The Canadian real estate market continues to change like the seasons. The good news is that home buyers had more options in October as more newly listed properties appeared on the market, however, the sales have not picked up quite yet due to high interest rates and remained below long-term averages. Whether you’re a potential buyer or seller, here is an insight on the trends and developments that have shaped the market during the month of October.
Residential Home Sales
A total of 1,012 residential unit sales were recorded across the Association region in October marking a slight increase over September’s 977 units sold and representing a modest 1.8% decrease in sales compared to October 2022.
Inventory
New residential listings increased 8.6% compared to October 2022 with 1,971 new listings recorded. The total number of active listings saw an increase of 17.1% of total inventory compared to October last year with 7,399 recorded across the Association region.
The highest percentage increase in active listings continues to be in the South Okanagan with a total increase of 37.7% and followed closely behind in the North Okanagan with a 26.6% increase in active listings compared to the same month last year.
“While we typically do see market activity ease up as the weather cools, the high cost of borrowing seems to be propelling a speedier seasonal slowdown than usual,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “buyers and sellers are left waiting in the wings despite high demand with the hope of seeing some interest rate relief on the horizon.”
“The impact of qualifying for mortgages seems particularly impeding to rate-sensitive buyers as they struggle to secure financing. It is more important now than ever that buyers get pre-approved ahead of their house hunting efforts to ensure their expectations can align with their needs,” says Mann. The benchmark price for single-family homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions all saw slight increases in year-over-year comparisons, while the South Okanagan region saw a marginal decrease of 0.5% in single-family homes, coming in at $741,800.
Home Sales by Property Type
Benchmark price in the townhome housing category saw decreases in the Central and South Okanagan, while the North Okanagan and Shuswap regions saw increases compared to October 2022.
In the condominium housing category, all regions, with the exception of the South Okanagan, saw increases in the benchmark price for October 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, increased to 73 days compared to the previous month’s 71 days. It’s important to note that the average number of days on the market is for the entire Okanagan region and that the indicator will vary depending on home type and subregion.
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.
