There are a few ways to take the temperature of a housing market.
And one of those calculations has determined that your average, single-family home in Kelowna now costs more than $1 million.
The Royal LePage House Price Survey determined the median price of a single-family home in Kelowna was $1.025 million during the third quarter this year. It actually topped the $1 million mark in the second quarter, hitting $1.01 million during the Royal LePage survey in July.
The median price is determined by taking every sale made and finding the number exactly in the middle.
The median price of a single-family home in Kelowna during the third quarter of 2020 was only $838,000, which is a good indication of just how hot the market has been in the last 12 months.
The Association of Interior Realtors, meanwhile, uses the benchmark price, which represents a dwelling with typical attributes to those traded in a certain area. The benchmark price does not take the higher or lower end properties into account.
AIR’s benchmark price for homes in the Central Okanagan was creeping towards $1 million all year, reaching $961,800 in August, but that mark dropped 4% to $923,500 in September.
The Royal LePage survey found that the aggregate median price for a single-family or condominium home in Kelowna was $823,000 in the third quarter, which represented a $3,000 increase from the second quarter.
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