April 2024 Market Update for Central Okanagan

April's market update for Central Okanagan: key data, delivered fast.
* percentage indicate change from the same period last year

Single Family

- Sales Activity [189 units] > -2.6%
- Benchmark Price [$1,009,000] > -3.6%
- Days to Sell [46] > -11.4%
- Inventory [1,376 units] > +53.6%

Townhouse

- Sales Activity [71 units] > +12.7%
- Benchmark Price [$734,600] > -0.1%
- Days to Sell [63] > -27.9%
- Inventory [385 units] > +33.2%

Apartment

- Sales Activity [110 units] > -17.9%
- Benchmark Price [$508,200] > -1.9%
- Days to Sell [49] > +1.0%
- Inventory [715 units] > +50.2%

Bottom Line

The Okanagan housing market is currently experiencing a slowdown. Here's why:

• Fewer sales and more listings compared to last year

• Buyers are waiting for lower interest rates.

• Sellers have various reasons for listing, including post-pandemic adjustments and affordability concerns.

This shift is giving buyers more options and some relief from high prices. However, affordability remains a challenge.

Government policies are aimed at increasing supply and helping first-time buyers. The Bank of Canada might lower interest rates soon, potentially stimulating the market. 

Overall, activity is expected to pick up moderately in the coming months, but economic conditions and interest rates will play a major role.

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