Huge leap in housing sales in Central, North Okanagan and Shuswap compared to last year | iNFOnews | Thompson-Okanagan's News Source

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Huge leap in housing sales in Central, North Okanagan and Shuswap compared to last year

Image Credit: SUBMITTED/B.C. Assessment
September 02, 2020 - 2:53 PM

Housing sales in the Okanagan Mainline Real Estate Board’s region were up 43 per cent in August of this year versus 2019.

The region, which stretches from Peachland to Revelstoke, saw 1,034 homes sold last month, according to an Okanagan Mainline Real Estate Board media release. The number of new listings dropped 17 per cent from July to 1,237 new listings. Total listings are down six per cent from July and 18 per cent from August 2019.

“We are at a stage where inventory is struggling to catch-up to the demand, especially in the single-family category – the most desired type of property post-quarantine,” board president Kim Heizmann said in the release.

READ MORE: Vancouver home prices rose in August amid above-average sales rate

The benchmark price in all regions and all housing types went up over July.

Single family homes in the Central Okanagan jumped 5.4 per cent to $692,800, by 5.6 per cent in the North Okanagan to $506,900 and 5.3 per cent in Shuswap/Revelstoke to $458,900.

Townhouse prices went up 1.5 per cent in the Central Okanagan to $478,700, by 2.8 per cent in the North Okanagan to $371,100 and 2.9 per cent in Shuswap/Revelstoke to $370,100.

For condos, the Central Okanagan went up three per cent to $393,600, the North Okanagan by two per cent to 247,800 and in the Shuswap/Revelstoke by 2.3 per cent to $351,300.

The real estate board uses a benchmark price that represents a dwelling with “typical attributes” to those sold, rather than an average or mean price.

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