The cost of a newly-built single-family home in Kelowna’s central metropolitan area (CMA) continues to surge, according to a recent Central Okanagan Economic Development Commission (COEDC) report.
In 2019, the report stated the median price of newly-built single-family homes in Kelowna’s CMA rose by almost 6 per cent to $950,000. That’s almost on par with Toronto, which currently has a median new home price of $995,000.
When comparing other Canadian cities, the median new home price in Calgary and Vancouver now stands at $545,000 and $1.8 million respectively.
Between 2012 and 2018, the average real estate price in Kelowna jumped by 70 per cent to $779,000.
In other statistics, the report said rent for a two-bedroom rental in Kelowna’s CMA rose by nine per cent to $1,363 between Oct. 2018 and Oct. 2019.
To view the full report, you can visit COEDC’s website.