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Thursday, December 9, 2021

Benchmark price for single-family home in Central Okanagan now at $776K

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Planning on buying a home in the Okanagan? Be prepared for rising sticker shock.

The benchmark price for a single-family home in the Central Okanagan is now listed at $776,300 — a 17.5-per cent increase from one year ago, and $48,000 from October 2020.

In the South Okanagan, the average sale price is now $762,587, up 21.6 per cent, while the benchmark price in the North Okanagan is up 18.2 per cent to $561,500.

The Association of Interior Realtors (AIR) released the surprising statistics on Tuesday, adding that real estate sales from Revelstoke to Manning Park posted another record month.

In a press release, the association said the total number of sales in February was up 116 per cent, with 1,212 units sold, more than double the 561 units sold in February 2020.

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A graphic showing real estate prices in B.C.’s Southern Interior.

Association of Interior Realtors

It added that the South Okanagan region, stretching from Summerland to Eastgate at Manning Park, saw the highest increase of sales, with a 130-per cent surge compared to the same time last year.

“We are seeing a noticeable increase on various types of recreation and vacation homes sales suitable for all seasons,” said AIR president Kim Heizmann.

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