Advertisement

Benchmark price for single-family home in Central Okanagan now at $776K

Click to play video: 'Okanagan real estate prices continue to soar' Okanagan real estate prices continue to soar
WATCH: In this edition of Open House, Kaitlyn Herbst speaks with mortgage specialist Angela Calla about ways to get around buying in a hectic real estate market. – Mar 4, 2021

Planning on buying a home in the Okanagan? Be prepared for rising sticker shock.

The benchmark price for a single-family home in the Central Okanagan is now listed at $776,300 — a 17.5-per cent increase from one year ago, and $48,000 from October 2020.

In the South Okanagan, the average sale price is now $762,587, up 21.6 per cent, while the benchmark price in the North Okanagan is up 18.2 per cent to $561,500.

Read more: Kelowna residents can’t afford to purchase real estate, report says

The Association of Interior Realtors (AIR) released the surprising statistics on Tuesday, adding that real estate sales from Revelstoke to Manning Park posted another record month.

In a press release, the association said the total number of sales in February was up 116 per cent, with 1,212 units sold, more than double the 561 units sold in February 2020.

Story continues below advertisement
A graphic showing real estate prices in B.C.’s Southern Interior. Association of Interior Realtors

It added that the South Okanagan region, stretching from Summerland to Eastgate at Manning Park, saw the highest increase of sales, with a 130-per cent surge compared to the same time last year.

“We are seeing a noticeable increase on various types of recreation and vacation homes sales suitable for all seasons,” said AIR president Kim Heizmann.

Click to play video: '2020 Okanagan real estate market sees highest sales ever' 2020 Okanagan real estate market sees highest sales ever
2020 Okanagan real estate market sees highest sales ever – Jan 7, 2021

“Due to COVID-related travel restrictions and limitations, more and more inter-provincial buyers are taking the opportunity to create vacation opportunities within B.C.”

Story continues below advertisement

Notably, AIR said residential listings between Revelstoke and Peachland fell slightly from January (1,776) to February (1,763), but were well down from one year ago, February 2020, when there were 2,996 listings.

That trend also continued in the South Okanagan, where listings dropped four per cent between January and February.

“Shortage of supply is still an issue,” Heizmann said, “with inventory struggling to meet demand, particularly when it comes to single-family homes.”

Click to play video: 'Bank of Canada issues warning about overheated housing market' Bank of Canada issues warning about overheated housing market
Bank of Canada issues warning about overheated housing market – Feb 24, 2021

Sponsored content