Valley prices remains sky high
Housing prices in the Central Okanagan surged to new highs in January.
A benchmark house spent just 60 days on the market and fetched $753,000 last month, up 14% from a record-setting January 2020, according to fresh data from the Association of Interior Realtors.
A benchmark townhouse notched up 11% to $513,00, while an average condo or apartment rose 3% to $402,000,
Across the realtor group’s coverage area, which stretches from the Shuswap south to the U.S. border, the number of residential sales rose 60% year-over-year to 796.
“Hikes in sales dollar volume is another impact of COVID-19 as buyers are seeking out larger spaces to improve their living conditions,” association president Kim Heizmann said in a press release.
“Larger homes naturally also come with a larger price tag. However, we are still seeing an upward pressure on pricing driven by a shortage of inventory that is unable to meet consumer demand.”
Elsewhere in the region, the average sale price of a single-family home in the South Okanagan also hit a record high in January as it rose 33% year-over-year to 726,000 last month, while an average townhouse notched up 47% to $497,000, and an average condo or apartment rose 43% to $353,000.
In the North Okanagan, the benchmark single-family home traded for $542,000, representing a 14% year-over-year increase. The price of a benchmark townhouse spiked 9% to $387,000, and a benchmark condo or apartment rose 4% to $256,000.
Benchmark properties are those with what the realtors’ association considers “typical” assets, and is a more accurate indicator than a pure average. However, there are no benchmarks yet for the South Okanagan.
The Association of Interior Realtors was formed on Jan. 1 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board, and represents roughly 1,600 realtors.