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.
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.
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.
“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.”
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.”