The price for a newly-built home in Kelowna has surged (File photo)

Median cost of newly-built homes in Kelowna metropolitan area stands at $950,000: Report

According to report, the price is almost on-par with newly-built home in Toronto

The cost of a newly-built single-family home in Kelowna’s central metropolitan area (CMA) continues to surge, according to a recent Central Okanagan Economic Development Commission (COEDC) report.

In 2019, the report stated the median price of newly-built single-family homes in Kelowna’s CMA rose by almost 6 per cent to $950,000. That’s almost on par with Toronto, which currently has a median new home price of $995,000.

READ MORE: Okanagan makes Top 5 of least affordable home markets list

When comparing other Canadian cities, the median new home price in Calgary and Vancouver now stands at $545,000 and $1.8 million respectively.

Between 2012 and 2018, the average real estate price in Kelowna jumped by 70 per cent to $779,000.

In other statistics, the report said rent for a two-bedroom rental in Kelowna’s CMA rose by nine per cent to $1,363 between Oct. 2018 and Oct. 2019.

To view the full report, you can visit COEDC’s website.


@connortrembley
connor.trembley@kelownacapnews.com

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