Home prices still climbing
Okanagan Edge Staff - Jul 03, 2020 - Biz Releases

Photo: The Canadian Press

Benchmark home prices were up across the board in the Okanagan Mainline Real Estate Board region in June.

Single-family home prices were up 3.1% in Central Okanagan ($684,000), 3.5% in North Okanagan ($492,500) and 0.9% in the Shuswap/Revelstoke area ($432,100).

The number of June sales across the region, which covers Peachland to Revelstoke, increased 77% compared to May and was up 9% over June 2019.

New listings were up 4% over May but are still 14% lower than the June 2019 mark.

“These numbers are a positive indicator that real estate in the Okanagan is recovering from the pandemic-induced slowdown of the previous three months,” OMREB president Kim Heizmann said in a press release.

“While we are not on the other side of this yet, this is a cautiously optimistic sign that the housing market may bounce back sooner than forecast.”

The average number of days it took to sell a home decreased 6% to 85 days, which is another sign the market is bouncing back.

Benchmark townhouse prices were up between 1% and 2% in the three areas, while condo prices jumped between 3.5% and 4.9%.

Image: Contributed

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