0

Not enough homes to sell in Okanagan

Frustrations over lack of supply

While the local housing market continues to see a surge in prices it’s not necessarily a good time for either sellers or buyers.

In its latest monthly report, the Association of Interior REALTORS® said the lack of homes available to sell remains a challenge for everyone.

Residential sales for the entire Association region for January 2022 saw a 10% decrease compared to the same month in 2021 with 701 units sold this month and 782 units sold the previous January.

“The persistent lack of inventory on the market makes for challenging times for buyers and sellers,” said President Kim Heizmann, adding that “… not only are new buyers frustrated at finding a home, but sellers are frustrated at the lack of active supply hindering their ability to move on to a new property as well.”

The supply of active residential listings dipped 38% across the Association region compared to the 2,787 active listings in January 2021 coming in at 1,721 this year.

New listings also saw a down tick with 824 new listings for January 2022, compared to 1,094 units during the same month last year.

The benchmark price for homes across the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions continued their upward double-digit percentage increases in year-over-year comparisons for another consecutive month across all home categories.

In the Central Okanagan region, which includes Kelowna, the benchmark price for a single-family home was $1,037,500 in January, a 36.4 per cent rise compared to one year ago.

The benchmark price for a townhouse was $697,300, a hike of 27.6 per cent compared to January 2021, while the price of a condo/apartment was pegged at $515,700, a 29.4 per cent jump on the same month last year.

Published 2022-02-02 by Glenn Hicks

Get a fresh daily look

See what’s happening in and around our city, and the people who call it home.

Our newsroom abides by the RTNDA Code of Ethics and Professional Conduct and follows the Canadian Press Stylebook. If you have any questions or concerns, or would like to send us a news tip, please contact us.

Kelowna10 is division of Pattison Media, and strives to achieve the highest ethical standards in all that we do.