Vacation sales hot
Photo: MLS
The real estate agency that represents the Okanagan says the COVID-19 pandemic has created even greater demand for buyers outside the province looking for vacation homes in the area.
The Association of Interior Realtors released its February figures on Wednesday, noting that the South Okanagan in particular had seen a huge surge in activity over the past month. The total number of sales in the area, which ranges from Summerland to Eastgate Manning Park, was 130% more sales than in February 2020.
“We’re seeing a noticeable increase in various types of leisure and vacation home sales that are suitable for all seasons,” said AIR President Kim Heizmann in a press release. “Due to COVID-related travel restrictions and restrictions, more and more inter-provincial shoppers are taking advantage of the opportunity to create vacation opportunities within BC.”
The number of listings is still lower than normal, which is driving up prices across the board. The reference price for a single family home in Central Okanagan is up 17.5% year over year to $ 776,300. The same type of house in northern Okanagan has a reference price of $ 561,500, an 18.2% increase from February 2020.
“Supply shortages are still a problem as inventories struggle to meet demand, especially for single-family homes,” said Heizmann.
AIR doesn’t charge reference prices in South Okanagan, but the average single-family home price in the area is up 21.6% year over year to $ 762,587.
February reference prices for townhouses, condos and apartments rose in both central and northern Okanagan year over year.
