The real estate boom has driven the average price of a single-family home in Kelowna this summer to just over $ 1 million, and further growth is expected in the coming months, according to the Royal LePage Housing Price Survey and Market Forecast.
From July through September, the report said the average price of a single-family home in Kelowna was $ 1,025,000. A year earlier it was $ 838,000, up 22.3 percent year over year.
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Similarly, the median price for a condominium in Kelowna was $ 362,000 from July to September 2020 and $ 452,000 a year later, up 24 percent.
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The rise in property prices in Okanagan is not dissimilar to what is happening at the national level.
Across the country, Royal LePage President and CEO Phil Soper said the national median price of a single family home rose 25.2 percent year-over-year to $ 790,000, while the median condominium price rose 13.0 percent year-over-year to 533,600 US dollar has risen. The pricing data, which includes both resale and new build, is provided by Royal LePage’s sister company RPS Real Property Solutions.
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The average single-family home is now over $ 1 million in all 11 BC parishes the report examined, with the greatest growth seen in Lakenley, Abbotsford and Greater Victoria. They all saw the average home price rise around 34 percent, while West Vancouver saw the least growth. The city recorded an increase of 5.9 percent compared to the previous year. Of course, this is the most expensive city in British Columbia to buy a single family home, and the average cost is $ 2,695,000.
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The survey goes beyond BC and there are many contrasts. For example, the average price of a single family home is $ 856,000 in Ottawa, $ 643,000 in the Calgary area, $ 413,000 in Saskatoon, $ 390,000 in Winnipeg, and $ 257,000 in St. John, NB.
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While the share price rose significantly for the year as a whole, there was a certain weakening from quarter to quarter.
“During the third quarter, the rapid pace of home price appreciation slowed according to demand and inventory levels, a typical summer market trend in a very atypical year,” said Phil Soper, President and CEO of Royal LePage, in a press release. For example, of all of Kelowna’s price increases, the median price rose 3.8 percent in the last quarter.
Stober said single-family homes in suburbs and smaller townships continue to be the primary driver of macroeconomic price growth in Canada. Based on market trends, Royal LePage expects the median price of a single family home in Canada to rise another 16 percent between October and December.
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“We see prices leveling out in many of these regions and expect future growth to be closer to historical norms,” said Soper. “While the price gap between houses and condos widened during the pandemic, that should also be reversed in the coming months as buyers view condos as good value for money. In addition, the revitalization of our cities as employees return to their offices and the companies that serve them reopen is attracting the interest of investors looking to offer much-needed rental housing. “
A median price is not an average price. It is the mean rating of all homes sold.
© 2021 Global News, a division of Corus Entertainment Inc.
