KELOWNA, B.C. – October 5th, 2023. Residential real estate market sales dipped in September as high
interest rates continued to stifle market activity, reports the Association of Interior REALTORS® (the
Association).

A total of 977 residential unit sales were recorded across the Association region in September marking a
significant dip from the previous month’s 1,265 units sold and representing a 13.3% decrease in sales
compared to September 2022.

New residential listings increased 14.6% compared to September 2022 with 2,384 new listings recorded.
The total number of active listings saw a healthy increase of 16.7% of total inventory compared to
September last year with 7,865 recorded across the Association region. The highest percentage increase
in active listings continues to be dominated in the South Okanagan with a total increase of 35.3%
compared to the same month last year.

“Typically the fall market starts to pick up momentum in September, however sales activity for the month
suggests that the weight of high interest rates continues to bog down both buyers and sellers,” says the
Association of Interior REALTORS® President Chelsea Mann, adding that “many buyers and sellers have
seemingly hit the brakes on their real estate efforts and have taken a wait-and-see approach hoping for
the cost of borrowing to lighten.”

“The market slowdown does not however mean that there aren’t still deals being made. Homes that are
priced appropriately to reflect current market conditions are still being sold at an even pace,” says Mann.

The benchmark price for single-family homes in the South Okanagan, North Okanagan and
Shuswap/Revelstoke regions all saw slight decreases in year-over-year comparisons, while the Central
Okanagan region saw an increase of 3% in single-family homes, coming in at $1,006,300. The townhome
and condominium housing categories saw decreases across all regions compared to September 2022.

The average number of days to sell a home, always a good barometer to watch, increased to 71 days
compared to the previous month’s 63 days. It’s important to note that the average of days on market is for
the entire Okanagan region and that the indicator will vary depending on home type and sub-region.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from
the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® to find out more about
the real estate market and how they can help you achieve your real estate goals.