We’ve talked about it for months.
And finally, in December, the benchmark selling price of a typical single-family home in Kelowna broke the $1M barrier for the first time ever.
It’s $1,004,900 to be exact, an astounding 32% more than the typical price of $761,000 just a year ago and the $978,500 it was in November.
Kim Heizmann is the president of the Association of Interior Realtors and a realtor with Century 21 Vernon.” class=”img-responsive” src=”https://news.google.com/files/files/images/Kim%20Heizmann( 5).jpg” style=”margin: 5px;”/>
“The number of active listings continues to fall short of buyers’ demand at historical levels,” says Association of Interior Realtors president Kim Heizmann, a realtor with Century 21 Vernon.
“It makes it unlikely for buyers to see a softening on prices as we head into the new year.”
In addition to record-high prices, sales are also at an all-time high.
In 2021, there were more than 7,000 residential sales totallying more than $5.5 billion, beating the previous sales record set in 2016.
The benchmark selling prices of typical townhouses and condominiums also ended the year at record highs.
For a townhouse that was $687,600, a 26% jump over the year, and for a condo, $511,700, a 28% hike.
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