House prices on the rise in the Vernon area

Apr 7, 2022 | 7:00 AM

Home sales data showed that benchmark prices for all home types in the Greater Vernon area were up substantially in March.

Statistics from the Association of Interior Realtors (AIR) found that the City of Vernon benchmark price for single family homes in March was $581,200, townhouses were being sold for $465,100 and apartments were going for $350,600.

On a year over year basis, those figures represent a price increase of 32.4 per cent for single family homes, 24.5 per cent increase for townhouses and 33.1 per cent for apartments.

The AIR stats showed there were seven single family home sales in March, the same as the same month last year, while townhouse sales were up 20 per cent to 6, and apartment sales in Vernon were up 11.1 per cent compared to last March.

The stats showed that Silver Star had the greatest annual price increase for single family homes in the Greater Vernon area, climbing 40.7 per cent to a benchmark price of $1,210,000.

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Foothills had the highest benchmark price for single family homes in the area ($1,302,000), followed by Silver Star, Middleton Mountain Coldstream ($1,77,000) then Predator Ridge ($1,141,000).

Okanagan North had the lowest annual growth for single family homes, climbing 23.9 per cent to $549,100.

In March, the lowest benchmark prices for single family homes in the area could be found at Harwood ($572,600), followed by the Swan Lake West ($620,300).

The biggest annual gains in townhouse prices locally was recorded in North BX, where prices rose 23.2 per cent to $509,000.

Adventure Bay ($863,600), Predator Ridge ($855,000) and Okanagan Landing ($641,200) had the highest benchmark prices for townhouses in March, while Alexis Park ($242,100), Harwood ($417,300) and Mission Hill ($437,500) had the lowest prices.

The biggest annual increase in benchmark prices for apartments and condos for March was recorded was Silver Star, where prices rose 34.1 per cent to $392,900.

The most expensive apartments locally were in the Okanagan Landing ($643,400), Silver Star, and Alexis Park ($391,500) areas. The most affordable options were in Mission Hill ($276,000).

For the North Okanagan as a whole, the benchmark prices for single family homes were up 30.1 per cent annually to $1,129,000. Prices for town houses were up 22.3 per cent to $486,300 and apartment prices were up 33.2 per cent to $353,100.

Compared to the previous March, single family home sales were down 27.5 per cent at 116, townhouse sales were down 21.5 per cent to 51 and apartment and condo sales were down 22.2 per cent to 28.

Inventory was also down across the board in the North Okanagan, with single family homes down 11.5 per cent to 169, townhouse stock down 7.7 per cent to 12 and condo and apartment inventory dropping 42.5 per cent to 42.

All combined, a total of 242 housing units were sold for roughly $179,700,000 in the North Okanagan this past March.

by Liam Verster

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