I stopped by Kalamalka Lake while viewing some homes in the area. It seems that summer is finally here weather-wise, hopefully, it continues
to get E Week in review. Sales are still trending below 100 sales a week and reductions are still happening every day.
Prices seem to be on the trend down after a couple years of strong rapid growth. Today the Bank of Canada announced another rate increase of 1% or 100 basis points that will likely help the continue the trend of softening of prices. That being said the good news is that there is a significant amount of value that is in the market place this year compared to where your homes value would have been a couple years ago. This week, I am looking at the average sale price per sub-area over the last 2 years and comparing today’s pricing with 2021 and also 2020. On average which you can find at the bottom of the chart but the Central Okanagan single-family homes are up 53% from the average home price sales in 2020 and still on average up 20% from 2021 prices. As you see on the second column on the right comparing 2022 with 2021 pricing, not every subarea has the same changes, some are down from 2021. A lot of people have significant equity in their homes, which is positive news, some people are pulling out some of that equity and putting it to buying rental properties or putting it into a renovation they have been putting off. Some people are choosing to move, but the one issue with that is where do you go? Consumer habits are changing right now we are seeing a trend of people actually cashing out now with the increased cost of living and moving to Alberta or Saskatchewan where they can save some money on taxes and housing while cashing out here. This could be a trend to continue to watch, just as the trend of people moving to the Okanagan. But looking back at the previous 2 years and comparing it to where we are at now we have seen some significant price changes. Take a look at the chart below and see how your area has changed in price over the last few years.
Sub Area 2022 2021 2020 % Change 2022& 2021 % Change 2022 & 2020
WSR - Westside Road $2,610,292 $1,600,974 $940,100 163% 278%
MCKY - McKinley Landing $1,887,400 $1,443,505 $1,286,944 131% 147%
CRFD - Crawford Estates $1,818,950 $1,473,629 $1,231,242 123% 148%
WLD - Wilden $1,744,657 $1,478,802 $1,133,003 118% 154%
UM - Upper Mission $1,720,889 $1,440,087 $1,121,997 119% 153%
KTVY - Kettle Valley $1,727,948 $1,287,866 $1,101,814 134% 157%
LH - Lakeview Heights $1,434,508 $1,338,023 $1,002,184 107% 143%
LCNW - Lake Country North West $1,433,884 $1,241,439 $1,123,082 116% 128%
LCSW - Lake Country South West $1,431,011 $1,331,387 $1,058,751 107% 135%
LM - Lower Mission $1,393,750 $1,283,905 $1,132,976 109% 123%
SE - South East Kelowna $1,398,398 $1,527,777 $956,726 92% 146%
KS - Kelowna South $1,447,712 $1,035,379 $878,416 140% 165%
DM - Dilworth Mountain $1,376,437 $1,091,299 $930,938 126% 148%
GL - Glenmore $1,302,102 $1,120,857 $883,147 116% 147%
BL - Black Mountain $1,229,941 $1,107,869 $856,531 111% 144%
KN - Kelowna North $1,186,619 $999,392 $916,987 119% 129%
EL - Ellison $1,231,156 $922,704 $777,697 133% 158%
WKE - West Kelowna Estates $1,187,865 $925,691 $765,546 128% 155%
UD - University District $1,192,779 $1,064,038 $837,125 112% 142%
NG - North Glenmore $1,185,739 $957,940 $803,386 124% 148%
PE - Peachland $1,177,395 $1,049,651 $788,593 112% 149%
JR - Joe Rich $1,153,335 $1,058,133 $826,579 109% 140%
LE - Lake Country East / Oyama $1,147,069 $1,048,398 $745,843 109% 154%
SHLK - Shannon Lake $1,113,560 $927,979 $741,699 120% 150%
SMCR - Smith Creek $1,044,700 $915,262 $712,987 114% 147%
RN - Rutland North $1,083,657 $827,817 $591,967 131% 183%
WEC - Westbank Centre $789,064 $804,572 $693,928 98% 114%
GA - Glenrosa $996,292 $805,570 $604,915 124% 165%
SFS - Springfield/Spall $996,596 $798,195 $573,603 125% 174%
Averages $1,360,128 $1,134,763 $897,197 120% 153%
As you can see the average price increase in areas are significant, a lot of home owners are sitting on a lot of equity. If you have questions on how to use some of this equity to your benefit, even if your not looking to move, please feel free to reach out. If you have questions on the value of your home, reach out and I am happy to give you a no-obligation home evaluation. I can also email you comparable sales for your area if that is something you want more information on.
Have a great week and reach out if there is anything in the world I can do for you.
Mark Coons
Personal Real Estate Corporation
Coldwell Banker Horizon Realty
2021 Top 3% Internationally Coldwell Banker
Mobile: 250-801-0361
Email: markcoonsrealty@gmail.com
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