Typical Kelowna residence valued at a report $ 915,000

The typical house price in Kelowna is climbing ever closer to the magical milestone of $ 1 million.

In June, the benchmark retail price of a single-family home in Central Okanagan hit a record high of $ 915,100, up from $ 901,600 in May and $ 880,000 in April, according to the Association of Interior Realtors.

</who>Kim Heizmann, real estate agent at Century 21 in Vernon, is president of the Association of Interior Realtors. “Class =” img-responsive “src =” https://www.kelownanow.com/files/files/images/Kim%20Heizmann (2 ) .jpg “style =” margin: 5px; “/></p>
<p>In fact, the benchmark price for a typical single-family home in the region has risen by a remarkable 31.6% over the past year.</p>
<p>That means the benchmark price was $ 698,500 as of June 2020.</p>
<p>So if you live in a typical home, which is generally defined as a well-maintained four bedroom home in a nice neighborhood, your apartment is worth $ 216,600 more this year than it was last year.</p>
<p>That technically makes you $ 216,500 richer.</p>
<p>But of course everything is relative.</p>
<p>After all, to realize that profit you would have to sell your home and buying anywhere else in Kelowna would mean paying a record high.</p>
<p>While skyrocketing house prices are good for homeowners’ net worth, they make it nearly impossible for lower-income or first-time buyers to enter the market.</p>
<p><img alt=This five bedroom home on Bayview Court in West Kelowna is for sale for $ 948,000, which is near the new record price of $ 915,100 for a typical single family home in Central Okanagan. “Class =” img-responsive ” data-src=”https://www.kelownanow.com/files/files/images/benchmark%20home.JPG” style = “margin: 5px;” />

A total of 344 single-family homes were sold in the Central Okanagan in June, 31.8% more than in June 2020.

While the numbers are impressive, it’s actually a slight cool-down from the heady days of February and March when sales were frantic and prices kept rising.

It was a perfect storm for a real estate maniac.

Mortgage rates are at their lowest point; the actual number of apartments for sale is low; the pandemic caused people to buy bigger and better homes; and it also resulted in an influx of buyers with money from other parts of the country coming to Kelowna for the lifestyle.

“The market is still a very hot market, maybe just not piping hot anymore,” said Kim Heizmann, president of the Association of Interior Realtors, broker at Century 21 in Vernon.

“Like the weather last week, it went from over 40 degrees to a pleasantly warm 30 degrees, which according to all the information is still warm.”

Activities and prices are unlikely to subside anytime soon.

The benchmark retail price for a typical Central Okanagan townhouse was $ 637,200 in June, up 27.7% over the year.

For a condo, the equivalent is $ 459,300, up 23.2%.

“As more consumers become fully vaccinated and the province is in Step 3 of the reopening plan, we could see more inventory hit the market as the fear of listing homes for sellers who were uncomfortable during COVID, restrictions abate, “said Heizmann.

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