The real estate market in the region continues to see record low inventory, driving already sky-high prices to new heights.
It’s the same pattern the Association of Interior Realtors has been seeing over the last year.
“We are singing the same song from the same song book, in regards to our inventory hitting record lows once again,” said Kim Heizmann, an Okanagan realtor and president of the Association of Interior Realtors.
The benchmark price for single-family homes in the Central Okanagan has now nearly reached $1 million — a number real estate agents thought unreachable for this area.
“Those numbers are surprising to us all, almost meeting up to a million dollars for a single family home is pretty extraordinary,” said Heizmann.
“It’s a number that I don’t think any of us could have predicted. Especially during a pandemic.“
Global News asked some Okanagan residents their thoughts on the near $1 million price tag for single-family homes.
“It’s crazy. It’s hard for people our age; I’m 30-years-old,” said Taylor Hegion, a Kelowna resident.
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“We have a condo up the street here, and we are just trying to get ahead and this makes it nearly impossible for us right now.“
“It’s a little concerning. My husband and I just moved back from Calgary and we are looking at what we can afford. (Everything is) pretty much out of our price range,” said Annika Lauran, a North Okanagan resident.
“And even rentals are hard and it’s disconcerting, as well. It’s making it harder for families to move into the area.“
The Association of Interior Realtors has published information on three key areas in the Okanagan region, comparing November 2021 to November 2020.
Single-family home sales in the Central Okanagan are down 13 per cent but the benchmark price is sitting at $978k — a 32-per cent increase from 2020.
In the North Okanagan, single family home sales were up by 12 per cent with a 31-per cent increase in benchmark price — which is sitting at $700k.
And in the South Okanagan, single family home sales were down 17 per cent but the benchmark price of $697k is a 41-per cent increase from 2020.
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