BC Interior Real Estate Shows Signs of Recovery

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In a promising turn of events, the real estate market in the BC Interior has shown signs of picking up momentum, with both housing prices and inventory on the rise during the month of February.

The Association of Interior Realtors recently unveiled its February data, revealing a significant uptick in sales across various housing categories compared to the previous month.

Moreover, the number of listings surged in February, not only in comparison to January but also when juxtaposed with data from February 2023.

Okanagan House Prices Climb

Despite the increase in listings, housing prices managed to climb in nearly all categories across every region of the Okanagan and in Kamloops.

Association of Interior Realtors president Chelsea Mann expressed her optimism about the market’s resurgence, stating, “It is refreshing to see overall market activity starting to pick up ahead of spring, which is typically a busier season for real estate transactions.” She added, “With more potential interest rate improvements on the horizon, we are seeing more sellers who were previously hesitant to list gearing to jump in before the general real estate market spring rush.”

Mann also highlighted the growing inventory as a positive sign, indicating a transitioning period of recovery towards more balanced market conditions.

This shift offers relief to buyers who have been seeking greater options in their homebuying journey.

Okanagan Real Estate Market Sectors

Across the four Interior regions, including single-family homes, townhouses, and condominiums, most categories witnessed price increases from January to February.

Remarkably, only one category—townhouses in the North Okanagan—experienced a slight decline in benchmark price during this period.

The Central Okanagan particularly stood out, with the benchmark price of a single-family home surpassing the $1 million mark once again, reaching $1,009,100 in February.

This marked a nearly 2% increase over January and represented the 20th time in the last 27 months that prices have exceeded $1 million.

Condominiums in both the Central and North Okanagan regions saw the largest percentage increase from January to February, with prices rising by 4.7%.

Conclusions

Overall, the data suggests a promising trajectory for the real estate market in the BC Interior, hinting at a robust spring season ahead.

As buyers and sellers navigate through this evolving landscape, the increased options and market activity offer promising opportunities for all parties involved.

Contact Huber Mortgage to talk through your options!    Over 50% of my clients are self-employed! Contact HERE.

Sincerely,

Michael

PS – One of my hobbies is blogging about mortgages, debt and government policy.  During the day I’m a MORTGAGE BROKER in Kelowna, BC!

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