Strong June sales help Okanagan, Shuswap real estate markets recover from COVID-19 impact - InfoNews

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Strong June sales help Okanagan, Shuswap real estate markets recover from COVID-19 impact

Image Credit: SUBMITTED/B.C. Assessment
August 05, 2020 - 2:41 PM

The number of houses sold in June in the Okanagan Mainline region was actually up over last year and there was a huge jump from May.

A total of 791 units were sold in the area from Peachland to Revelstoke in June. That’s up a whopping 77 per cent from May and nine per cent higher than June 2019.

In the South Okanagan, the market rebounded strongly in June with 213 residential transactions, up 27 per cent compared to June of 2019.

“These numbers are a positive indicator that real estate in the Okanagan is recovering from the pandemic induced slowdown of the previous three months,” Kim Heizmann, president of the Okanagan Mainline Real Estate Board, said in a news release. “While we are not on the other side of this yet, this is a cautiously optimistic sign that the housing market may bounce back sooner than forecast.”

READ MORE: Lifestyle changes driving Okanagan real estate buying frenzy

The benchmark price of a single family home rose 3.1 per cent from May to June in the Central Okanagan to $684,000. Prices jumped 3.5 per cent in the North Okanagan to $492,500 but only 0.9 per cent in the Shuswap/Revelstoke area to $432,100.

Prices for townhouses increased by less than two per cent in each of the sub-regions while condo prices increases ranged from 3.5 per cent in the North Okanagan to 4.9 per cent in the Central Okanagan.

The benchmark price for a townhouse in the Central Okanagan was $477,200 versus $359,300 in the North Okanagan. Condos went for $384,400 in the Central Okanagan but only $241,100 in the North Okanagan.

In the Shuswap/Revelstoke sub-region, the benchmark townhouse price was $359,400 and condos were at $342,800.

The Okanagan Mainline Real Estate Board uses a benchmark rather than an average or median price, saying it’s a better representation of value.

Image Credit: SUBMITTED / Okanagan Mainline Real Estate Board

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