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The year is winding down, and as is expected

 in the North Okanagan the pace of local real estate has slowed with less inventory and less action on properties on the market. November in home sales showed improvement over last year's numbers, however, a trend that extends across the province. 

The Bank of Canada held rates on it's last call for the year. Onward toward 2024 we go.

December 14th, 2023 The Financial Post had this to say

Home prices should climb back to pandemic peaks by this time next year, says a new report that surveyed real estate brokers across the country.


Royal LePage predicts that the aggregate price of a home in Canada will rise 5.5 per cent year over year by the end of 2024 to $843,684.


“Based on this forecast, by the end of next year, home prices will have essentially climbed back to their pandemic peak, reached in the first quarter of 2022,” said the report.

Read More: 

Posthaste: Get ready for the 'great adjustment' in Canada's housing market



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November 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...

Dec 12 3 minutes read





PROVINCIALLY SPEAKING

Softening Home Sales but Prices Remain Firm
Across BC

Vancouver, BC –  December 12, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 4,630 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in November 2023, an increase of 2.2 per cent from November 2022. The average MLS® residential price in BC was $964,246 up 6.6 per cent compared to November 2022. The total sales dollar volume was $4.5 billion, representing an 8.9 per cent increase from last year.
“Despite high mortgage rates and generally weak sales, home prices across the province have been remarkably resilient in 2023,” said BCREA Chief Economist Brendon Ogmundson. “Low inventory has meant that prices hold firm even at the much-reduced levels of sales activity experienced this year.”
 
On a seasonally adjusted basis, active listings in the province have increased for the sixth consecutive month and are now back to their highest level since August 2020.
 
Year-to-date BC residential sales dollar volume was down 12.4 per cent to $67.5 billion, compared with the same period in 2022. Residential unit sales were down 9.8 per cent to 69,551 units, while the average MLS® residential price was down 2.9 per cent to $971,069.
 


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Chris Holm
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