers to plan not just for the mortgage payment, but for the full cost of living in the home.ratehub+1
The Predictable Ongoing Costs
Property Taxes
Property tax bills have been rising in many Canadian cities as municipalities work to fund infrastructure and services. In 2024, the median year-over-year change in property tax rates among 24 major Canadian cities was about 4.9 percent, with some regions experiencing even greater increases.[zoocasa]
Property taxes aren’t fixed. Reassessments and rate changes happen regularly, and as neighbourhood values rise, so do tax bills even when the rate stays the same.[zoocasa]
Home Insurance
As of 2026, home insurance premiums in Canada have entered a “new normal.” Record weather-related losses in recent years, combined with higher rebuilding and replacement costs, continue to push insurers to raise rates and reassess risk across many regions.[ca.investing]
In some provinces, home insurance premiums have increased sharply over the past decade, with upward pressure emerging nationwide. As insurers recalibrate risk at the postal-code level, homeowners can see their premiums rise $100–$200 per month in a single year—even without making a claim or changing coverage.[ca.investing]
Condo and Strata Fees
For buyers entering the condo market, monthly fees typically range from $0.60 to $1.00 per square foot, depending on the building and amenities. These fees are mandatory and are used to fund day-to-day operations as well as long-term reserve funds for major repairs.[ratehub]
By contributing regularly, owners help reduce the risk of large, unexpected special assessments later on.[ratehub]
Utilities
Homeowners should budget between $250 to $600 monthly for utilities including electricity, heating, water, internet, and phone services, with costs varying based on your home’s size and location. These expenses often come as a surprise to first-time buyers, particularly those transitioning from apartment living where some utilities may have been included in rent. Larger homes naturally require more energy for heating and cooling, while properties with outdoor spaces may see higher water usage during warmer months.[ratehub]
The "Commuter Tax"
There’s also what might be called “the commuter tax.” Moving to suburban markets for a cheaper house can increase gas and transit costs that often negate the mortgage savings. That apparent price difference can disappear quickly if you’re spending hundreds of dollars more each month on commuting.
Routine Maintenance
Beyond emergencies, Canadian homes require ongoing care: lawn service, gutter cleaning, pest control, HVAC servicing, snow removal, and seasonal tasks. These aren’t luxuries for many households—they’re practical solutions to time constraints and property upkeep in Canada’s demanding climate. Collectively, these services can add $200–$400 monthly to ownership costs.[ratehub]
The Irregular—but Inevitable—Expenses
Major System Replacements
This is where many Canadian homeowners get caught off guard. Maintenance and repairs aren’t a matter of if but when—and rising labour and material costs have made these repairs significantly more expensive in recent years.[ca.investing]
According to Statistics Canada and industry cost reports, home repair and maintenance costs have increased materially since 2018, driven by construction inflation and labour shortages. As a result, homeowners are commonly advised to budget 1%–2% of their home’s value annually for maintenance and long-term repairs.ratehub+1
Major system replacements can add up quickly:
-
Roof replacement: $8,000–$15,000+
-
HVAC (furnace or heat pump): $5,000–$12,000
-
Water heater: $1,200–$2,500
-
Foundation repairs: $4,000–$15,000+
These aren’t hypothetical expenses—they’re inevitable over time, with uncertain timing and rising costs.
Use the inspection as a planning tool. A 15-year-old furnace or aging roof signals $8,000–$15,000 in likely expenses within the first few years. That’s not a deal-breaker—it’s a budget roadmap. Buyers who understand these timelines can plan strategically instead of scrambling when systems fail.
Canada’s climate makes this worse. The “freeze-thaw” cycle wears down roofs, driveways, and foundations faster than in many milder climates, shortening the effective lifespan of key components. A roof that might last 25 years in a gentler environment may need replacement years sooner in parts of Canada.
Newer isn’t maintenance-free. Newer builds offer a temporary reprieve, but systems still age, warranties expire, and eventually every home requires major capital improvements.
Emergency repairs happen at the worst times. An HVAC failure during a cold snap, a burst pipe in winter, or ice dam damage to the roof—these scenarios happen when it’s least convenient and most expensive. Without liquid reserves, a single emergency can derail finances entirely.
Ownership Costs That Creep Up Over Time
Here’s what surprises many first-time Canadian buyers: the so-called “fixed costs” of homeownership aren’t actually fixed.
