Single-family homes in central Okanagan cost almost $ 1 million: Association of Interior Realtors – Okanagan
The region’s real estate market continues to hold record inventories, pushing already very high prices to new highs.
This is the same model that the Association of Interior Realtors has seen over the past year.
âWe’re singing the same song from the same songbook, regarding our inventory which is once again reaching record levels,â said Kim Heizmann, Okanagan real estate agent and president of the Association of Interior Realtors.
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The benchmark price for single-family homes in the central Okanagan has now almost hit $ 1 million, a number that realtors thought unattainable for this region.
âThese numbers surprise us all, almost reaching a million dollars for a single family home is quite extraordinary,â Heizmann said.
âThat’s a number I don’t think any of us could have predicted. Especially during a pandemic.
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Global News asked some Okanagan residents what they think about the nearly $ 1 million price tag for single-family homes.
âIt’s crazy. It’s tough for people our age; I’m 30,â said Taylor Hegion, a Kelowna resident.
“We have a condo across the street here, and we’re just trying to move forward and that makes it almost impossible for us right now.”
âIt’s a bit worrying. My husband and I have just returned from Calgary and are looking for what we can afford. (Everything is) pretty much out of our price range, âsaid Annika Lauran, a resident of the North Okanagan.
âAnd even rentals are difficult and it’s also disconcerting. This makes it more difficult for families to settle in the area.
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The Association of Interior Realtors has released information on three key areas in the Okanagan region, comparing November 2021 to November 2020.
Sales of single-family homes in the central Okanagan are down 13%, but the benchmark price sits at $ 978,000, a 32% increase from 2020.
In the North Okanagan, sales of single-family homes increased 12%, with a 31% increase from the benchmark price, which stands at $ 700,000.
And in the South Okanagan, single-family home sales are down 17%, but the benchmark price of $ 697,000 is a 41% increase from 2020.
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