Local Residential Market Cooling Down Heading into Holiday Season

 Residential real estate sales for the month of November in the region
saw sales dip heading into the holiday season, reports the Association of Interior REALTORS® (the

A total of 844 residential unit sales were recorded across the Association region in November representing a
48.4% decrease in sales compared to the number of units sold during the hyperactive market of November
2021, with a decrease of 15.6% compared to last month.

“Although the numbers seem far below what we have become accustomed to, comparing sales from this
year to last year would be like comparing apples to oranges,” says the Association of Interior REALTORS®
President Lyndi Cruickshank, adding that “comparing to a typical seasonal pre-pandemic November would
represent a more accurate comparison over the frenzied market over the last few years, which would show
that we are currently not that far off from an average November.”

New residential listings saw a moderate decline of 4.6% within the region compared to the same month last
year with 1,357 new listings recorded. However, the overall inventory saw a healthy 85.3% boost over the
availability in November 2021 with 6,980 units currently on the market; providing more options to buyers.

“While it’s great to see that the number of active listings is higher than it has been for a long time, the
market remains tight as new inventory seems to be flattening,” notes Cruickshank, adding “this is not
unusual for this time of year as sellers hold off on listing while they are enjoying the holiday season.”
The benchmark price for single-family homes in the Central Okanagan, North Okanagan and South Okanagan
regions all saw increases in year-over-year comparisons, with the exception of the Shuswap/Revelstoke area
that saw a 4.4% decrease in single-family benchmark prices. The benchmark price in all other housing
categories saw minor to moderate increases compared to November 2022, with the highest percentage
increase in the condominium category for the South Okanagan; up 16.4% compared to November 2021,
coming in at $422,800.

The average number of daysto sell a home, always a good barometer to watch, increased to 65 days compared
to last month’s 64 days. It’s important to note that the average of days on market is for the entire Okanagan
region and that the indicator will vary depending on home type and sub-region.