Okanagan home prices remained steady in February, despite a 32% spike in active listings on a year-over-year basis, according to fresh data from the Association of Interior Realtors.
鈥淚t is refreshing to see overall market activity starting to pick up ahead of spring which is typically a busier season for real estate transactions,鈥 said Chelsea Mann, the associationB次元官网网址 president, in a press release this week.
鈥淲ith more potential interest rate improvements on the horizon, we are seeing more sellers who were previously hesitant to list gearing to jump in before the general real estate market spring rush.鈥
Sale prices of benchmark single-family homes fell 3% in the South Okanagan to $691,00 on a year-over-year basis in February and rose 4% to $1.001 million in the Central Okanagan.
The total number of homes sold held steady, too, with 446 changing hands across the Okanagan in February 2024 versus 459 in the year-ago period.
The total transaction value of all those deals last month was $308.6 million, compared to $346.2 million in February 2023.
But at the same time, the number of active listings in the Okanagan rose on a year-over-year basis by one-third from 2,983 to 3,950. On its own, the South Okanagan saw a 43% spike to 1,072 active listings last month.
Meanwhile, the Bank of Canada on Wednesday held its key overnight lending rate at 5%, unchanged since July 2023.
鈥淲ith inflation still close to 3% and underlying inflationary pressures persisting, the assessment of governing council is that we need to give higher rates more time to do their work,鈥 said Tiff Macklem, the bankB次元官网网址 governor, in his announcement.
As of Wednesday, the big banks鈥 best interest rates for conventional five-year fixed mortgages were hovering around 6.8%.
PRICE CHECK
Benchmark prices for Okanagan homes in February 2024 with year-over-year % change
SOUTH OKANAGAN
Single-family: $691K (鈥 3%)
Townhouse: $484K (鈥12%)
Condo/apartment: $415K (鈥5%)
CENTRAL OKANAGAN
Single-family: $1M (+4%)
Townhouse: $755K (鈥 4%)
Condo/apartment: $509K (+2.5%)
NORTH OKANAGAN
Single-family: $735K (+2%)
Townhouse: $559K (鈥 4%)
Condo/apartment: $341 (+4%)
Source: Association of Interior Realtors
* Benchmark properties are those with what the realtors鈥 association considers 鈥渢ypical鈥 assets and is viewed as a more accurate indicator than pure averages.