2020 Central Okanagan Real Estate Year Review
Thursday Dec 17th, 2020
2020 Year in Review
We hope this blog post finds you and your family well and staying safe during the Covid 19 pandemic. It has been a challenging year for everyone as we all try to adhere to new social distancing measures and government health orders.
The current pandemic has had a dramatic impact on market conditions this year. During the spring lock down, sales declined sharply between March and June however we did not see any drop in market values. The lock down actually created significant pent up demand in the market and once restrictions were lifted in June, the surge in demand resulted in a very active market. Record low interest rates also fueled demand over the past 6 months.
During the past 6 months the inventory of homes and condos has remained lower than normal. With a lower supply and significant increase in demand this has put upward pressure on prices to rise.
As 2020 comes to an end, the real estate values in the Central Okanagan have hit an all time high. The average home price increased 13.24% compared to the same time last year. The median home price increased by 11%. The average price of an apartment condo increased by 1% and the average price of a townhome increased by 8.3%.
Year to date, as of November 30th, the total number of sales in the Central Okanagan was up 24.51 % compared to 2019. Single family homes sales were up 33%, apartment condos sales were up 11% and townhome sales were up 24%.
The Central Okanagan continues to experience strong growth with many buyers moving here from all over Canada. Over the past year we have seen many people relocating from densely populated cities with a strong desire to be in a smaller city.
Moving into 2021 we anticipate the real estate market will continue to be strong. If the supply of properties stays low and the demand continues to remains strong, prices could potentially rise between 5% and 10% over the next year.
We hope this information is helpful to you. If you have any questions about the Kelowna real estate market or require any assistance with your real estate needs, contact us and we will be happy to assist you.
We wish you a happy Holiday Season and all the best in the New Year!
David Jurome, 250-862-1888