Some housing prices still going up in the Okanagan

February saw a 50% increase in housing sales in Kamloops, the Okanagan and beyond.

And, while prices are down significantly over the peak market of a year ago, some categories are up in the Okanagan regions, according to data released today, March 7, by the Association of Interior Realtors.

“The uptick in sales activity compared to the previous month suggests that we are heading in a positive direction,” association president Lyndi Cruickshank said in a news release. “The overstimulated boom of the last few years, along with multiple mortgage rate hikes, made many buyers and sellers hesitant to make any moves. Now that the dust is starting to settle, these buyers and sellers can move forward in a transitionally healthier real estate market more reminiscent of pre-pandemic conditions.”

The Central and South Okanagan saw major increases in the average sale price of single-family homes in February versus January.

Central Okanagan single-family house prices climbed back above the $1 million where they’ve been for more than a year, other than a dip down in January.

That average price was $1,061,756 in February, up by almost $114,000 from the month before but well below the March 2022 peak of $1,281,050.

The Central Okanagan also saw townhome prices climb by almost $41,000 while condo prices were down $662.

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The South Okanagan saw a jump in average single-family house prices of almost $200,000, month-over-month, to $801,815.

It also saw condo prices go up by more than $71,000 while townhome prices dropped by $80,000.

Kamloops saw drops in month-over-month values in all categories with single-family homes down almost $30,000 in February to $615,500. Townhomes dropped by $42,588 and condos by $42,574.

In the North Okanagan, single-family house prices fell by more than $54,000, townhomes by more than $28,000 and condos by about $5,000.

There were 881 properties sold in the entire region covered by the real estate association. That includes the Shuswap/Revelstoke, Kootenay and South Peace regions.

While that’s up from the 555 units that sold in January, it’s a drop of almost 15% from February 2022.

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