Housing prices falling, supply increasing across Okanagan

By Kathy Michaels Global News

A new crop of housing has popped up on Okanagan real estate pages this spring and area realtors said this will come as a relief to those looking for a new home.

New residential listings had an uptick of 34.3 per cent compared to April 2023 with 3,409 new listings recorded last month.

The total number of active listings increased 41.6 per cent of total inventory compared to April 2023 with 8,838 recorded across the region.

The highest percentage increase in active listings was in the Shuswap/Revelstoke region with a total increase of 58.5 per cent compared to April 2023.

“It could merely be a case of the seasonal Spring market finally hitting its stride, a case of government policies coming into play or simply due to an adjustment of expectations aligning more with current market conditions,” Association of Interior Realtors president Kaytee Sharun said in a press release, offering some insight into the changes.

“After years of having an inventory drought challenging homebuyers, this upswing in listings will come as a relief to buyers as it expands their options making finding a dream home a more viable reality than when limited options may have had them settling for the next best.”

Pricing is also improving for buyers.

The benchmark price for single-family homes decreased by 3.6 per cent in the Central Okanagan, falling to $1,009,000.

In the North Okanagan the benchmark price fell by 4.6 per cent to $738,500 and in the Shuswap prices fell by 4.2 per cent to $688,000.

Meanwhile, the South Okanagan region had a slight increase of 1 per cent in the benchmark price, coming in at $758,000.

Benchmark pricing in the townhome housing category saw decreases compared to April 2023 across all regions with the highest percentage decrease recorded in the South Okanagan coming in at $509,100.

In the condominium housing category, all regions, with the exception of the South Okanagan, had decreases in the benchmark price for April 2024 compared to the same month last year.

While there were swings with pricing and supply, there were also some more sales year over year.

A total of 1,282 residential unit sales were recorded across the Association region in April coming in above March’s 977 units sold and almost on par compared to April 2023 with a 0.1 per cent decrease.

“After the lukewarm activity in March, it’s nice to see that the bustling spring market has arrived,” Sharun said. “While it may have taken longer to arrive than usual, this spring activity is indicative of a normal seasonal real estate market.”

Pam Martin, Xeva Mortgage, Kelowna Mortgage Broker, Mortgage Broker Kelowna, Best Mortgage Rates, Okanagan Mortgage Broker, Vancouver Mortgage Broker, BC Mortgage Broker, Canada Mortgage Broker, Reverse Mortgage Specialist