Price of single-family home in Central Okanagan soars by $50K in one month

The red-hot real estate market in the Okanagan is continuing to reach levels that have never been seen before in the region.

“We had a crazy month of stats and stats that continue to have realtors shaking their heads,” said Kim Heizmann, Association of Interior Realtors’ president

“None of us have seen a market like this before.”

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The Association of Interior Realtors laments that although the market is strong for sellers, buyers, especially local ones, are being squeezed for every penny.

“Being in a multiple offer situation is pushing those numbers up,” Heizmann told Global News on Wednesday.

“When you have ten buyers sitting on a property and they’re all trying to bid to win, they are going all in with aggressive bidding.”

The benchmark price for a single-family home in the Central Okanagan is now listed at $829,400 — a 23.4-per cent increase from one year ago, and a $53,000 jump in one month.

In the North Okanagan, it has seen a 138.8-per cent increase in single family home sales from 2020, with a benchmark price of $590,700.

And for the South Okanagan, the benchmark price now sits at $803,000 a wild increase of nearly 42 per cent from 2020.

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Steve Wright, a Kelowna real estate agent, said he doesn’t see the escalating market coming back down anytime soon.

“Prices are still going up, setting new records,” said Wright.

“And my guess is within 60-90 days we could see an average price of a million dollars for a single-family home in Kelowna.”

One interesting thing to note, Wright said local real-estate agents are even starting to sell their own properties in the Okanagan.

© 2021 Global News, a division of Corus Entertainment Inc.

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