A hot real estate market continues to sizzle in the region with listings, demand and prices.
There was a 200 per cent increase in the number of homes listed between the first quarter of 2020 and the same period in 2021.
“There is a huge demand for single-family and we see it all over the valley,” Vernon’s economic development planner Roy Nuriel said.
The price of the average single-family home saw a 26 per cent increase from $511,000 last year to $647,000 this year.
“When the demand is high prices go up,” Nuriel said.
More than 791 units were sold in the North Okanagan for the first quarter, compared to just 356 last year — a growth of 122 per cent.
“The real estate market is booming,” Nuriel said. “Houses spend less time on the market and they are sold pretty fast”
The vacancy rate for rental property remains low and the demand remains high.
The first three months of 2021 saw the price of townhouses and semi-detached homes rise 17 per cent to $439,000. The price of condos also rose to an average of $300,000.
“We already have the numbers for April and we can see the trend continue and prices go up,” Nuriel said.
First-quarter statistics for building permits show single-family dwellings accounted for $13.2 million in 2021 compared to $9.1 million in 2020. Multi-family dwellings accounted for $7.3 million in 2021 compared to $3.1 million in 2020.
A total of 102 building permits were issued in 2021’s first quarter, which is a 27.5 per cent increase over the 80 building permits in the first quarter of 2020.
“The city is still growing, there’s more development activity,” Nuriel said
Vernon grew 1.9 per cent in 2020 to 44,000 people and those numbers continue to rise.
“The city is still growing… especially with groups 50-64 and 65 and older,” Nuriel said.