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Okanagan housing prices still up more than 30 per cent from last year

The benchmark selling price of single-family homes in August for much of the Okanagan and Shuswap regions is more than 30 per cent higher than a year ago.

In Kelowna, that means a typical single-family home sold for $961,800, according to a news release from the Association of Interior Realtors issued today, Sept. 3.

That’s up 34.7 per cent from August 2020. It’s also up from $933,600 in July, a three per cent increase.

The main contributor to the price increase is the shortage of listings.

“The market has slowed down slightly due to a chronic lack of inventory but it’s by no means slow,” association president Kim Heizmann said in the news release. “Listings are at record lows and not replenishing to meet the high demand. This chronic shortage of supply is putting upward pressure on pricing and making it a strong seller’s market.”

The number of active listings in the association’s area is down 46 per cent compared to August 2020.

READ MORE: Housing sales in Kamloops, Okanagan drop off as supply dries up

The benchmark price for a single-family home in the North Okanagan was up 33 per cent year over year to $682,700. The increase in the Shuswap/Revelstoke region was up 32.1 per cent to $615,100.

The South Okanagan is not on the benchmark system. There, the average price of a single-family home increased 9.9 per cent to $780,072.

Townhouses and condo/apartment benchmark prices went up between 18 and 26 per cent, year over year, in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions.

Average prices for townhouses and condo/apartments went up about 45 per cent in the South Okanagan.

The detailed stats will be posted on the association’s website here.

READ MORE: Lower Mainland housing prices makes Kelowna look nearly affordable

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