August 2022 Average Sale Price $1.1 Million

44 sales last week at an average sale price of $1.1M which is up slightly from last week’s dip below $1M.

We registered 28 apartments sales which has been consistent and predictable most of this year.

Looking at things on an annual basis residential unit sales are down 34% from this point in 2021 and no signs if things changing. Hopefully 2023 will be a typical year without the wild swings where our industry is either working 16 hour days or twiddling our thumbs.  

The average sale price so far this year is $1,033,000 which is down from where we were last year at $1,230,000.  

2018 to 2019

This isn’t a big deal unless you bought at the wrong time with a variable rate mortgage. It might take a while to catch up but for most we need to remember that the average sale price in 2018 was $734,000 and 2019 was $805,000. 

From a wide angle lens things are going reasonably well here on the housing front but there certainly are some casualties.


Ending on an optimistic note even though unit sales are down considerably from last year they’re still higher than they were in 2020 and 2019 at this point. I think we all became accustomed to homes selling in a week instead taking a few months.

Andrew Smith
Royal Lepage Kelowna
Lifetime Award of Excellence
Toll Free 1-877-330-5884
Kierra Smith,
Royal Lepage Kelowna
2x Olympian

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