The red-hot real estate market in the Okanagan is continuing to reach levels that have never been seen before in the region.
“We had a crazy month of stats and stats that continue to have realtors shaking their heads,”; said Kim Heizmann, Association of Interior Realtors’ president
“None of us have seen a market like this before.”
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The Association of Interior Realtors laments that although the market is strong for sellers, buyers, especially local ones, are being squeezed for every penny.
“Being in a multiple offer situation is pushing those numbers up,”; Heizmann told Global News on Wednesday.
“When you have ten buyers sitting on a property and they're all trying to bid to win, they are going all in with aggressive bidding.”;
The benchmark price for a single-family home in the Central Okanagan is now listed at $829,400 — a 23.4-per cent increase from one year ago, and a $53,000 jump in one month.
In the North Okanagan, it has seen a 138.8-per cent increase in single family home sales from 2020, with a benchmark price of $590,700.
And for the South Okanagan, the benchmark price now sits at $803,000 a wild increase of nearly 42 per cent from 2020.
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Steve Wright, a Kelowna real estate agent, said he doesn’t see the escalating market coming back down anytime soon.
“Prices are still going up, setting new records,”; said Wright.
“And my guess is within 60-90 days we could see an average price of a million dollars for a single-family home in Kelowna.”;
One interesting thing to note, Wright said local real-estate agents are even starting to sell their own properties in the Okanagan.
