House prices throughout the Okanagan dropped in January from the previous year, according to information released by the Association of Interior Realtors.
The price of a single-family home fell in each area of the region, with the largest dip of 7.9 per cent occurring in Central Okanagan comprised of Kelowna, West Kelowna and the surrounding municipalities.
Across the Interior home sales plummeted in January, compared to the same month last year, by 48.6 per cent, according to the association.
There were 552 homes sold in that month in 2023, but at the same time the number of people trying to sell their home ballooned by 98.8 per cent over 2022.
“Demand is still strong, but the high interest will likely continue to make for a slow first quarter in real estate activities,” stated Lyndi Cruickshank in a release.
“We are seeing buyers and sellers holding off on their real estate intentions as their money just doesn’t get them as far as what it used to.”
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