Benchmark price for a house in Kelowna now tops $1M

The benchmark price for a single-family home in the Central Okanagan has breached the million-dollar mark.

Experts suggest it remains a hard time for buyers, in part because of the limited availability of stock amid high demand.

In its December market wrap, the Association of Interior REALTORS® reported the benchmark price for a house was $1,004,900, an increase of 31.8 per cent compared to December 2020. The price was $978,500 in November.

Earlier this week BC Assessment issued values for taxation purposes that also reflect a plus-30 pre cent rise over last year.

The association reported 654 units sold last month across the entire Interior, which includes the Central Okanagan, North Okanagan and Shuswap/Revelstoke region.

President Kim Heizmann said the supply of active residential listings saw a drop of 40 per cent compared to the same month a year ago, "making it unlikely for buyers to see a softening of prices as we head into the new year.”

December stats show 153 transactions in December in the Central Okanagan, taking an average 36 days to sell.

The benchmark price for a townhouse was $687,600 in December, a 26 per cent hike over the previous year, although it is down $1,000 from November.

The price of a condo or apartment was $511,700 last month, almost 28 per cent more than the previous December and $12,300 more than in November.