Single price boards
Photo: The Canadian Press
The benchmark price for a single-family home in downtown Okanagan fell in May, marking only the second time in the last 21 months that the average cost has dropped.
The May benchmark was $ 1,130,400, 0.1% below the April mark of $ 1,131,800. The only other time the benchmark price fell was last September.
The statistics were released Friday by the Home Realtors Association.
Real estate figures have begun to decline nationwide as the COVID-19 pandemic has come to an end, and last month’s single-digit figures reflect that. The same cannot be said of the reference price for the Central Okanagan townhouse, which has risen 10% since April.
Total sales in the AIR region, which includes the southern and northern regions of Okanagan, Kamloops and Kootenay, were down nearly 25% from last May.
“Although the number of units sold seems to be falling compared to the historically high activity experienced in May 2021, sales in the region were only down 1.2% compared to last month,” he said. said AIR President Lyndi Cruickshank in a press release. “Right now, this is a fairer comparison, as it compares two normal months instead of comparing an unusual month of real estate movement with one that is within a normal range. An apple-to-apple comparison, if you will.” .
The reference price for a single-family home north of Okanagan exceeded $ 800,000 last month for the first time. The price rose to $ 807,600 from $ 788,600 in April, an increase of 2.4%.
Photo: contributed