The rapidly rising price of a single-family home in Kelowna has slowed after breaking the $ 1 million mark, according to a new real estate survey.
From July to September, the median price was $ 1,025,000, according to the Royal LePage Housing Price Survey and Market Forecast.
Between April and June, the median price was $ 1,010,000.
In the third quarter of 2020, the median price for a single family home in Kelowna was $ 838,000, up 22% year over year.
This corresponds almost exactly to the national median price increase of 21.4%, according to the survey.
“During the third quarter, the rapid appreciation in home prices due to demand and inventory slowed, a typical summer market trend in a very atypical year,” said Phil Soper, President and CEO of Royal LePage, in a press release.
Based on market developments, the real estate company expects the median price of a single-family home in Canada to increase by a further 16% between October and December.
The average single-family home is now over $ 1 million in all 11 major British Columbia communities that surveyed real estate data for.
For comparison, the corresponding prices in Calgary are $ 643,000, $ 390,000 in Winnipeg, and $ 257,000 in St. John, NB.
A median price is not an average price. It is the mean valuation of all homes sold in a given period. The Kelowna market is somewhat skewed by the inclusion of multi-million dollar waterfront homes.
On the Multiple Listing Service’s real estate website, there is a 2017 home in the West Kelowna neighborhood of Tallus Ridge that is currently listed for $ 1,099,999.
It is 2,128 square meters, has three bathrooms and three bedrooms, has distant lake views, and has a legal basement suite.
According to the BC Assessment, it is valued at $ 717,000.
