Transactions and home prices mostly fall in Central, North Okanagan in November

Rates, holidays cool market

The local real estate market started slowing in November like it usually does prior to the holidays.

Most benchmark prices also headed south.

Association of Interior Realtors released its November numbers on Wednesday, and there were 230 sales in the Central Okanagan, down from 263 in October. It was the same story in the North Okanagan, where the 104 transactions dropped from 139 the month before. There were 813 sales across the entire AIR region, which represented a decrease from both October and November 2022.

“Seasonally, it is not unusual for market activity to soften as we head into the December holidays,” AIR president Chelsea Mann said in a press release. “Buyers and sellers are still feeling frustrated and constrained by high mortgage rates.

“The cost of borrowing is creating a disconnect between what is currently achievable for buyers in terms of what they can afford given the interest rate pinch versus what may be their desired expectations, which makes it challenging for some given the lack of affordable supply in many regions.”

The benchmark price for single-family homes in the Central Okanagan fell back below the $1 million mark for the first time since February, checking in at $991,700. The benchmark for a North Okanagan single-family dwelling also dropped in November, to $734,800.

The only benchmark price in the two valley regions that increased last month was the Central Okanagan townhouse mark, which jumped 2.4% to $756,500.

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