The real estate market is hot in Vernon, and across the Okanagan. (John Dent photo)

The real estate market is hot in Vernon, and across the Okanagan. (John Dent photo)

North Okanagan home prices, demand continue to build

Single family home volumes up 200 per cent, worth average $647,000

A hot real estate market continues to sizzle in the region with listings, demand and prices.

There was a 200 per cent increase in the number of homes listed between the first quarter of 2020 and the same period in 2021.

“There is a huge demand for single-family and we see it all over the valley,” Vernon’s economic development planner Roy Nuriel said.

The price of the average single-family home saw a 26 per cent increase from $511,000 last year to $647,000 this year.

“When the demand is high prices go up,” Nuriel said.

More than 791 units were sold in the North Okanagan for the first quarter, compared to just 356 last year — a growth of 122 per cent.

“The real estate market is booming,” Nuriel said. “Houses spend less time on the market and they are sold pretty fast”

The vacancy rate for rental property remains low and the demand remains high.

READ MORE: Finding a home ‘impossible’ in Vernon

The first three months of 2021 saw the price of townhouses and semi-detached homes rise 17 per cent to $439,000. The price of condos also rose to an average of $300,000.

“We already have the numbers for April and we can see the trend continue and prices go up,” Nuriel said.

First-quarter statistics for building permits show single-family dwellings accounted for $13.2 million in 2021 compared to $9.1 million in 2020. Multi-family dwellings accounted for $7.3 million in 2021 compared to $3.1 million in 2020.

A total of 102 building permits were issued in 2021’s first quarter, which is a 27.5 per cent increase over the 80 building permits in the first quarter of 2020.

“The city is still growing, there’s more development activity,” Nuriel said

Vernon grew 1.9 per cent in 2020 to 44,000 people and those numbers continue to rise.

“The city is still growing… especially with groups 50-64 and 65 and older,” Nuriel said.

READ MORE: Okanagan real estate boom keeps escalating


@VernonNews
jennifer@vernonmorningstar.com

Like us on Facebook and follow us on Twitter.

HousingReal estaterental market

Just Posted

The RCMP presence in Central Okanagan public schools is being reviewed by the board of education. (File photo)
RCMP presence welcomed in Central Okanagan public schools

Staff survey feedback overwhelmingly positive from students, staff and parents

The administrative headquarters for the Central Okanagan Public Schools. (File photo)
COVID-19 exposures confirmed at 2 Central Okanagan Schools

The infected individuals are self-isolating at home

Farming Karma is set to release a line of fruit vodka sodas soon. (Twila Amato/Black Press Media)
Kelowna fruit growers expanding line of beverages

Farming Karma is expanding from fruit sodas to fruit vodka sodas

At an outdoor drive-in convocation ceremony, Mount Royal University bestows an honorary Doctor of Laws on Blackfoot Elder and residential school survivor Clarence Wolfleg in Calgary on Tuesday, June 8, 2021. THE CANADIAN PRESS/Jeff McIntosh
‘You didn’t get the best of me’: Residential school survivor gets honorary doctorate

Clarence Wolfleg receives honorary doctorate from Mount Royal University, the highest honour the school gives out

Jane Linden
KCR: Volunteering keeps you active

Kelowna Community Resources shares stories of its volunteers in a weekly column

Two-year-old Ivy McLeod laughs while playing with Lucky the puppy outside their Chilliwack home on Thursday, June 10, 2021. (Jenna Hauck/ Chilliwack Progress)
VIDEO: B.C. family finds ‘perfect’ puppy with limb difference for 2-year-old Ivy

Ivy has special bond with Lucky the puppy who was also born with limb difference

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A million-dollar ticket was sold to an individual in Vernon from the Lotto Max draw Friday, June 11, 2021. (Photo courtesy of BCLC)
Lottery ticket worth $1 million sold in Vernon

One lucky individual holds one of 20 tickets worth $1 million from Friday’s Lotto Max draw

“65 years, I’ve carried the stories in my mind and live it every day,” says Jack Kruger. (Athena Bonneau)
‘Maybe this time they will listen’: Survivor shares stories from B.C. residential school

Jack Kruger, living in Syilx territory, wasn’t surprised by news of 215 children’s remains found on the grounds of the former Kamloops Indian Residential School

A logging truck carries its load down the Elaho Valley near in Squamish, B.C. in this file photo. THE CANADIAN PRESS/Chuck Stoody
Squamish Nation calls for old-growth logging moratorium in its territory

The nation says 44% of old-growth forests in its 6,900-square kilometre territory are protected while the rest remain at risk

Flowers and cards are left at a makeshift memorial at a monument outside the former Kamloops Indian Residential School to honour the 215 children whose remains are believed to have been discovered buried near the city in Kamloops, B.C., on Monday, May 31, 2021. THE CANADIAN PRESS/Darryl Dyck
‘Pick a Sunday:’ Indigenous leaders ask Catholics to stay home, push for apology

Indigenous leaders are calling on Catholics to stand in solidarity with residential school survivors by not attending church services

Most Read