Housing prices jump by more than 15% in parts of Okanagan

The benchmark price for single-family homes in the Central and North Okanagan jumped 17.5 and 18.2 per cent respectively in February versus a year ago.

That makes a typical home worth $776,300 in the Central Okanagan and $561,500 in the North Okanagan, according to a news release from the Association of Interior Realtors that covers the area from Salmon Arm to the U.S. border.

The benchmark is the cost of a home with “typical attributes” to others sold in the region.

The biggest change was in the Shuswap/Revelstoke region with a 22 per cent increase to $522,800.

“We are seeing a noticeable increase on various types of recreation and vacation homes sales suitable for all seasons,” association president Kim Heizmann said in the news release. “Due to COVID- related travel restrictions and limitations, more and more inter-provincial buyers are taking the opportunity to create vacation opportunities within B.C.”

The number of active listings dropped to 1,763 this February versus 2,996 last year.

“Shortage of supply is still an issue with inventory struggling to meet demand, particularly when it comes to single-family homes” Heizmann said.

The South Okanagan region does not use the benchmark system yet. The average price for single-family homes in that region jumped 21.6 per cent to $762,587.

The association was formed in January with the merger of the South Okanagan and Okanagan Mainline real estate boards and includes the South Peace River area of B.C. It stretches to Revelstoke and Rock Creek to the east and Manning Park to the west.

Association of Interior Realtors


To contact a reporter for this story, email Rob Munro or call 250-808-0143 or email the editor. You can also submitphotos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above. 

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community? Create a free account to comment on stories, ask questions, and join meaningful discussions on our new site.

Leave a Reply

Share your love
Rob Munro

Rob Munro has a long history in journalism after starting an underground newspaper in Whitehorse called the Yukon Howl in 1980. He spent five years at the 100 Mile Free Press, starting in the darkroom, moving on to sports and news reporting before becoming the advertising manager. He came to Kelowna in 1989 as a reporter for the Kelowna Daily Courier, and spent the 1990s mostly covering city hall. For most of the past 20 years he worked full time for the union representing newspaper workers throughout B.C. He’s returned to his true love of being a reporter with a special focus on civic politics

Articles: 509