June North Okanagan Real Estate Report 2024
Learn More
Do you want content like this delivered to your inbox?

2023 IS IN

2023 is in the Rear View!

High Interest Rates Continues to Chill Local Residential Real Estate Markets

KELOWNA, B.C. – January 4th, 2024. Residential real estate market sales activity for December cooled as high interest rates continued to impact the real estate market, reports the Association of Interior REALTORS® (the Association).

A total of 528 residential unit sales were recorded across the Association region in December coming in below November’s 813 units sold and representing a 12.4% decrease in sales compared to December 2022. New residential listings saw a healthy increase of 16.7% compared to December 2022 with 859 new listings recorded last month. The total number of active listings saw an increase of 24.3% of total inventory compared to December 2022 with 5,889 recorded across the Association region. 

The highest percentage increase in active listings was seen in the South Okanagan for another consecutive month with a total increase of 47.5% compared to December 2022. “While we usually see a slowdown in market activity during the holiday season, sales activity was slower than usual in December” says the Association of Interior REALTORS® President Chelsea Mann, adding that “buyers and sellers who have been waiting on the sidelines for potential interest rate relief may likely still be optimistically holding off on pursuing their real estate endeavours to see if the new year will finally provide more favourable mortgage rates.”

“Overall, 2023 was a bit of a weak year for real estate sales with three rate hikes, devastating wildfires, a lack of affordable housing and other outside factors all likely contributing to a general slowdown in transactions,” says Mann. The benchmark price for single-family homes saw an increase in the South Okanagan and Shuswap/Revelstoke regions in year-over-year comparisons, while the Central Okanagan and North Okanagan regions saw moderate decreases of 3% and 1.7% respectively. 

Benchmark price in the townhome housing category saw decreases in the Central Okanagan and South Okanagan yet increased in the North Okanagan and Shuswap/Revelstoke regions compared to December 2022. In the condominium housing category, all regions, with the exception of the South Okanagan, saw decreases in the benchmark price for December 2023 compared to December 2022.

The average number of days to sell a home, always a good barometer to watch, increased to 78 days compared to November 2023’s 69 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.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. We're here to help.


December North Okanagan Real Estate Report 2023

Chris Holm & Associates

We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan.  We are a true real estate co...

We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan.  We are a true real estate co...

Jan 11 3 minutes read

Curious about what
your home is worth now?

Get an accurate home value report from our team. 

We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info

Terms of Use

This website is operated by Chris Holm Associates/Chris Holm, REALTOR®, a Salesperson who is a member of The Canadian Real Estate Association (CREA). The content on this website is owned or controlled by CREA. By accessing this website, the user agrees to be bound by these terms of use as amended from time to time, and agrees that these terms of use constitute a binding contract between the user, Chris Holm Associates/Chris Holm, REALTOR®, and CREA.


The content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other reproduction, distribution or use of the content, in whole or in part, is specifically prohibited. Prohibited uses include commercial use, “screen scraping”, “database scraping”, and any other activity intended to collect, store, reorganize or manipulate the content of this website.


REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA’s By-Laws, Rules, and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the professional real estate services provided by members of CREA.

Liability and Warranty Disclaimer

The information contained on this website is based in whole or in part on information that is provided by members of CREA, who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members, and assumes no responsibility for its completeness or accuracy.


Chris Holm Associates/Chris Holm, REALTOR® may at any time amend these Terms of Use by updating this posting. All users of this site are bound by these amendments should they wish to continue accessing the website, and should therefore periodically visit this page to review any and all such amendments.