Condo prices between Revelstoke and Peachland have risen dramatically in recent months, according to a new Okanagan Mainland Real Estate Board (OMREB) report.
Between October and November, condo prices rose by 25 per cent to $388,365 in the region.
Prices for single-family houses and townhomes in the region showed a more modest increase during the two months, rising by only nine per cent.
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When comparing Nov. 2018 and Nov. 2019, the report said real estate sales in the region were up by 14 per cent.
“The upturn in average prices could very well be due to an increase of high-end sales within the region,” said OMREB President Michael Loewen.
In other statistics, real estate inventory is down between Revelstoke and Peachland. Between Oct. and Nov., inventory in the region declined from 3,650 to 3,205 properties.
According to a Regional District Central Okanagan (RDCO) housing report, real estate prices in Kelowna and surrounding communities have also increased by 70 per cent between 2012-2018.
To view the full monthly report, you can visit OMREB’s website.
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