While a locked-rate mortgage provides payment stability for your term (typically 5 years in Canada), the other components—taxes, insurance, and condo fees—can climb significantly year over year due to inflation, climate risk, and local policy changes. A mortgage payment that felt comfortable at closing can feel tight three years later, even without lifestyle changes.[zoocasa]
The “2026 Renewal Wall” presents a significant challenge for Canadian homeowners. Approximately 60% of all outstanding mortgages in Canada are expected to renew in 2025 or 2026, with many owners facing substantial payment increases. Unexpected costs go beyond just maintenance and repairs. Many homeowners will experience sticker shock when their mortgage payments reset at higher rates upon renewal.collectorhq+1
The same gradual creep affects utilities, maintenance services, and every other aspect of homeownership.[ratehub]
Planning Smarter: How Canadian Homeowners Can Stay Ahead
Create a Dedicated House Repair Fund
Separate from emergency savings, this fund exists solely for home maintenance and repairs. Treat it like a non-negotiable monthly bill—set up automatic transfers so it happens without thinking about it.
The old rule of saving 1% of your home’s value annually for repairs is proving insufficient for some homeowners, particularly those with older properties or homes experiencing extreme weather. Aim for 2% if possible. For a newer home with recent updates, less might suffice. For an older property or one with systems nearing end-of-life, you’ll likely need to plan for greater costs.[ratehub]
Don’t Drain Your Savings at Closing
Cash reserves protect against surprises and prevent forced debt when repairs arise. If possible, keep a liquid emergency repair fund after closing rather than putting every available dollar into the down payment or immediate renovations. That breathing room matters more than most buyers realize.[ratehub]
Invest in Preventative Maintenance
Annual furnace servicing, gutter cleaning, and seasonal inspections catch small problems before they become expensive emergencies. A modest service call that prevents a major system failure is almost always worthwhile.
Create a seasonal maintenance calendar: HVAC checkups in spring and fall, gutter cleaning before winter, roof inspections after major storms. Consistency prevents costly surprises.
Leverage Canadian Tax Advantages
Consider leveraging Canadian tax advantages to build these reserves. First-time buyers should keep their FHSA (First Home Savings Account) open after purchase, or use the tax refund generated by it to seed their repair fund. The tax benefits you received while saving for the down payment can continue working for you as a homeowner.[ratehub]
Know Your Home’s Systems and Timelines
Understanding when major systems were last replaced helps predict future expenses. A 15-year-old water heater isn’t an emergency today, but it signals a likely expense within the first few years of ownership. Planning beats scrambling.
Why Homeownership Still Makes Sense
Long-Term Equity Building
Mortgage payments build equity with every payment. Unlike rent, ownership creates a forced savings mechanism that compounds over decades. In most markets, homes appreciate over time, multiplying the wealth-building effect.[ratehub]
Stability and Control
Homeowners control their living environment. Want to renovate the kitchen, paint the walls, landscape the yard, or install solar panels? Ownership provides autonomy that renting does not. That control has both lifestyle and financial value.[ratehub]
Predictability vs. Rent Volatility
While ownership costs rise gradually over time, rent increases can be sudden and dramatic. A fixed-rate mortgage provides a level of predictability that the rental market cannot match.ratehub+1
Yes, taxes and insurance increase, but the principal and interest portion—typically a majority of the total payment—remains locked for your term. Renters face volatility on 100% of their housing costs.ratehub+1
Lifestyle Benefits
Beyond finances, homeownership offers intangible benefits: deeper community roots, stability for families, space for hobbies, and the pride of building something that’s truly yours. These benefits have real value, even if they don’t appear on a balance sheet.
The key is ensuring the financial foundation supports the lifestyle, not undermines it.
A Better Way to Think About Affordability
The true measure of affordability isn’t what a lender will approve—it’s what allows you to sleep well at night when the furnace fails or your mortgage comes up for renewal.
The smartest buyers calculate affordability as “mortgage plus carrying costs” from the start. This might narrow the price range slightly, but it creates breathing room and peace of mind that makes a house feel like a home.[ratehub]
Homeownership remains one of the most powerful wealth-building tools available to Canadian families, but only when approached with financial realism rather than maximum leverage. Having an honest conversation about what affordability truly looks like isn’t about limiting dreams—it’s about making sure those dreams don’t become financial nightmares.[ratehub]
2025 Year in Review
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 Market Snapshot
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 Sales Price
- 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.
For the full report click here
November Market Snapshot
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 Sales Price
- 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).
For the full report click here
Mark Nich Real Estate - Royal LePage Downtown Realty
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Mark Nich Real Estate - Royal LePage Downtown Realty
4007 32 St
Vernon,
BC,
V1T 5P2
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