WATCH: The inventory headache remains for homebuyers and sellers

• Inventory not high enough to meet buyers' needs
• 1,000 more properties up for sale compared to February, but still not enough

The lack of supply continues to be the biggest factor for people wanting to buy a home in Kelowna, as prices continue to surge.

According to the March report from the Association of Interior REALTORS®, new residential listings coming onto the market saw a decrease of seven per cent within the region with 2,871 new listings compared to the same period last year.

The total residential units sold in March was 1,898, a 25 per cent decrease compared to same month last year.

“We’ve got the lowest inventory ever recorded in the area as well as the rest of the province and the country,” said the association’s president Kim Heizmann. “There are so many buyers coming to the table but not enough listings.”

While there was a 55 per cent increase in new listings compared to February, Heizmann said it may still not help potential buyers.

“The listings coming on still aren’t coming on at the rate that’s going to help meet the demand issue on the other end,” she said. “We are still in a strong seller market, but we just have a little more of an inventory for buyers to have a look at.”

She added many sellers are taking a more cautious approach when putting their home up for sale.

“We’re seeing more sellers want to protect their own sale first, secure a property, and then go back and sell their home,” Heizmann said. “When you have sellers not wanting to put their house on the market because their insecurity in something being available to them that they like, they’re not going to put their house on the market which also helps with the low inventory.”

Latest prices

The benchmark price for a single-family home in the Central Okanagan region, which includes Kelowna, was $1,129,000 in March, up 34 per cent compared to March last year and up over $30,000 from just last month.

Townhouses now have a price tag of $758,100, more than $18,000 up from last month and an increase of 28.5 per cent from March 2021.

The price of a condo/apartment is up $6,700 from last month to $557,400, a 31.7 per cent hike from March of last year.