Report shows Kelowna home prices up 13%

Yet another report shows the average price of a home in Kelowna shot up in the first quarter.

RE/MAX has released its spring market trends report that shows the average residential sale price is just over 504,643 dollars- up 13 per cent from this time last year.

According to the report, detached, single-family homes remain the most sought after property type in the city.

Elton Ash, VP of Western Canada Remax says a reduction in inventory has driven demand, coupled with the 15% foreign buyers tax in Vancouver.

“What that ended up doing was transferring demand that was in the Vancouver area to Kelowna and Victoria,” he says “so the Victoria and Kelowna markets benefitted from the 15 per cent foreign tax that was brought in.”

Increased Alberta buyer confidence has also had an effect on Kelowna’s “seller’s market”.

New condo development projects and recent changes to infill housing are expected to continue to keep the real estate market strong.

A report released by Royal LePage last week showed Kelowna home prices have surged by double digits in just the first quarter.