The benchmark price for a single-family home in the Central Okanagan has dropped for the fifth-straight month.
Statistics from the Association of Interior Realtors put the price at $981,800. Residential real estate sales for September in the region saw a similar slowing down as all other markets in the province. A total of 1,084 residential unit sales were recorded across the Association region last month, down 37.3 per cent compared to September 2021.
“We are seeing that the Bank of Canada’s interest rate tightening in the last few months is keeping some buyers on the sidelines although demand remains strong,” Lyndi Cruickshank, association president. “With no mortgage rate relief anticipated any time soon, some potential homeowners are constrained from being able to enter the real estate market.”
Pent-up demand is still outpacing supply, however, the increased levels now offer buyers greater options and opportunities than they experienced in early 2022, noted Cruickshank.
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan, and Shuswap/Revelstoke regions saw increases in year-over-year comparisons across all home categories.
The average number of days to sell a home remained unchanged from August, coming in at 57 days.