“A sad situation” many buyers priced out as home prices continue soaring in Central Okanagan
Even Realtors surprised by red-hot housing market in B.C – Feb 3, 2022According to AIR, the benchmark price for a single-family home shot up by nearly 5.4 per cent from January 2022 to February 2022 and now sits at $1. 094 million.“It filters down. First it starts with a single family home. You can’t afford one of those, you buy townhouse. You can’t afford a townhouse, then you buy a condo,” said Wright.
“The condo run started about August, September of last year. That’s when we started to see it moving up and it continues to be the hot ticket right now because it’s more affordable.”According to AIR, the benchmark price for a townhouse in the Central Okanagan in February was $739,400, a increase of six per cent from the month before, while condos jumped up even more by 6.8 per cent and sit at $550,700.
“The persistent lack of new listings coming onto market is far from adequate to meet the demand of buyer’s locally and those coming from other markets,” said AIR president Kim“We are seeing the mismatch of inventory versus demand taking a toll on buyers as they show signs of fatigue in having to compete in a seller’s market where lack of supply is putting upward pressure on pricing, and further on affordability.”With demand far outweighing supply, it’s also taking fewer days to sell homes.
According to AIR, in February it took on average 38 days to sell a property compared to 46 days in January 2022 and 65 days in February 2021.How interest rates impact the housing market – Jan 27, 2022
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