Okanagan real estate market off to a great start in 2020 | iNFOnews | Thompson-Okanagan's News Source

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Okanagan real estate market off to a great start in 2020

Image Credit: SUBMITTED/B.C. Assessment
March 06, 2020 - 12:15 PM

Housing sales throughout the Okanagan grew by a healthy six per cent in February versus the same month last year.

That equated to 375 sales in the area covered by the Okanagan Mainline Real Estate Board that stretches from Peachland to Revelstoke. Another 118 units were sold in the area covered by the South Okanagan Real Estate Board.

“The residential market continues to recover from the slow start experienced last year,” Okanagan Mainline president Michael Loewen said in a news release. “It will be interesting to see if factors such as recent interest rate changes, uncertainties of the U.S. elections and the impact of the coronavirus on the economy will have effect on the local market.”

The benchmark prices for all categories of homes also went up in February.

A single-family home went up 2.9 per cent in the Central Okanagan to $660,700, the North Okanagan by 3.2 per cent to $457,200 and by 2.7 per cent in the Shuswap/Revelstoke area to $429,000.

Townhouse prices went up 2.2 per cent in the Central Okanagan but jumped by almost nine per cent in the North Okanagan and Shuswap/Revelstoke regions.

Condos went up between 3.9 and 5.5 per cent in the three regions, with the highest gains in the Central Okanagan where the benchmark price is $396,500.

Benchmark prices are not averages or median prices but “represents a dwelling with ‘typical attributes’ to those traded in the area,” the release states.

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News from © iNFOnews, 2020

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