Another uptick for Okanagan, Kamloops real estate sales

Sales and prices were largely up across the Okanagan and Kamloops in January as the real estate market had its fourth consecutive month of growth.

According to figures released by the Rennie Advance and the Association of Interior Realtors, January saw at least a double-digit increase in sales across all regions.

The South Okanagan saw the biggest increase, compared to January 2024, with sales up 75%.

The North Okanagan also saw sales up 34% and the Central Okanagan 21%. Sales in Kamloops increased by 14%.

“Real estate activity typically picks up after the holidays,” Association of Interior Realtors president Kaytee Sharun said in a media release. “However, last month exceeded expectations, reaching 10-year average sales levels across many of the association regions. Milder winter conditions coupled with a balanced market and digestible interest rates may have helped drive overall market activity.”

Numbers from the Rennie Advance show that for the first time in three years, the volume of sales in the Central Okanagan is back to its 10-year average.

Prices in all housing types in the Central Okanagan have also gone up by roughly 5%.

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The North Okanagan also saw prices increase by 5%, while the South Okanagan saw an 11% increase for single-family homes.

Prices in Kamloops for single-family homes and townhouses dropped by a couple of percent, while condos saw an eight percent decrease.

The benchmark price for a single-family home in the Central Okanagan is now $1,031,000 and in the North and South Okanagan $759,000 and $769,000 respectively.

In Kamloops, a single-family home will set you back $635,000.

While homeowners across the Southern Interior largely saw their property value increase, rents across the country dropped a touch.

According to figures from Rentals.ca and Urbanation the average rent in Canada declined by 4.4% in January, compared to the same month in 2024.

The only Southern Interior city on the list is Kelowna which sits in 17th place with a one bedroom apartment costing $1,905 a month, a 2.8% decrease, and a two-bedroom at $2,382, a 1.7% decrease.

Vancouver is the pricey place to rent at $2,522 for a one-bedroom apartment and $3,443 for a two-bedroom.