Okanagan home prices up in central zone, down elsewhere

The central zone has begun to stabilize towards balanced conditions, the report said, with the average price for a detached home up 5.89% from last year at this time to reach $486,609.

The more affordable North Okanagan zone and Shuswap/Revelstoke were both down in March average prices from a year earlier, however.

The north zone saw residential sales dip 24% from 133 to 101 in March, and the average price for a detached home down 5% from the previous March to reach $350,894 this year.

The Shuswap zone saw sales rise nearly 20% from the previous March, but also saw prices drop for a detached home, falling 16% to reach $309,580.

Kent Jorgenson, OMREB director in the central zone, said listings will likely increase this spring and buyers could be anxious to get into the market while interest rates remain relatively low.

“Compared to the Lower Mainland market, the Central Okanagan continues to offer an excellent selection of properties and attractive home prices for anyone looking to buy here – whether they are first-time homebuyers, moving up, downsizing or retiring,” he said.

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