House prices across Okanagan and Shuswap increase 30%
The price of a single-family home in the Okanagan and Shuswap has increased by around 30 per cent since this time last year.
The benchmark price for a single-family home in the Central Okanagan sits at $961,000, a 30 per cent increase from October 2020.
Prices in the North Okanagan are up by 31 per cent taking the benchmark price of a single-family home to $693,800. The Shuswap saw the highest price increase at 36 per cent although property remained slightly cheaper than the Okanagan with the benchmark price for a single-family home at $648,300.
The figures were released today, Nov. 4, by the Association of Interior Realtors.
"Demand is still strong despite chronically low supply, but we are seeing a healthier environment for buyers and sellers compared to what we saw in 2020 and earlier in the year," Association of Interior Realtors president Kim Heizmann said in a media release.
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While prices are up the number of properties sold in October dropped by 18 per cent compared with October 2020.
The number of properties currently on the market dropped by 39 per cent compared to October 2020, with new listings down by 12 per cent.
"As we head into the final months of the year, we can see that this supply drought or lack of new listings has really become the main theme of the year. It will be interesting to see if this trend maintains or changes in 2022," Heizmann said.
The price was up in all housing categories across the region with the benchmark price for a townhome in the Central Okanagan at $685,900 – a 30 per cent increase over the same month last year.
Townhomes in the North Okanagan increased by 18 per cent to $437,200, while the Shuswap saw townhomes increase to $466,100 – a 19 per cent increase.
Apartment prices also rose with a Central Okanagan, with a condo now costing $477,700 - a 23 per cent increase.
A condo in the North Okanagan now goes for $301,200, up 24 per cent from last year, with a Shuswap condo costs $382,700 – 20 per cent more than this time last year.
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