Okanagan Housing Update – November 2023

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With one month left in 2023, residential real estate market sales activity hit its seasonal slowdown ahead of the holiday season during the month of November, reports the Association of Interior REALTORS®* (the Association^).


Residential Home Sales 

A total of 813 residential unit sales were recorded across the Association region in November coming in below October’s 977 units sold and representing a 5.9% decrease in sales compared to November 2022.



New residential listings increased 7% compared to November 2022 with 1,577 new listings recorded last month. The total number of active listings saw an increase of 19.9% of total inventory compared to November last year with 7,102 recorded across the Association region. The highest percentage increase in active listings continues to be dominated in the South Okanagan with a total increase of 38.8% compared to the same month last year.

“Seasonally, it is not unusual for market activity to soften as we head into the December holidays,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “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,” says Mann.  


Home Sales by Property Type  

The benchmark price for single-family homes in the South Okanagan, North Okanagan and Shuswap/Revelstoke regions all saw increases in year-over-year comparisons, while the Central Okanagan region saw a marginal decrease of 1.6% in single-family homes, coming in at $991,700. Benchmark price in the townhome housing category saw decreases across all regions compared to November 2022. In the condominium housing category, all regions, with the exception of the South Okanagan, saw decreases in the benchmark price for November 2023 compared to the same month last year.


Days on Market 

The average number of days to sell a home, always a good barometer to watch, decreased to 69 days compared to the previous month’s 73 days. It’s important to note that the average number of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.


Welcome to an Elevated Real Estate Experience 

At Stilhavn, we continue our relentless pursuit of excellence because it’s our intrinsic belief that our clients deserve better than the status quo. When you become a client with Stilhavn you become a client for life, and it is our privilege to serve not only our local Okanagan market, but further corners within the Lower Mainland. 

We keep our fingers on the pulse, we collaborate extensively across our teams, and we are committed to providing an elevated experience when it comes to your next buying or selling journey. 


*All statistics are courtesy of The Association of Interior REALTORS®.
^The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,500 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops and Kootenay regions, as well as the South Peace River region.
The Association of Interior REALTORS® was formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board. The Association has since also amalgamated with the Kamloops & District Real Estate Association and the Kootenay Association of REALTORS®.