NORTH OKANAGAN MAY 2025 OVERVIEW

Scroll to see what happened in North Okanagan real estate in MAY 2025.

LLocal Residential Real Estate Activity Remains Tempered Amid Uncertainty

KELOWNA, B.C. – June 4th, 2025. 

Residential real estate sales in May saw a slight decrease compared to the same time last year despite available inventory showing upward momentum, reports the Association of Interior REALTORS® (the Association). A total of 1,482 residential unit sales were recorded across the Association region in May, coming in above April’s 1,317 units yet down 4% from units sold in May last year.

New residential listings saw a 2.7% drop compared to May 2024 with 3,581 new listings recorded last month. The total number of active listings saw a 5.1% increase in inventory compared to May 2024 with 10,177 recorded across the Association region. With the exception of the Shuswap/ Revelstoke area that saw a decrease in active listings, all other Association regions saw moderate increases in overall inventory. “Market activity remains slightly subdued compared to historical norms, yet steady,” says the Association of Interior REALTORS® President Kadin Rainville, adding “economic uncertainty continues to be a key factor influencing market activity — either driving momentum or dampening engagement, depending on local conditions.” In the Okanagan and Shuswap/Revelstoke regions, the benchmark price for single-family homes saw increases last month in all sub-regions in year-over-year comparisons with the highest increase of 5.2% seen in the Shuswap/Revelstoke region, coming in at $766,700. 

The townhome housing category saw benchmark price increases in Central and South Okanagan of 2.9% and 3.9% respectively, coming in at $754,200 and $535,600. The benchmark pricing for townhomes in the North Okanagan and Shuswap/Revelstoke regions saw decreases of 4.2% and 6.2%, coming in at $567,000 and $524,700. 

The condominium housing category recorded the South Okanagan being the only region that saw a decrease of 4.9% compared to May 2024, coming in at $422,100. “Despite some misaligned buyer and seller expectations with current market conditions, where prices have remained remarkably stable, well-priced properties continue to change hands. Listing volumes are gradually increasing, though still lagging behind typical seasonal levels which is contributing to a more balanced market overall,” notes Rainville.

Provincially Speaking

Uncertainty Continues to Hold Back Sales Activity in BC

Vancouver, BC – June 12, 2025. The British Columbia Real Estate Association (BCREA) reports that 6,945 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in May 2025, down 13.5 per cent from May 2024. The average MLS® residential price in BC in May 2025 was down 4.2 per cent at $959,058 compared to $1,001,341 in May 2024.

The total sales dollar volume was $6.7 billion, a 17.1 per cent decrease from the same time the previous year. BC MLS® unit sales were 26 per cent lower than the ten-year May average.
 
“All regions of BC have seen declining home sales activity through the first five months of the year with more expensive markets slowing the most,” said BCREA Chief Economist Brendon Ogmundson. “Given that uncertainty is the main driver of the slowdown, we should see activity begin to recover as that uncertainty hopefully fades over the second half of the year.”
 
Year-to-date, BC residential sales dollar volume is down 12.8 per cent to $27.4 billion, compared with the same period in 2024. Residential unit sales are down 9 per cent year-over-year at 28,692 units, while the average MLS® residential price is also down 4.2 per cent to $954,312.