Home sales in the Interior hit record highs in December amid record low supply.
The Association of Interior Realtors released statistics on home sales for December 2021. The association said 654 units sold, surpassing previously-recorded highs. Association president Kim Heizmann said the lack of supply continues to be a frustration for homebuyers.
“The number of active listings continues to fall short of buyer’s demand at historical levels, making it unlikely for buyers to see a softening on prices as we head into the new year.”
Heizmann said despite the seasonal slowdown, sales across the region surpassed the record high set in 2016.
The supply of active residential listings saw a drop of 40 per cent across the Association region compared to the 2,894 active listings during December 2020, with new listings also showing a 24 per cent decrease over December 2020’s 695 units.
Benchmark prices for homes across the region have shot up with double-digit increases. In the Central Okanagan, the benchmark price of a single-family home hit $1 million — a 31.8 per cent increase over last year. The North Okanagan came in at $709,400, the Shuswap-Revelstoke area recorded prices at $649,500 and the South Okanagan saw prices rise to $714,700.
The Interior’s most affordable homes can be found in the South Peace River region where the average sale price is $296,128, however that price is 44.5 per cent higher than last year.
Double-digit increases were recorded across the region in every home category, including townhouses, condos and mobile homes.
Want to support local journalism? Make a donation here.