Home prices in Okanagan saw big jump in January
Members of the Association of Interior Realtors sold 796 homes in January, a 60 per cent increase in sales numbers over January, 2020.
Combined with the increased sales and a low number of new listings, prices went up significantly as well, driven in part by COVID-19 leading to more people working from home or relocating to places like the Okanagan.
“Hikes in sale dollar volume is another impact of COVID-19 as buyers are seeking out larger spaces to improve their living conditions,” Kim Heizmann, president of the new realtors association, said in a news release. “Larger homes naturally also come with a larger price tag. However, we are still seeing an upward pressure on pricing driven by a shortage of inventory that is unable to meet consumer demand.”
The new association was officially formed on Jan. 1 after the merger of the South Okanagan and Okanagan Mainline real estate boards that cover a territory from Revelstoke and Salmon Arm to the U.S. boarder and Manning Park. It also includes the South Peace region.
The benchmark price for a typical single-family home increased by about 14 per cent in each of the Central Okanagan, North Okanagan and Shuswap/Revelstoke areas. That works out to $752,900 in the Central Okanagan, $541,900 in the North Okanagan and $496,800 in the Shuswap/Revelstoke region.
The South Okanagan is not fully integrated into the benchmark system. It saw the average price of a single-family home jump 32.7 per cent to $726,141.
New listings are down 37 per cent from January 2020.
To contact a reporter for this story, email Rob Munro or call 250-808-0143 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.
We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above.
