KELOWNA – House prices continue their robust climb in Kelowna according to the latest price survey from Royal Lepage.
The realty company reports the first quarter of 2016 saw the aggregate price of a home jumped 6.1 per cent year-over-year to $483,884.
When broken out by housing type, the median price of a two-storey home increased of 13.1 per cent year-over-year to $631,242.
Bungalow prices rose 2.4 per cent year-over-year to $472,519 and the median price of a condominium increased 1.6 per cent to $306,042.
“The Kelowna housing market is driven by demand from both local buyers and those from British Columbia’s Lower Mainland, including younger buyers who have been priced out of the Vancouver market,” says Royal LePage Kelowna owner Francis Braam in a news release. “With strong housing demand and country-leading economic growth in the province, we do not expect this market to slow any time soon.”
According to the price survey, the price of a home in Canada increased 7.9 per cent year-over-year to $512,621 in the first quarter of 2016 with the biggest increases in the greater Vancouver and Toronto areas.
“Like an economic triumvirate, the impact of rock-bottom interest rates, the low Canadian dollar and a rapidly expanding U.S. workforce are stimulating economic growth and housing demand in our largest metropolitan areas, says Royal LePage president Phil Soper. “Conversely in cities like Calgary, the ongoing drags in depressed energy prices and worrisome employment trends have taken a material bite out of sales volumes. As a lagging indicator, home prices in Alberta and Newfoundland are just beginning to adjust to the lower demand.”