KELOWNA — House prices in Kelowna are on the way up.
According to a report released by Royal Lepage Wednesday, the year-over-year price increased for all types of housing in Kelowna in the third quarter of 2015.
The report says the aggregate price of a home in Kelowna rose 4.7 per cent year-over-year to $468,310.
A two-storey home in Kelowna saw significant year-over-year growth of 9.4 per cent to $601,828.
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Bungalows and condominiums increased by 2.2 and 2.1 per cent to to $464,038 and $304,943 respectively.
“Kelowna continues to be perceived as a highly attractive western Canada destination for retirees,” says Francis Braam, managing broker/owner, Royal LePage Kelowna.
“We are still seeing a large number of buyers from Alberta and Saskatchewan in spite of the slowdown in the oil sector as well as from the Lower Mainland region.”
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Braam adds that Vancouver buyers are realizing that they can achieve much better value in the Kelowna market currently.
Nationally, home prices showed moderate to strong year-over-year price increases in most markets in Canada. According to the report, the price of a home in Canada increased eight per cent year-over-year to $502,643 in the third quarter. The price of a two-storey home rose 9.9 percent year-over-year to $615,304, and the price of a bungalow increased 6.8 per cent to $421,757. During the same period, the price of a condominium increased 2.8 per cent to $338,684.
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