A $ 1 million house is now the norm in Kelowna

We talked about it for months.

Finally, the benchmark retail price of a typical Kelowna single-family home broke the $ 1 million mark for the first time in December.

It’s $ 1,004,900, to be precise, an astonishing 32% more than the usual price of $ 761,000 a year ago and $ 978,500 in November.

</who>The benchmark retail price of a typical single-family home in Kelowna was above $ 1 million for the first time at $ 1,004,900 in December. This five bedroom, two bathroom, two bathroom home for sale on Josselyn Court, which is for sale for $ 1,099,000, is an example of “typical.” class = “img-responsive” src = “https: //www.kelownanow. com / files / files / images /% 241M% 20house (1) .JPG” style = “margin: 5px;” /></p> <p>Just a few years ago you could buy a villa in Kelowna for a cool $ 1 million, probably with a swimming pool and a view of Okanagan Lake.</p> <p>Hell, it was only a decade ago that a million dollars could have brought you a beautiful lake house.</p> <p>But the Kelowna real estate market has changed dramatically in recent years.</p> <p>$ 1 million is no longer the magic number it was in housing.</p> <p>In fact, as the latest figures from the Association of Interior Realtors show, with $ 1 million you are getting just a nice, average, typical house in a nice, average, typical neighborhood, nothing special, and most likely no pool or lake view.</p> <p>Of course, if you are already a homeowner, the $ 1 million milestone is exciting as it means your home is valuable and your net worth has skyrocketed.</p> <p>But $ 1 million can also be a depressing breakthrough for potential first-time home buyers who are increasingly finding themselves excluded from the market.</p> <p>The city has always been a popular place to live, work, play and invest.</p> <p>But that appeal was only heightened during the pandemic, attracting Vancouverites and Torontonians who sold their $ 1.6 million homes and moved to Kelowna thinking that $ 1 million was a deal, what the prices on that Drifted away.</p> <p>Another factor contributing to the higher price supply and demand scenario is the lack of inventory.</p> <p>There are just not enough houses in the market to accommodate the number of people keen to buy, which drives prices up even further.</p> <p><img alt=Kim Heizmann is President of the Association of Interior Realtors and Real Estate Agent at Century 21 Vernon. “Class =” img-responsive “src =” https://www.kelownanow.com/files/files/images/Kim%20Heizmann (5). jpg “style =” margin: 5px; “/>

“The number of active offers remains historically behind the demand of buyers,” says Kim Heizmann, president of the Association of Interior Realtors, broker at Century 21 Vernon.

“It makes it unlikely that buyers will see prices weaken early in 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 home sales for a total of more than $ 5.5 billion, surpassing the previous sales record of 2016.

The benchmark sales prices of typical townhouses and condominiums also ended the year at record highs.

That was $ 687,600 for a townhouse, up 26% year over year, and for a condo, it was $ 511,700, up 28%.

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