Benchmark price for home in Central Okanagan reaches $1.1 million

The benchmark price for a single-family home in the Central Okanagan is now a stunning $1.1 million, according to a new report.

This week, the Association of Interior Realtors (AIR) released data from March which showed a large jump in year-on-year prices throughout the region.

For example, in the Central Okanagan, the benchmark price for a single-family home rose 34 per cent to $1,129,000 – up from $829,000 in March 2021.

It was the same story for single-family homes in the South Okanagan (37.6 per cent), the North Okanagan (30.1 per cent) and the Shuswap-Revelstoke region (28.9 per cent).

However, by far it costs more to live in the Central Okanagan than nearby areas, with Kelowna-area homes costing upwards of $350,000 more when compared to homes in Penticton, Vernon and Salmon Arm.

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Note: AIR says South Okanagan benchmark pricing for March 2021 isn’t available, as benchmark pricing was introduced in the second half of 2021. According to AIR, benchmark pricing represents a typical property within each market.

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South Okanagan

• March 2021: Benchmark price N/A
• March 2022: $731,400

North Okanagan

• March 2021: $590,700
• March 2022: $779,700

Shuswap-Revelstoke

• March 2021: $527,700
• March 2022: $700,900

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The benchmark prices for townhouses and condos/apartments also rose double digits.

• Central Okanagan townhouses
• March 2021: $541,900
• March 2022: $758,100
• South Okanagan townhouses
• March 2021: Benchmark price N/A
• March 2022: $494,400
• North Okanagan townhouses
• March 2021: $402,500
• March 2022: $486,300
• Shuswap-Revelstoke townhouses
• March 2021: $401,400
• March 2022: $519,400
• Central Okanagan condos/apartments
• March 2021: $425,300
• March 2022: $557,400
• South Okanagan condos/apartments
• March 2021: Benchmark price N/A
• March 2022: $404,400
• North Okanagan condos/apartments
• March 2021: $270,400
• March 2022: $353,100
• Shuswap-Revelstoke condos/apartments
• March 2021: $375,900
• March 2022: $451,200

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AIR also pointed out that March real estate sales were up slightly from February, but were down 25 per cent from last year’s record-high number of units sold.

AIR president Kim Heizmann called the news encouraging, but also said “without a drastic supply of housing coming onto market, the lack of inventory will continue to impact buyers and sellers in the coming months.”

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