Market slows down in September
Photo: Canadian Press
Last month, benchmark prices and sales volumes across the Central and North Okanagan regions declined significantly.
The Interior Realtors Association released monthly statistics Thursday, revealing benchmark prices for single-family homes, townhouses and condominiums have fallen 5.8%, 3% and 8.5%, respectively, since August.
Single-family home prices fell by more than $62,000, but are still in the seven-figure range at $1,006,300.
The number of homes sold in the Central Okanagan fell from 359 in August to 264 last month, possibly due to high interest rates or the fact that some people were unable to get insurance due to the McDougall Creek wildfire. there is a possibility.
“Typically, the fall market begins to pick up steam in September,” AIR President Chelsea Mann said in a press release. “However, this month’s sales activity suggests that the weight of high interest rates continues to hold both buyers and sellers back. Many buyers and sellers are putting the brakes on their real estate efforts and borrowing money. They seem to be taking a wait-and-see attitude in hopes that costs will come down.
“However, a market slowdown does not mean deals are not still occurring. Homes priced appropriately to reflect current market conditions are still selling at an even pace.”
In the North Okanagan, the benchmark price for a single-family home fell 4.6 per cent to $728,100, with townhouse prices also down 4.6 per cent. Condo prices plummeted 8.2% to $321,500.
After 1,265 signatures on the dotted line in August, there were 977 sales across the AIR region last month. Inventory also increased in nearly all housing categories.
