Fewer homes sold from Peachland to Revelstoke in October, compared to September, however they’re selling faster. Overall, the real estate market in the Central, North Okanagan and Shuswap cities is holding steady. (THE CANADIAN PRESS/Sean Kilpatrick)

Fewer homes sold from Peachland to Revelstoke in October, compared to September, however they’re selling faster. Overall, the real estate market in the Central, North Okanagan and Shuswap cities is holding steady. (THE CANADIAN PRESS/Sean Kilpatrick)

Demand continues to drive Okanagan real estate markets

The increase in home sales has brought with it an increase in prices compared to last year

Fewer homes sold from Peachland to Revelstoke in October, compared to September; however, they’re selling faster.

Overall, the real estate market in the Central, North Okanagan and Shuswap is holding steady.

New statistics released Nov. 3 by the Okanagan Mainline Real Estate Board (OMREB) shows there was a slight decrease in the number of homes sold in October, eight per cent less than September’s 1,159 sales.

Despite this decrease, the average number of days to sell a home dropped nine per cent from 90 days in September to 83 days in October.

READ MORE: In September, Okanagan-Shuswap real estate market continues to rebound

Compared to last year, the fall real estate market is skyrocketing.

Seventy per cent more homes sold in October of this year, compared to 2019. In some markets, like the Central Okanagan, there was a 114.6 per cent increase in the sale of single-family homes and a 156.6 per cent increase in townhouses. In the North Okanagan, the sale of single family homes is up 83.3 per cent. In the Shuswap/Revelstoke region, the sale of townhouses is up 216.7 per cent.

Across the board, the availability of single-family homes and townhouses is significantly down compared to last year — in some markets by almost 40 per cent. This is a stark contrast to the availability of condos and apartments, which despite an increase in sales, also increased in inventory, in some markets by up to 15 per cent.

Average home sale prices, by region, and home type, compared to 2019

The increase in home sales brought with it an increase in prices compared to last year.

Single-family homes in the Central Okanagan increased in price by 9.4 per cent this year, to a benchmark of $728,300. In the North Okanagan, the price was up 9.2 per cent to $525,300, and in the Shuswap/Revelstoke region, it was up 7.9 per cent to $474,100.

Townhouses didn’t see the same spike in price. In the Central Okanagan, it increased by 5.2 per cent to benchmark $492,800. In the North Okanagan, the price was up 2.1 per cent to $368,900, and in the Shuswap/Revelstoke region, it was up 2.4 per cent to $369,700.

The increase in condo prices was substantial. In the Central Okanagan, it shot up 8.4 per cent, to benchmark $394,500. In the North Okanagan, prices were up 8.1 per cent to $248,900. In the Shuswap/Revelstoke region, it was up 8.5 per cent to 352,500.

A benchmark price is a value compared to the average or medium price.

Expected ‘calming’ of the market never came

The real estate board said a normal ‘calming’ in the market as the winter months approach, isn’t necessarily happening this year. They believe this is due to demand.

“This seems to be a trend across the province as demand for more living space continues to drive consumer incentives,” said the OMREB in an email.

That being said, they explained a recent spike in COVID-19 cases across the province ‘will likely facilitate’ a calming in the market.

Even despite COVID-19, homes are moving off the shelves quickly due to the fact realtors have adapted to ‘the new normal’; selling homes while adhering to provincial health guidelines.

The OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap – Revelstoke Zone (Salmon Arm to Revelstoke).

For more detailed statistics on your area, click here.

READ MORE: ‘Deeply concerning’: New Kelowna RCMP commander addresses detachment’s controversies

READ MORE: Third case of COVID-19 confirmed at Kelowna Secondary School

Do you have something to add to this story, or something else we should report on? Email: phil.mclachlan@kelownacapnews.com


 

@newspaperphil
Like us on Facebook and follow us on Twitter.

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Multiple people were injured at a Vernon home following an early-morning break-in Saturday, March 6, 2021. (Black Press file photo)
Multiple people left injured following break-and-enter in Vernon

Police believe the early-morning break-in was targeted and not a threat to the general public

Seniors in the Interior Health region can book their COVID-19 vaccinations starting Monday, March 8, 2021 at 7 a.m. (File photo)
Seniors in Interior Heath region can book COVID-19 shots starting Monday

Starting March 8 the vaccination call centre will be open 7 a.m. to 7 p.m. daily

A Coldstream resident who found an owl struggling on her property in March 2021 is now spreading awareness of about the knock-on effects of rodent poisoning. (Kathy Renaud photo)
Coldstream owl ‘fighting for her life’ after ingesting rat poison

Coldstream resident warns against the use of rodenticide due to risk of secondary poisoning in raptors

Vernon residents can breathe a little easier now that a dust advisory has ended in the area. (Brendan Shykora - Morning Star)
Dust advisory lifted in Vernon

Changing meteorological conditions have improved regional air quality

The City of Vernon is looking for input into its Climate Action Plan. (Jennifer Smith - Morning Star)
Vernon voices wanted on climate action plan

Community engagement sought on city plan

The James C Richardson Pipe Band marches in a Remembrance Day parade on Nov. 11, 2019 in Chilliwack. Wednesday, March 10 is International Bagpipe Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of March 7 to 13

International Bagpipe Day, Wash Your Nose Day and Kidney Day are all coming up this week

Kelowna General Hospital (File photo)
Second COVID-19 outbreak declared at Kelowna General Hospital

One patient and one staff member on Unit have tested positive for the virus.

Victoria man Brett Andersen is asking for people’s help to secure him one of eight free tickets to the moon. (Screenshot/@brettandersen Instagram)
Victoria man wants your help securing a free ticket to the moon

Japanese billionaire offering eight people a trip to the moon

The Conservation Officers Service is warning aquarium users after invasive and potentially destructive mussels were found in moss balls from a pet store. (BC Conservation Officers Service/Facebook)
Aquarium users in B.C. warned after invasive mussels found at pet store

Conservation officers were told the mussels were found in a moss ball from a Terrace pet store.

Hockey hall-of-fame legend Wayne Gretzky, right, watches the casket of his father, Walter Gretzky, as it is carried from the church during a funeral service in Brantford, Ont., Saturday, March 6, 2021. HE CANADIAN PRESS/Nathan Denette
Walter Gretzky remembered as a man with a ‘heart of gold’ at funeral

The famous hockey father died Thursday at age 82 after battling Parkinson’s disease

Fire ripped through a mobile home on Boucherie Road in West Kelowna on March. 6. (Phil McLachlan - West Kelowna News)
‘My whole life just went up in smoke’; Fire consumes Okanagan mobile home

RCMP confirmed that there were no injuries due to the fire

Donald Alan Sweet was once an all star CFL kicker who played for the Montreal Alouettes and Montreal Concordes over a 13-year career. Photo courtesy of Mission RCMP.
Ex-B.C. teacher who was CFL kicker charged with assault, sexual crimes against former students

Donald Sweet taught in Mission School District for 10 years, investigators seek further witnesses

During a press event on March 6, Const. Alex Berube, media relations officer for the West Shore RCMP, addressed a deadly shooting that occurred in Metchosin the night before. (Devon Bidal/News Staff)
VIDEO: One man shot dead on Vancouver Island in ‘targeted incident’

Highway 14 reopens following multi-hour closure for investigation

Most Read