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Kelowna home prices continue to fall

Kelowna's housing market is undoubtedly cooling and slowing.

"A number of factors, or even a combination of factors such as interest rate hikes, recommencement of travel and the school break could all be reasons consumers pushed pause on their real estate plans," said Lyndi Cruickshank, president of the 2,500-member Association of Interior Realtors.

"Seasonally, it is not out of the ordinary to see a dip in sales in the summer, although real estate market activity across most regions in the province was below average last month, not just within the Interior."

In Kelowna, last month, compared to July 2021, sales plunged 47% each to 124 for single-family homes and 52 for townhouses and plummeted 52% to 85 for condominiums.

While benchmark selling prices in July are all up from the same time last year for single-family homes, townhouses and condos, the real story is what's happened in the last three months.

After a buying frenzy pushed home prices to record-highs in April, a slide started, prompted by increasing mortgage interest rates, inflation and the market collectively taking a breather after the incredible run-up made everything unaffordable.

In July, the benchmark selling prices of a typical single-family home was $1,060,400, down $51,600 from June's $1,112,000 and a $71,600 drop from the record-high $1,132,000 in April.

Read the full article HERE

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