Benchmark residence worth in Kelowna up 29.9% yr over yr, now $ 961,000 – Okanagan

Demand for Okanagan real estate remains strong, according to a new report.

On Thursday, the Association of Interior Realtors (AIR) released data for October, and the numbers showed strong prices but persistent inventory shortages as well.

“Demand is still strong despite the chronically low supply, but we are seeing a healthier environment for buyers and sellers compared to what we saw in 2020 and earlier this year,” said AIR President Kim Heizmann, adding added that “sales are going well”. , healthy pace. “

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The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap / Revelstoke regions continues to show double-digit percentage increases year-on-year in all housing categories.

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A month ago, AIR said the benchmark price for a single family home was $ 923,500 in September.

The association claims to use benchmark prices instead of average or median prices, as average values ​​can be misleading due to atypical transactions.

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Single family homes

• Central Okanagan: $ 961,600, up 29.9 percent from a year ago.
• North Okanagan: $ 693,800, up 31.0 percent.
• Shuswap / Revelstoke: $ 648,300, up 35.7 percent.
• South Okanagan: $ 673,800, up 36.0 percent.

Association of Interior Agents.

Association of Interior Agents

Association of Interior Agents.

Association of Interior Agents

Townhouses

• Central Okanagan: $ 685,900, 29.7 percent more than a year ago.
• North Okanagan: $ 437,200, up 18.2 percent.
• Shuswap / Revelstoke: $ 466,100, up 19.1 percent.
• South Okanagan: $ 462,200, up 26.7 percent.

Condominium / apartment

• Central Okanagan: $ 477,700, up 22.5 percent from a year ago.
• North Okanagan: $ 301,200, up 24.2 percent.
• Shuswap / Revelstoke: $ 382,700, up 20.2 percent.
• South Okanagan: $ 368,892, up 14.3 percent.

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Although each category saw double digit price increases year over year, the number of units available in each category has decreased dramatically.

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In October, 464 single-family homes were for sale in Kelowna, a decrease of 30.3 percent from the previous year.

For row houses, there were 136 units in Kelowna in October, a 47.9 percent decrease, while condos and apartments (239) decreased 58.1 percent.

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“The stock or the supply of active residential offers in the entire region of the association fell by 39 percent compared to the 4,308 active entries in October 2020, while the new entries fell by 12 percent compared to the 1,372 units in October of the previous year,” the association said in his press release.

“If we go into the last few months of the year, we see that this supply drought or the lack of new offers has really become the main topic of the year,” said Heizmann.

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“It will be interesting to see if this trend continues or changes in 2022.”

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