Prices/Holiday Cool Market
Photo: Canadian Press
The local real estate market began to slow in November, as it usually does before the holidays.
Most benchmark prices also headed south.
The Interior Realtors Association released November numbers Wednesday, with 230 sales in the Central Okanagan, down from 263 in October. The same was true in the North Okanagan, where he had 104 transactions, down from 139 the previous month. There were 813 sales across the AIR region, down from both October 2022 and November 2022.
“Seasonally, it is not unusual for market activity to weaken in the lead-up to the December holidays,” AIR President Chelsea Mann said in a press release. “Buyers and sellers continue to feel frustrated and constrained by high mortgage rates.
“Borrowing costs have created a disconnect between what buyers can afford given the interest rate pinch and what buyers want and expect is currently achievable, making it unaffordable in many regions. This has become difficult for some given the lack of affordable supply in the region. ”
The benchmark price for a single-family home in the Central Okanagan fell below $1 million for the first time since February, at $991,700. The standard price for a single-family home in the North Okanagan also fell to $734,800 in November.
The only benchmark price in the two Valley regions to increase last month was for townhouses in the Central Okanagan, which rose 2.4 per cent to $756,500.