North Okanagan Real Estate: Accurate Pricing Is More Crucial Than Ever in Today’s Market
As we move through spring 2025, real estate in the North Okanagan is entering a critical phase. While sales numbers in our area remained steady year-over-year in April (143 homes sold, unchanged from 2024), the market is noticeably soft, with increased inventory and longer selling times beginning to impact buyer sentiment.
Across the country, the market remains in a holding pattern. The Canadian Real Estate Association (CREA) reported that national home sales plateaued in April, pausing after recent declines. Despite some regions seeing activity tick up slightly, persistent affordability issues and elevated mortgage rates continue to weigh on buyer enthusiasm.
Meanwhile, the Bank of Canada is facing mounting pressure as core inflation edges upward again, despite earlier signs of cooling. This complicates the path forward for interest rate cuts and may keep borrowing costs higher for longer than many had hoped.
What This Means for Sellers in the North Okanagan
Locally, the North Okanagan saw a modest 3.2% increase in active listings compared to last year, with 994 homes currently on the market. At the same time, new listings were up 4.0%, suggesting that more homeowners are testing the market—but buyers remain selective.
Homes are taking longer to sell, and benchmark prices for single-family homes in the region hovered around $734,600 in April. While that figure is holding steady, homes that are not accurately priced or properly presented risk sitting on the market—and potentially needing price reductions to attract offers.
Pricing Right Is the Key to Attracting Buyers
In a market like this, the importance of aggressive pricing cannot be overstated. Buyers are cautious and have more options to choose from. Properties priced too high relative to comparable homes are quickly overlooked in favor of better-priced alternatives.
This is where a comparative market analysis (CMA) becomes essential. A CMA considers recent sales, active competition, and broader market trends to determine a pricing strategy that positions your home to sell—without leaving money on the table.
The Bottom Line
We’re in a transitional market, and that demands a strategic approach. If you’re thinking about selling your home in the North Okanagan, now is the time to partner with a real estate professional who understands local trends and can help you navigate this evolving landscape.
At O’Keefe 3% Realty, we specialize in helping homeowners make smart, informed decisions in every market condition. Let us help you price your home right and get it sold.
Contact us today at 250-545-9039 to book your free market evaluation.