Market busier than expected
Photo: The Canadian Press
November real estate sales across the Interior were up compared to the same time last year, creating a market that was busier than it was expected to be.
Prices remained relatively stable across all Interior regions, but there were 20% more sales last month than there were in November 2023, according to data Association of Interior Realtors released Wednesday.
“While real estate market activity typically slows as temperatures drop, the market seems to have held on to some of the recovery seen in the fall with a healthy degree of sales above that of last November,” AIR president Kaytee Sharun said in a press release.
“The welcomed interest rate cuts of recent months may have helped spur a more optimistic outlook throughout the region, which may have contributed to busier than usual activity for this time of year.”
Benchmark prices in the Central Okanagan were up from October in the single-family ($1.013 million) and townhouse ($726,400) categories but down in the condo-apartment division ($476,500). It was the same story in the North Okanagan, with single-family ($761,800) and townhouse ($621,900) figures up and condo-apartment ($309,300) down.
Benchmarks in the South Okanagan were down in all three housing categories, and in two of three in the Kamloops, with the townhouse price the only one to increase from October.
“As consumer confidence appears to be gradually rebounding, pricing properties according to current market conditions will be crucial for real estate activity to maintain its current momentum as we head into the new year,” Sharun said.
AIR covers the including the Okanagan, Kamloops and Kootenay regions, as well as the South Peace River area.
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