Photo: The Canadian Press
The benchmark price for a single family home in the Central Okanagan continues to rise, but it no longer explodes every month like it did earlier in the year.
The Association of Interior Realtors announced on Wednesday that the benchmark value hit a record $ 915,100 in June, up 1.5% from the $ 901,600 mark in May. The benchmark price surprisingly rose 6.8% in March and 6.1% in April.
The benchmark price for a single family home in Central Okanagan was $ 697,700 last July.
“The market is still a very hot market, maybe just not piping hot”, said AIR President Kim Heizmann in a press release. “Like the weather last week, it went from over 40 degrees to a pleasantly warm 30 degrees, which according to all the information is still warm.”
North Okanagan’s single-family benchmark rose 3% in June to hit $ 660,500. This followed a 3.9% increase in May.
The reason for the massive price increases at the beginning of this year was primarily a lack of stocks, but more and more offers are starting to come onto the market. The number of active housing listings increased from 2,554 in May to 3,126 in June across the AIR region, which stretches from Revelstoke to Eastgate Manning Park.
“As more consumers become fully vaccinated, and the province is in step three of the reopening plan, we could see more inventory come to market as the fear of listing homes for sellers who are uncomfortable subsides the COVID restrictions, “said Heizmann.
The benchmark price for townhouses in Central Okanagan was $ 637,200 in June, while the value for North Okanagan was $ 430,000. These were 2.5% and 1.3% increases, respectively.
The benchmark price for condos and apartments in Central Okanagan was $ 459,300 in June, and North Okanagan was $ 287,900.
Photo: Contributed
