Central Okanagan single-family home benchmark price hits $1M

Photo: Contributed

The benchmark price for a single-family home in the Central Okanagan has hit seven figures.

In statistics released Wednesday, the Association of Interior Realtors revealed that the benchmark price for a single-family home in the Central Okanagan reached a whopping $1,009,400 in December. To put that in perspective, the benchmark price, which represents a dwelling with “typical attributes” to those traded in the area, was only $692,800 in August 2020.

There was also a record number of sales in the region last month.

“Even with a typical seasonal slowdown, sales across the region surpassed 2016’s record high,” AIR president Kim Heizmann said in a press release. “The lack of supply continues to be a challenge for buyers as inventory lags behind demand.”

The number of active residential listings dropped 40% across the AIR region when compared to the 2,894 active listings during December 2020. There was also a 24% decrease in new listings compared to last year at this time.

Despite the lack of inventory, the benchmark price of a townhouse in the Central Okanagan actually dipped by $1,000 in December to $687,600, but the condominium/apartment price topped the $500,000 mark for the first time, checking in at $511,700.

“The number of active listings continues to fall short of buyer’s demand at historical levels, making it unlikely for buyers to see a softening on prices as we head into the new year,” Heizmann said.

There were slight benchmark price increases in the North Okanagan last month. The single-family mark jumped 0.8% to $709,400, while the townhouse figure was up $3,000 to $455,200.

Photo: Contributed