Home prices near $800K in Central, South Okanagan

Winter doldrums were no match for the white-hot Okanagan Valley real estate market, which surged again to record heights in February.

Last month, sales of single-family homes rose 136% year-overyear to 288 in the Central Okanagan, spiked 84% to 103 in the North Okanagan, and climbed 81% to 96 in the South Okanagan, according to fresh data from the Association of Interior Realtors.

Prices fell in line with the purchasing frenzy.

The benchmark sale price of a single-family home in the Central Okanagan notched up 18% yearover-year to $776,000 and rose 18% to $562,000 in the North Okanagan. In the South Okanagan – where no benchmark is available yet — the average sale price was up 22% to $763,000.

Equally eye-popping gains were seen with sales of apartments, condos and townhouses. Most notable were the 65 sales of condos and apartments in the South Okanagan, which represented a 242% year-over-year boost.

“We are seeing a noticeable increase on various types of recreation and vacation homes sales suitable for all seasons,” Kim Heizmann, president of the Association of Interior Realtors, said in a press release

“Due to COVID-related travel restrictions and limitations, more and more inter-provincial buyers are taking the opportunity to create vacation opportunities within B.C.”

Driving up prices on the other side of the equation is relatively slow supply.

For example, the number of single-family listings in the Central Okanagan in February fell 52% year-over-year to 388.

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 because the local real estate group only merged Jan. 1 with the larger regional association.