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Kelowna  

Royal LePage report finds prices still cool, but market adjusting

Soft prices, strong demand

The latest Royal LePage House Price Survey indicates that home prices in Kelowna indeed took a dip in the third quarter.

The aggregate home price decreased 3.9 per cent to $617,899 from last year at this time. The median price of a two-storey home in the city decreased six per cent to $676,843 when compared to last year’s third quarter, while the cost of a bungalow fell 1.8 per cent to $635,863.

Kelowna’s median condominium price remained primarily flat, dropping just 0.4 per cent to $432,927.

“We are experiencing increased levels of activity in both sales and construction, especially in the condominium market,” Royal LePage Kelowna managing broker and owner Francis Braam said in a press release.

“There is a huge demand for condos and homes with suites. To address the strong demand for condos and high land costs in the region, the city has rezoned parts of the core to allow for higher density levels.”

For more on this story, visit Okanagan Edge.



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