Kelowna house prices on the rise

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.

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.”

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.