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

The Canoe Forest Products plywood plant in Salmon Arm is holding its own. (File photo)
Canoe Forest Products in Salmon Arm holding its own during pandemic

General manager says pandemic has not forced layoffs, still 180 people working

COVID-19. (Image courtesy CDC)
47 new COVID-19 cases in Interior Health region

1,538 total cases, 399 are active, ten in hospital

A line of cars was left waiting for a train at the Marine Park Drive railway crossing as a train halted by a mechanical issue blocked both crossings in the area for close to an hour. (Photo Submitted)
Mechanical issues stall traffic at Salmon Arm rail crossings

Train was stopped on tracks blocking crossings at Narcisse Street and Marine Park Drive

Due to restrictions around COVID-19, access to the Larch Hills chalet will be limited for the 2020/21 cross-country ski season. (File photo)
Early snow means early cross-country skiing at Shuswap’s Larch Hills

COVID-19 requirements restrict use of chalet, postpones of events

The CP Holiday Train stops in Salmon Arm on Dec. 14, 2019. (File photo)
CP Holiday Train at Home to give $7,000 to Salmon Arm food bank

Council members express appreciation for support of the Shuswap from CP Rail

A woman wears a protective face covering to help prevent the spread of COVID-19 as she walks along the seawall in North Vancouver Wednesday, November 25, 2020.THE CANADIAN PRESS/Jonathan Hayward
911 new COVID-19 cases, 11 deaths as B.C. sees deadliest week since pandemic began

Hospitalizations reach more than 300 across the province

Black Press Media and BraveFace have come together to support children facing life-threatening conditions. Net proceeds from these washable, reusable, three-layer masks go to Make-A-Wish Foundation BC & Yukon.
Put on a BraveFace: Help make children’s wishes come true

Black Press Media, BraveFace host mask fundraiser for Make-A-Wish Foundation

Summerland residents have been receiving a telephone scam with the number showing as the telephone number of the local RCMP detachment. (Black Press Media files)
Summerland RCMP telephone number spoofed in scam calls

Number used in scam attempts from tax agency

(Village of Lumby photo)
Mysterious, loud ‘boom’ shakes North Okanagan residents

Village staff, Earthquakes Canada aren’t sure what caused the explosion-like sound

Clarence Fulton students collect cash and non-perishable food donations for families in need in their community Friday, Nov. 27. (Jennifer Smith  - Morning Star)
North Okanagan students collect food for families in need

Annual event to support nine school families this year

Take a break from the slopes to discover the rich culture and diversity of Vernon. Michelle Beaudry photo, courtesy Tourism Vernon.
Tourism Vernon could see 40% cut to budget due to COVID-19

New approach to help residents and visitors activate their adventures

Danika Rennie and Myles Lowe sport some realistic fake facial hair for Parkview Elementary’s moustache day on Nov. 27. (Contributed)
Snapshot: Moustache Day at Parkview

Parkview Elementary students showed up with their best false facial hair on Nov. 27

Follow public health recommendations, says Interior Health as COVID-19 cases continue to climb in Revelstoke. (Image courtesy CDC)
Revelstoke positive COVID cases grows to 29

Interior Health announced a cluster in the community on Nov. 26

Screenshot of Pastor James Butler giving a sermon at Free Grace Baptist Church in Chilliwack on Nov. 22, 2020. The church has decided to continue in-person services despite a public health order banning worship services that was issued on Nov. 19, 2020. (YouTube)
2 Lower Mainland churches continue in-person services despite public health orders

Pastors say faith groups are unfairly targeted and that charter rights protect their decisions

Most Read