A real estate sold sign hangs in front of a Canadian property Friday, Nov. 4, 2016. (THE CANADIAN PRESS/Graeme Roy)

A real estate sold sign hangs in front of a Canadian property Friday, Nov. 4, 2016. (THE CANADIAN PRESS/Graeme Roy)

Okanagan home prices jump as real estate market heats up in January

Association of Interior Realtors reports 60 per cent sales spike last month compared to January 2020

The Interior residential real estate market is off to a hot start in 2021.

Residential sales hit a record high in the first month of 2021 from Revelstoke to Eastgate Manning Park and into the South Peace River region, according to the Association of Interior Realtors.

The association was formed Jan. 1 when the South Okanagan and Okanagan Mainline real estate boards officially merged.

Members of the association sold 796 units in January, up 60 per cent compared to the same time last year.

In the Shuswap and Revelstoke region, property sales were up 50 per cent from 40 units in January 2020 to 60 last month.

The South Okanagan region (Summerland to Eastgate Manning Park) took the crown for highest dollar volume increase with a 136 per cent spike compared to January 2020.

“Hikes in sale dollar volume is another impact of COVID-19 as buyers are seeking out larger spaces to improve their living conditions,” said the association’s president Kim Heizmann in a Feb. 3 news release.

READ MORE: 16% boom predicted for B.C. real estate sales in 2021: experts

Heizmann added that while larger homes naturally come with a larger price tag, the association is still seeing an upward pressure on pricing driven by a shortage of inventory on the market.

Active residential listings for January 2021 from Revelstoke to Peachland remained on par with December 2020’s listings but came up short 37 per cent compared to January 2020.

In the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions, the benchmark price went up most sharply in the single-family category, which increased by 14 per cent.

In the South Okanagan, where benchmark pricing is not yet available, average sale prices showed double-digit increases year-over-year. Average sale prices for condominiums in the South Peace River rose 69 per cent over January 2020 prices, according to the association.

In the South Okanagan, overall listings remained low as decreases were noted in all housing categories. Inventory for condominiums remains low in the South Peace River region, 27 per cent below last January’s numbers.

“A chronic shortage of new condominium developments in areas such as the South Peace River region or Revelstoke makes it even harder for inventory to meet demand, particularly when such areas are driven by recreational property purchases,” Heizmann said.

READ MORE: W-shaped recovery would be ‘very severe’ without government assistance: CMHC


Brendan Shykora
Reporter, Vernon Morning Star
Email me at Brendan.Shykora@vernonmorningstar.com
Follow us: Facebook | Twitter

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A 30-year-old Kelowna woman is facing potential charges after allegedly driving impaired before crashing into a Mugford Road residence and fleeing the scene on May 11. (Aaron Hemens/Capital News)
Alleged impaired driver crashes into Kelowna home before fleeing on foot

The crash caused damages to the yard, the surrounding chain fence and the residence’s deck

(Jocelyn Hamilton/Contributed)
Black bear spotted roaming through Black Mountain

The young bear was searching for food in the Black Mountain area

The temporary skatepark will be placed between the Capital News Centre (in the parking area) and H20, pictured here (Kelowna Skateboard Association/Contributed).
Kelowna skateboarders hope to get Lower Mission park

The Kelowna Skateboard Association is helping a group of kids get a skatepark for the summer

The Vernon Community Arts Centre is seeking member artist submissions for a summer exhibit called Enchanted: A World of Fantasy. Submissions are open until June 30, 2021. (VCAC photo)
Vernon artists’ fantasy worlds wanted for summer exhibit

Vernon Community Arts Centre is seeking submissions for Enchanted: A World of Fantasy

Mamas for Mamas worked with local roaster Tug 6 to create three special blends. (Mamas for Mamas/Contributed)
Kelowna coffee roaster partners with non-profit for specialty blends

Mamas for Mamas has three specialty blends sold from Tug 6

B.C. Labour Minister Harry Bains in the B.C. legislature, May 13, 2019. (Hansard TV)
VIDEO: B.C. to provide 3 days of sick pay for COVID-19 absences

Province will support employers on cost, labour minister says

The RCMP logo is seen outside Royal Canadian Mounted Police “E” Division Headquarters, in Surrey, B.C., on Friday April 13, 2018. Indigenous leaders are calling for an investigation into the conduct of Mounties on Vancouver Island after two police shootings of members of a small First Nations community in three months. THE CANADIAN PRESS/Darryl Dyck
Indigenous leaders call for clarity, investigation into RCMP after B.C. shooting

The RCMP declined to comment on the requests by Indigenous leaders

A property crime map for the month of March shows the hot spot for crimes is centered around the area where the Victory Church homeless shelter is located. (City Submitted)
B.C. Premier asked to intervene in Penticton homeless shelter dispute

Mayor sends letter urging premier to reconsider Eby’s use of paramountcy powers

Colleen Price, Vancouver Island University’s bachelor of science in nursing program chairperson, says she is impressed with how students have persevered through the COVID-19 pandemic. (Chris Bush/News Bulletin)
Next generation of B.C. nurses already showing resilience

University program head says learning had to be adjusted amidst pandemic

A woman is hoping that her dog Ginger ran away from the fire that erupted in her Osoyoos home Saturday night. The home caught fire twice in two days and is totally destroyed. (Contributed)
Dog missing after saving woman from huge house fire in Osoyoos

The woman escaped the burning home, but she hopes her dog Ginger ran away to safety

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

Logging is proposed for a portion of Mount Ida, with the industrial park to the right. The purple portions are the proposed cut blocks, the yellowy-green are city-owned properties and the red and black dotted lines are the proposed logging roads. (City of Salmon Arm image)
Salmon Arm council’s concerns eased over Mount Ida logging

Fire chief explains proposed cut complements wildfire risk reduction efforts

Two-year-old Kashius Weme rides at the Steve Smith Memorial Bike Park in Nanaimo on Tuesday, May 11. The youngster’s precocious bike-riding ability is already attracting cycle sponsors. (Chris Bush/News Bulletin)
2-year-old B.C. bike rider already attracting cycle sponsors

Nanaimo’s Kashius Weme has a knack for extreme cycle sports

RCMP. (Phil McLachlan/Capital News)
Mounties battled various sex crimes in the North Okanagan

The local RCMP sex crimes unit has been involved in a number of investigations so far in 2021

Most Read