The benchmark price to buy a single-family home in the Central Okanagan is pushing $1 million — $978,500, to be exact.
That figure comes from the Association of Interior Realtors (AIR), which released its November 2021 statistics earlier this week. In October, the benchmark price for a single-family home in the Central Okanagan was $961,600 and $923,500 in September.
In the North Okanagan, a single-family home’s benchmark price is listed at $703,500, compared to $658,500 in the Shuswap/Revelstoke region.
When it comes to buying a townhouse in the Central Okanagan, the benchmark price is listed at $688,600, compared to $452,200 in the North Okanagan and $485,400 in the Shuswap/Revelstoke region.
Condos or apartments in the Central Okanagan are benchmarked at $495,400 for a condo or an apartment, while those in the North Okanagan are listed at $312,900 and $398,700 in the Shuswap/Revelstoke region.
According to AIR president Kim Heizmann, the association’s residential sales region — which spans from Revelstoke to Eastgate Manning Park and into the South Peace River — is dealing with an inventory shortage heading into December.
Residential sales in the region decreased by 10 per cent from last November, with only 1,063 residential sales in November 2021, down from October’s 1,115 sales.
“It is typical as we approach the holiday season to see residential sales slow down within the real estate market,” said Heizmann. “The lack of homes available for purchase is certainly adding to the slowdown.”