Prices, sales down across most of Okanagan housing market

Prices for single-family homes and overall sales volumes continued softening on a year-over-year basis across the Okanagan in March, according to fresh data from the Association of Interior Realtors.

While the price of a benchmark single-family home in the Central Okanagan just barely topped the $1-million mark in March, it was down 9% from $1.1 million in the year-ago period.

The same benchmark single-family home in the South Okanagan slid 5% to $698,000 over the past year, while in the North Okanagan it fell 7% to $728,000.

The markets for other housing types were more variable, ranging from a 19% spike in townhouses prices in the North Okanagan to an 11% hit to condo prices in the Central Okanagan.

A total of 766 homes changed hands across the Okanagan last month, down by nearly half from 1,229 in March 2022. At the same time, the number of active listings more than doubled over the same timeframe from 2,798 to 4,692.