The Okanagan housing market is seeing an all-time low in the number of homes for sale, which poses a challenge for those looking to buy.
The Association of Interior Realtors (AIR) recently released their February numbers and while the supply is low, the average price has gone up.
AIR vice-president, Lyndi Cruikshank said “It is the same story that we have been telling over the past two years, more so in the last year. Our inventory levels are at record lows and I really don’t see that changing anytime soon”.
What the numbers look like
The overall active listings in the region decreased 19% year-over-year. And as it happens, when inventory goes down, the price of homes goes up. There has been substantial increases in the cost of single-family homes, townhouses and condos/apartments all throughout the Okanagan.
Presuming developers and builders can work quickly, they have the opportunity to do very well in the current market.
Benchmark prices for homes keep rising
These are the new benchmark prices for homes in February 2022, according to AIR:
- Central Okanagan: $1,094,000– a 5.4% increase from the previous month.
- North Okanagan: $743,300– up 4.5 % since January 2022
- South Okanagan: $716,700– up 2.5% since January
- Central Okanagan: $739,400– a 6% increase from January 2022.
- North Okanagan: $475,000– a 3.2% increase from January
- South Okanagan: $486,300– up 10.9% from January
Condos / Apartments:
- Central Okanagan: $550,700– a 6.8% increase from January
- North Okanagan $349,000– a 6.8% increase from January
- South Okanagan: $408,000– up 5.3% from last month
Why having a realtor will help
The current market puts a lot of pressure on developers to try and get homes built and sold. They need to focus on building a quality product, rather than worry about the red tape and paperwork. This is where a realtor comes in.
The Mayne Brothers have over 40 years of combined experience in the Kelowna real estate market. They have seen it all and can help you navigate it in the way that only someone with deep roots in the area can.
The best advice for a buyer in this market is to have everything organized and ready to go for the purchase. As multiple offers are common, those that have all their ducks in a row will be more likely to have their offer accepted. A professional realtor will help every step of the way.