Housing prices jump by more than 15% in parts of Okanagan

The benchmark price for single-family homes in the Central and North Okanagan jumped 17.5 and 18.2 per cent respectively in February versus a year ago.

That makes a typical home worth $776,300 in the Central Okanagan and $561,500 in the North Okanagan, according to a news release from the Association of Interior Realtors that covers the area from Salmon Arm to the U.S. border.

The benchmark is the cost of a home with “typical attributes” to others sold in the region.

The biggest change was in the Shuswap/Revelstoke region with a 22 per cent increase to $522,800.

“We are seeing a noticeable increase on various types of recreation and vacation homes sales suitable for all seasons,” association president Kim Heizmann said in the news release. “Due to COVID- related travel restrictions and limitations, more and more inter-provincial buyers are taking the opportunity to create vacation opportunities within B.C.”

The number of active listings dropped to 1,763 this February versus 2,996 last year.

“Shortage of supply is still an issue with inventory struggling to meet demand, particularly when it comes to single-family homes” Heizmann said.

The South Okanagan region does not use the benchmark system yet. The average price for single-family homes in that region jumped 21.6 per cent to $762,587.

The association was formed in January with the merger of the South Okanagan and Okanagan Mainline real estate boards and includes the South Peace River area of B.C. It stretches to Revelstoke and Rock Creek to the east and Manning Park to the west.

Image Credit: Association of Interior Realtors

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