A hot real estate market continues to sizzle in the region with offers, demand and prices.
Between the first quarter of 2020 and the same period in 2021, the number of listed apartments rose by 200 percent.
“There’s a lot of demand for single family homes and we’re seeing them all over the valley,” said Roy Nuriel, Vernon Economic Development Planner.
The price of the average single-family home rose 26 percent from $ 511,000 last year to $ 647,000 this year.
“When demand is high, prices go up,” said Nuriel.
North Okanagan sold more than 791 units in the first quarter, compared to just 356 last year – a 122 percent increase.
“The real estate market is booming,” said Nuriel. “Houses spend less time in the market and they sell pretty quickly”
The vacancy rate for rental properties remains low and demand is high.
READ MORE: Finding a Home in Vernon ‘Impossible’
In the first three months of 2021, the price of townhouses and semi-detached houses soared 17 percent to $ 439,000. The price of condominiums also rose to an average of $ 300,000.
“We already have the numbers for April and can see that the trend continues and prices are rising,” said Nuriel.
First quarter building permits statistics show single-family homes were $ 13.2 million in 2021 compared to $ 9.1 million in 2020. Apartment buildings were $ 7.3 million in 2021, up from $ 3.1 million in 2020.
A total of 102 building permits were issued in the first quarter of 2021, an increase of 27.5 percent compared to the 80 building permits in the first quarter of 2020.
“The city is still growing, there is more development activity,” said Nuriel
Vernon grew 1.9 percent to 44,000 people in 2020, and those numbers continue to rise.
“The city is still growing … especially with groups 50-64 and 65 and older,” said Nuriel.
READ MORE: Okanagan’s housing boom continues to escalate
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