House Values On The Rise

The price of a North Okanagan home is up 9 percent from a year ago.

The Okanagan Mainline Real Estate Board says a single family detached home is selling for an average of 470-thousand dollars, up $40,000 from this time in 2016.

Board president Tanis Read says a lack of available homes to sell is one reason for the increase.

“The good news, at least for some parts of the region we serve, is the number of new, multi-family residences that are closing in on completion. This, coupled, with a surge in housing starts, could mean good news in terms of availability and affordability.”

It’s taking on average of 74 days to sell residential properties, which is a couple weeks faster than a year ago.

Residential house sales in the Okanagan have been typical for the fall season.

736 residential properties sold last month from Peachland to Revelstoke.

That’s just a few less than September, and 6% lower than this time last year.

“Not unusual for this time of year, October sales and new listing volumes were both slightly lower than previous months, with both indicators in the range of what we were seeing this time last year,” says Read. “The average number of days on market rose over previous months, also typical as we head into the winter months.”

Read says 56% of the sales this year have been people moving within the region, while 18% are from the Lower Mainland/Vancouver Island, and 11% from Alberta.