As a result, the benchmark price of a single-family home in the Central Okanagan increased only 0.3% to $1,131,800, which was its smallest jump since a decrease last September.
“It is important to remember that this is not the same market we had a year ago,” new AIR president Lyndi Cruickshank said in a press release.
“The lack of inventory is still putting upward pressure on prices,” Cruickshank said.
The benchmark price of a single-family home in the North Okanagan increased only 1.1%, to $788,600, likely due to a big jump in inventory.