June 08, 2016 - 9:00 PM
KELOWNA - It's a number that has no real meaning other than it represents a new record for the Central Okanagan.
Okanagan Mainline Real Estate Board is reporting single family homes reached an average sale price of $601,000 for the first time in May.
The board credits tight supply in the region for the 19.2 per cent increase in the average sale price from a year ago.
The anticipated drop in buyers from Alberta, the traditional bastion of Okanagan real estate sales, hasn’t really happened, Board president Anthony Bastiaanssen says in a press release, while buyers from the Lower Mainland and other parts of B.C. have more than filled what void there was.
Bastiaanssen says the price doesn’t seem to have deterred buyers, who are chasing fewer listings than a year ago at much higher prices.
This is happening against a backdrop of higher unemployment in the Okanagan region, he notes, bucking the trend in othe parts of the province.
Find more Okanagan real estate stories here.
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