Survey says: Housing prices took a drop, most notably in Vernon, Kelowna | iNFOnews | Thompson-Okanagan's News Source

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Survey says: Housing prices took a drop, most notably in Vernon, Kelowna

Prices are going down sharply in some Okanagan cities.
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September 14, 2019 - 6:00 PM

KELOWNA - The price-per-square-foot of properties in Kelowna and Vernon took a surprising turn for the worse this year, according to a nationwide study conducted by Century 21.

Both Okanagan cities experienced significant price decreases of 20.49 per cent to $291 per square foot and 13.05 per cent to $261 for detached houses, respectively. 

Century 21 representatives say the Canada survey saw sharper declines in those communities than recent reports from the Okanagan Mainline Real Estate Board found because its survey included lakefront waterfront properties and homes sold in outlying areas, which are not included in the real estate board stats.   

The drop in price for the two Okanagan cities, as well as Victoria, is “striking,” Brian Rushton, executive vice-president of Century 21 Canada said.

“Also, the trend we have been seeing over the last couple of years of price increases in the eastern Fraser Valley as Vancouver residents moved there to take advantage of lower prices seems to have slowed this year,” he said.

The survey found condos in Downtown Vancouver remain the most expensive properties in Canada at $1,241 per square foot, despite a 7.74 per cent decline from the same period last year. For detached houses, Vancouver West Side continues to have the highest-priced properties in Canada, but for the first time since this survey started three years ago prices fell below $1,000 per square foot, down 13.74 per cent to $990. Overall, Vancouver houses came in at $769 PPSF, down 10.15 per cent from $856 last year.

House prices in Victoria were down 13.18 per cent to $442 per square foot. Chilliwack, which has experienced significant price increases in recent years as Vancouver residents looked for a more affordable community, stabilized and remained virtually unchanged at $294 per square foot for a detached house.  

Going back two decades, most Metro Vancouver prices have tripled or quadrupled even after recent declines are accounted for – to $613 PPSF this year from $192 in 1998 in North Vancouver, for example. 

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