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July 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...

Aug 10 2 minutes read

The real estate market is always changing!


The real estate market is always changing, here in the North Okanagan, nationally and beyond. Below is your 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟯 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝘂𝗽𝗱𝗮𝘁𝗲 inclusive of year-over-year sales stats, current benchmark prices, inventory levels and more.

If these figures have you wondering what your own buying and selling journey may look like in 2023, please reach out, our team is always here to help! 



Provincially Speaking... Bank of Canada Upends Summer Sales Recovery


Vancouver, BC – August 10, 2023.
The British Columbia Real Estate Association (BCREA) reports that a total of 7,103 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in July 2023, an increase of 25.9 percent from July 2022. The average MLS® residential price in BC was $967,948, up 5.6 percent compared to July 2022. The total sales dollar volume was $6.9 billion, representing a 33 percent increase from the same time last year. 

“Home sales are up significantly since this time last year,” said BCREA Chief Economist Brendon Ogmundson. “That said, there are signs that the most recent Bank of Canada rate increases are slowing activity as mortgage rates climb to their highest levels in over a decade.”

Active listings in the province were flat compared with July 2022, at just over 31,000 total listings, and were up for the second consecutive month on a monthly, seasonally adjusted basis, as new listings return to more normal levels and sales moderate.

Year-to-date BC residential sales dollar volume was down 20.9 percent to $46.3 billion, compared with the same period in 2022. Residential unit sales were down 16.3 percent to 47,508 units, while the average MLS® residential price was down 5.4 percent to $975,232.  

 

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