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>
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