Average Kelowna single-family price nears $900,000 in January

Photo: Contributed

It has been well documented that the COVID-19 pandemic has done nothing to slow down the Okanagan housing market.

In fact, it seems to have accelerated somewhat since the virus started gripping the world 11 months ago.

Now there are numbers that show just how prolific the Kelowna market itself has become in the last year or so. The Krieg Family, which is part of the Kelowna Re/Max group, reports that the average price of a single-family home in Kelowna is up a whopping $160,000 from this time last year.

Single-family homes in Kelowna sold for an average of $887,868 in January. That is not the benchmark or median figure, since it includes valuable waterfront property, but it is still a staggering number nonetheless.

“Sales continue to be double the 10-year average, and listings are half of what they should be,” the Krieg Family wrote in its monthly report. “Prices continue to have massive upward pressure, especially under $900,000.

“January was the first month in a long time that we saw new listings outpacing sales—albeit by only 24 properties—but it's in the right direction to build more inventory.”

Kelowna townhome sales were down in January, but the market still remains warm due to fewer listings and the burgeoning price of single-family units.

The apartment and condominium market is starting to move in favour of sellers as well, and the Kriegs believe it will only get hotter as travel and socializing downtown returns following vaccinations and the removal of health restrictions.