Typical Kelowna home now worth a record high of $ 880,000
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Typical Kelowna dwelling now value a document excessive of $ 880,000

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Another month, another record high for house prices in Kelowna.

The latest benchmarks are $ 880,000 for a single family home, $ 560,900 for a townhouse, and $ 438,400 for a condominium.

All of the numbers come from the April report by the Association of Interior Estate Agents, which recorded a total of 774 sales in April, up 294% from 197 sales in April 2020.

</who>Kim Heizmann, realtor at Century 21 Executives Realty in Vernon, is also president of the 1,600 member Association of Interior Realtors. “Class =” img-responsive “src =” https://www.kelownanow.com/files/files / images /Kim%20Heizmann(1).jpg “style =” margin: 5px; “/></p> <p>To be fair, April 2020 marked the start of the pandemic and home sales collapsed quickly.</p> <p>But since then, sales have accelerated at an amazing rate.</p> <p>Amid the uncertainty, property prices stagnated when COVID hit</p> <p>But that didn’t take long.</p> <p>Indeed, home prices have been plummeting, with $ 880,000 for a single family home in April representing a 31% year-over-year increase, $ 560,900 for a townhouse an 18% increase, and $ 438,400 for a condominium an increase of 14%.</p> <p>The Association of Interior Realtors, founded on Jan. 1 through a merger of real estate directors Okanagan Mainline and South Okanagan, has evolved into a benchmarking system, rather than average selling price or median price, to track prices in the area.</p> <p>Benchmark is considered a better representation because it rates a house, townhouse or condominium with typical attributes in the city.</p> <p>The average price is believed to be misleading today as some atypical sales of multi-million dollar homes can skew the average upward.</p> <p>For example, the average retail price of a single family home in Kelowna is now approaching a million dollars.</p> <p><img alt=This 3,000-square-foot, three-bedroom, three-bathroom home on Henderson Drive in Black Mountain is for sale for $ 850,000, close to a new record high of $ 880,000 for a single family home in Kelowna. “Class =” img-responsive “src =” https://www.kelownanow.com/files/files/images/average%20Kelowna%20house.JPG “style =” margin: 5px; “/>

Several factors play a role here.

Mortgage rates are at rock bottom, giving people confidence to make a purchase if they have a well-paying job or income from investments.

Also, the pandemic forced many into introspection, with some of them deciding they needed a bigger and better place, which boosted demand for homes and made prices soar.

The same introspection has also resulted in some people in major cities like Vancouver, Calgary, Edmonton and Toronto moving to smaller lifestyle cities like Kelowna for the lifestyle, especially if they are allowed to work from home due to COVID.

All of this means that houses for sale are bought quickly, often after a bid where the end buyer beats the list price.

This has also resulted in a shortage of housing in the market.

“At the moment, supply is not yet catching up with demand. We are in a supply drought when it comes to bids, ”said Kim Heizmann, President of the 1,600-member Association of Interior Agents.

“Despite the supply drought, the market remains strong and is starting to rationalize. With the introduction of vaccines, more and more people are being vaccinated and we’re getting some mobility and comfort back. Hopefully more homes will come on the market.”

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