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September 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...

Oct 12 2 minutes read


The real estate market is always changing, here in the North Okanagan, nationally and beyond.

Swipe through for your September 2023 local market figures (below) 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 finishing out 2023 and into 2024, please reach out, our team is always here to help!

Here's a look at SEPTEMBER real estate in the North Okanagan.


PROVINCIALY SPEAKING

Renewed Bank of Canada Tightening Slows Sales Activity


Vancouver, BC – October 12, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 5,531 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in September 2023, an increase of 10.4 per cent from September 2022. The average MLS® residential price in BC was $966,530 up 4.8 per cent compared to September 2022. The total sales dollar volume was $5.3 billion, representing a 15.7 per cent increase from the same time last year.
“Home sales in BC have clearly been impacted by the Bank of Canada's recent tightening of interest rates, along with the resulting surge in mortgage rates,” said BCREA Chief Economist Brendon Ogmundson. “Home sales are once again trending at below average levels as potential buyers struggle with a high cost of borrowing.”
 
Active listings in the province were up slightly month-over-month at just over 33,000 total listings and were 8.1 per cent higher year-over-year.
 
Year-to-date BC residential sales dollar volume was down 15 per cent to $57.9 billion, compared with the same period in 2022. Residential unit sales were down 11.5 per cent to 59,570 units, while the average MLS® residential price was down 4 per cent to $972,049.
 
 

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Chris Holm
Personal Real Estate Corporation
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Chris Holm & Associates
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