Property values in WK Estates, Black Mountain steadily increasing
A new report on 15 different neighbourhoods in the Central Okanagan shows that with the hot market, fewer homes are being sold for more money this year, compared to last.
The Report from Kelowna-based Vantage West Realty shows an exception to that rule in Westbank, where there was actually a 7% increase in sales, year-to-year.
Vantage realtor AJ Hazzi says that's helped increase the average sale price on homes by 29% in a year.
"So with West Kelowna, it's definitely trading on its affordability right now. Relative even to the Kelowna side, you can get a lot more bang for your buck when you cross the bridge," he said.
"Also, with the infrastructure changes and the additional ammenities that have into the Westside, it's closing that gap very quickly."
The highest yearly increase for single family homes was in the West Kelowna Estates and Black Mountain areas, which each saw a 23% increase.
"Black Mountain is obviously appealing based on its proximity - they've got Big White 35 minutes away, you've got that great golf course, and you're just a little ways out of town," said Hazzi.
"But I think the big reason why we've reported such a large increase in average sale price for single family homes, was due to the fact that they're building so much brand new product out there, that that alone is driving the average price up."
As for the range of single family homes, that list is topped by the Mission, where the average price is now above $977,000.
The cheapest collective of detached homes can be found in Glenrosa, with an average of $502,000.
Hazzi says the biggest surprise for him was that the average price of homes in Lakeview Heights didn't skyrocket.
"I think it has a lot to do with the fact that they had an amazing banner year last year, a lot of really nice high end homes were selling up in that Mission Hill area, a lot of stuff over $1 million, and so that raised the average sale price there," he said.
"I would have thought that they would have been up there with West Kelowna Estates for example, at that 23% (single family price increase). So when I saw that single digit increase at Lakeview Heights I was very shocked."
In comparison, single family homes in that neighbourhood showed an increase of only 4.1%.
That increase was the lowest out of all the neighbourhoods in the report.