Okanagan housing prices continued to soar through the summer, association says

Buying a home in the Okanagan became a lot pricier this summer, according to the Association of Interior Realtors.

The association said in the Central Okanagan a typical single-family home sold for $961,800 in August, which is a rise of 34.7 per cent from August 2020.

In the North Okanagan, a typical home sold for $682,700 which was a rise of 33 per cent from the year earlier.

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Similarly, in the Shuswap/Revelstoke market, a home cost around $615,100 which was up 32.1 per cent from the year earlier.

In the South Okanagan, where benchmark pricing is currently not available, average sale prices were up in year-over-year comparisons with the most significant increase in the condo category.

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In the South Peace River Region, average sale prices increased for both single-family homes and condominiums.

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Meanwhile, the volume of sales has slowed by nearly 25 per cent, said Kim Heizmann, president of the association of Interior Realtors, in a press release.

“The market has slowed down slightly due to a chronic lack of inventory but it’s by no means slow,” said Heizmann.

Currently, he said, listings are at record lows and not replenishing to meet the high demand.

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“This chronic shortage of supply is putting upward pressure on pricing and making it a strong seller’s market,” says Heizmann.

The association covers the southern interior of British Columbia from Revelstoke south to the US border east to Rock Creek, west to Eastgate Manning Park to communities in the South Peace River region.