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Local Residential Real Estate Activity Down Despite Rate Cuts

KELOWNA, B.C. – September 6th, 2024. 

Residential real estate sales in August fell despite interest

rate cuts, reports the Association of Interior REALTORS® (the Association).

A total of 1,165 residential unit sales were recorded across the Association region in August coming

in below July’s 1,351 units and below August 2023’s units sold by a 9.5% decrease.

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August North Okanagan Real Estate Report 2024

Chris Holm & Associates

We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan.  We are a true real estate co...

We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan.  We are a true real estate co...

Sep 12 2 minutes read

NORTH OKANAGAN AUGUST 2024 OVERVIEW

Scroll to see what happened in North Okanagan real estate in AUGUST 2024.

PROVINCIALLY SPEAKING

Sales Slow in August, but Falling Rates
Should Drive Activity Higher in the Fall

Vancouver, BC – September 11, 2024. The British Columbia Real Estate Association (BCREA) reports that 5,943 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in August 2024, a 10 per cent decrease from August 2023. The average MLS® residential price in BC in August 2024 was down 1.7 per cent at $938,500 compared to an average price of $955,063 in August 2023.
The total sales dollar volume was $5.6 billion, an 11.5 per cent decline from the same time the previous year. BC MLS® unit sales were 22 per cent lower than the ten-year average for August. “After some encouraging signs of recovery in early summer, sales slowed again in August,” said BCREA Chief Economist Brendon Ogmundson. “However, with the Bank of Canada lowering rates for a third consecutive time and with fixed mortgage rates falling, we expect market activity to pick up in the fall.”
 
Year-to-date, BC residential sales dollar volume is down 3.3 per cent to $50.8 billion, compared with the same period in 2023. Residential unit sales are down by 4.6 per cent year-over-year at 51,505 units, while the average MLS® residential price is up 1.4 per cent to $985,609.
 

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