For real estate in the Okanagan and Shuswap regions, May saw 926 units sold, up from 785 units in April.
Last month’s totals, though, were down 10.7 percent from one year ago, when 1,662 units were sold in May 2023.Story continues below advertisementAll those stats, though, are down from May 2022. That month saw 1,687 total units sold across the Interior, with 1,050 in the Okanagan and Shuswap regions.
“Market activity last month has risen compared to the month before. However, it’s not surprising that this year’s May activity is lower than last year’s, considering the market was fairly heated a year ago,” said AIR president Kaytee Sharun.Interestingly, of the dozen price points listed by AIR — single-family, townhouse and condo/apartment for the Southern Interior’s four regions — prices have risen noticeably in 10 of them since January.
“Demand in the Okanagan is low. Many people want to buy a home, but affordability is very low, which is reflected in the number of successful purchases,” reads the company’s webpage.“New homebuyers can’t afford to get onto the first rung of the homeownership ladder, and high rates trap existing owners. Families that want to upgrade to a larger home can’t qualify for a new mortgage at the current rates.
More information about Mortgage Sandbox — which suggested that developers should build 4- and 5-bedroom condos for several reasons, including that not everyone can afford a home — isGas prices have dropped in Canada. Will summer bring more relief?
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