23% spike in home values

The average price of single-family homes in at least three Kelowna neighbourhoods jumped by 23 per cent or more over the past year, driven primarily by baby boomers heading into retirement and millennials buying their first homes.

Housing prices and statistics for the Okanagan are widely available and regularly published, but a newly released “microstudy” of the market provides new insight into specific neighbourhoods.

Vantage West Realty has published The Vantage Report, taking a deep dive into the year-over-year progress of home sales in 15 distinct Central Okanagan neighbourhoods.

“Our goal is to release informative, insightful and timely information about the communities where we play, work, worship, raise our children and call home,” says co-author realtor A. J. Hazzi.

Hazzi says the report is one of the most comprehensive looks at hyper-local trends in the region.

Among other things, it shows average single-family home prices approaching the million-dollar mark in both the Mission and Southeast Kelowna/Crawford neighbourhoods.

In the Mission, the $977,126 average price tag on a single-family home represents a 22.9 per cent increase from 2016 to 2017. The $757,259 average in Black Mountain is a 23 per cent year-over-year jump.

Meanwhile, the report shows that, in the north and south ends of downtown Kelowna, homes have gone from prices in the mid $400,000s to the low $700,000s.

In The Vantage Report, Hazzi lays out the generational forces driving that demand.

Many millennials are now hitting the point where they are buying their first homes, driving markets from the bottom up. Alongside them, retiring baby boomers are downsizing, taking the profit from their old homes and moving into new developments in a lower price bracket.

For more insight, find more details on Castanet's sister business news website, Okanagan Edge.

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