Photo: The Canadian Press
There’s a new real estate organization representing the Okanagan and a good portion of the interior, but that hasn’t changed the fact that the real estate market is scorching hot across the country.
The Association of Interior Realtors released its first report on Wednesday as an organization representing the area from Revelstoke to Eastgate Manning Park to the South Peace River region.
The former Okanagan Mainline Real Estate Board, which represents Revelstoke to Peachland, saw home sales jump a whopping 65% compared to December 2019, while the South Okanagan region rose nearly 100% from 107 to 211. Property Sales in the South Peace River The region increased 11% from last December.
“Last year was a very unusual year. After an initial slowdown due to home stay orders from the provincial government, we saw high demand in the property market after orders were canceled that did not subside even in the normally slower months. Kim Heizmann, president of the Association of Interior Realtors, said in a press release.
“Despite unusually high demand, the inventory of active listings remained consistently low as buyers picked up homes almost immediately after they were listed, especially in the family home category.”
The reference price for a single family home in central Okanagan rose 12.8% to $ 746,800 from last December, while the cost of North Okanagan was also a double-digit percentage jump from 11.8% to $ 535,600.
The increase in the average price for single-family homes in South Okanagan was greater than any other region, but increased 36.5% compared to that time last year to $ 721,253.
“The supply bottleneck continues to put pressure on pricing, as stocks cannot meet demand,” said Heizmann. “It will be interesting to see if this trend continues over the coming months and into the normally busy spring season.”
The Association of Interior Realtors was officially formed on January 1st through the merger of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board.
Photo: Contributed
Photo: Contributed
