The housing boom pushed the median price of a single-family home in Kelowna to just over $ 1 million this summer and additional growth is expected in the coming months, according to Royal’s Home Price Survey and Market Forecast. LePage.
From July to September, the report indicates that the median price for a single-family home in Kelowna was $ 1,025,000. A year earlier, it was $ 838,000, representing an increase of 22.3 percent year-on-year.
Along the same lines, the median price of a condo in Kelowna from July to September 2020 was $ 362,000 and a year later it was $ 452,000, representing an increase of 24 percent.
The rise in home prices in the Okanagan is not much different from what is happening nationally.
Nationwide, Royal LePage President and CEO Phil Soper said the national median price for a single-family detached home increased 25.2% year-over-year to $ 790,000, while the median price of a condo increased 13 , 0% y-o-y at $ 533,600. Pricing data, which includes both resale and new construction, is provided by Royal LePage’s sister company, RPS Real Property Solutions.
In the 11 British Columbia communities the report analyzed, the median price of a single-family home now exceeds $ 1 million, with the highest growth seen in Lakenley, Abbotsford and Greater Victoria. All saw median home price increases of about 34 percent, with West Vancouver seeing the least growth. That city posted a year-over-year increase of 5.9 percent. Of course, that’s the most expensive city in British Columbia to buy a single-family home, and the median cost is $ 2,695,000.
The survey looks beyond British Columbia and many contrasts can be found. For example, the median price for a single-family home in Ottawa is $ 856,000, the Calgary area is $ 643,000, Saskatoon is $ 413,000, Winnipeg is $ 390,000, and St. John, NB, is $ 257,000.
Although the year as a whole showed a significant rebound in prices, there was some moderation from one quarter to the next.
“During the third quarter, the torrid pace of house price appreciation moderated as both demand and inventory wished it, a typical trend of the summer market in a very unusual year,” said the president and chief executive officer. Royal LePage executive Phil Soper in a statement. Of all Kelowna’s price growth, for example, the median price increased 3.8 percent in the last quarter.
Stober said that single-family homes in suburban and smaller city communities continue to be the main driver of aggregate home price growth in Canada. Based on market trends, Royal LePage expects the median price of a single-family home in Canada to grow 16% more between October and December.
“We are seeing prices leveling out in many of these regions and we expect future growth to get closer to historical norms,” Soper said. “While the price gap between houses and condos widened during the pandemic, that should also reverse in the coming months as buyers view condo units as good value for money. Additionally, the revitalization of our cities, as employees return to offices and businesses that service them reopen, is generating renewed interest from investors eager to provide much-needed rental accommodation. “
An average price is not an average price. It is the valuation of the midpoint of all homes sold.
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Reference-globalnews.ca