Residential sales fell across the Okanagan in July, so much so that the Association of Inland Realtors is reporting a pre-pandemic activity level across the region.
Sales of nearly 1,200 housing units were completed across the interior region last month – a 33.3 percent decrease compared to the number of units sold during July of last year.
“It topped the market in March, so we’ve seen it correct since then,” said Steve Wright, realtor Royal Lepage.
“We were selling 75 percent of our single-family homes last year, and this year we’re selling 25 percent of our single-family homes. So, the market correction and single-family homes seem to be doing the correction right now.”
Home sales and prices in Metro Vancouver and Fraser Valley continue to decline
A drop in sales last month may result in a drop in asking price. In July, the average number of days it took to sell a home in the Okanagan rose slightly to 47, compared to 45 days in June. While it is important to note that the average number of days in the market will vary depending on the type of home and sub-area.
“It usually takes the seller four to six months of refusal to know they have to drop their price. Meanwhile, the buyer has come up with a solution within four to six minutes.
“So, yes, we are seeing a lot of price corrections for those who have the desire or need to sell, but there are still people… who catch sucker fish.”
Although July home sales in the region fell to pre-pandemic activity, Wright says there are a few hot spots in the southern Okanagan that catch his eye.
Here’s how high interest rates affect apartment demand in Canada
“I’ve cut a number of sales in the Osoyoos area this year and the prices are about the same, maybe a little lower but about the same as Kelowna. Maybe Oliver is a little less expensive. Oak Falls and Penticton are delayed but not much,” Wright explained.
One of the trends to watch in Kelowna according to Wright is the development of high-rises in the middle of the city.
“It will be interesting to see if they release them, you know if they are as bought as 85 or 90 percent as they currently are,” Wright said. “One Water and Ella and some of those others are downtown… so we’ll kind of look to see when they get released, how many people are actually applying.”
Council voted in favor of exemption from the height of UBCO برج
The standard July cost of a single-family home in central Okanagan is $1,060,400 — an increase of 9.4 percent from the same time last year, while the benchmark for a townhouse is $783,500 and a condo/condo is $522,100.
There are currently 7,698 active listings with the Association of Inland Realtors, which includes Okanagan, Shuswap/Revelstoke, the South Peace River District, and Kootenays, a 56.8 percent jump from July of 2021.