House prices explode in March
Photo: Contributed
Single-family home prices in the central and north Okanagan skyrocketed in March.
According to the Association of Interior Realtors released Tuesday, the reference price for a single-family home in central Okanagan was a whopping $ 829,400 last month. That was an increase of $ 53,100 from February. The reference price for a single family home in the central Okanagan 12 months ago was $ 667,700.
The price hike in north Okanagan last month was just as amazing. The single-family home benchmark rose from $ 561,500 to $ 590,700 in February. Twelve months ago the reference value was $ 488,200. This corresponds to an increase of 23.4%.
“Given the economic recovery, low mortgage rates and the ongoing pandemic effect of buyers looking for more space, it’s no surprise that local real estate is still booming,” AIR President Kim Heizmann said in a press release.
“While the pandemic has increased demand, it has also caused a huge shock to the supply side of things that will take a long time to return to healthy inventories.”
The number of active listings in the region between Revelstoke and Peachland decreased by 46% in March compared to the same period last year.
The average non-benchmark price for a single family home in South Okanagan last month was $ 803,944. This corresponds to an increase of 41.8% compared to March 2020. The number of listings in South Okanagan decreased by 52% in March compared to the previous year.
Townhouse and condominium prices have also risen over the past month.
Photo: Contributed
Photo: Contributed
