The real estate market is hot in Vernon, and across the Okanagan. (John Dent photo)

The real estate market is hot in Vernon, and across the Okanagan. (John Dent photo)

North Okanagan home prices, demand continue to build

Single family home volumes up 200 per cent, worth average $647,000

A hot real estate market continues to sizzle in the region with listings, demand and prices.

There was a 200 per cent increase in the number of homes listed between the first quarter of 2020 and the same period in 2021.

“There is a huge demand for single-family and we see it all over the valley,” Vernon’s economic development planner Roy Nuriel said.

The price of the average single-family home saw a 26 per cent increase from $511,000 last year to $647,000 this year.

“When the demand is high prices go up,” Nuriel said.

More than 791 units were sold in the North Okanagan for the first quarter, compared to just 356 last year — a growth of 122 per cent.

“The real estate market is booming,” Nuriel said. “Houses spend less time on the market and they are sold pretty fast”

The vacancy rate for rental property remains low and the demand remains high.

READ MORE: Finding a home ‘impossible’ in Vernon

The first three months of 2021 saw the price of townhouses and semi-detached homes rise 17 per cent to $439,000. The price of condos also rose to an average of $300,000.

“We already have the numbers for April and we can see the trend continue and prices go up,” Nuriel said.

First-quarter statistics for building permits show single-family dwellings accounted for $13.2 million in 2021 compared to $9.1 million in 2020. Multi-family dwellings accounted for $7.3 million in 2021 compared to $3.1 million in 2020.

A total of 102 building permits were issued in 2021’s first quarter, which is a 27.5 per cent increase over the 80 building permits in the first quarter of 2020.

“The city is still growing, there’s more development activity,” Nuriel said

Vernon grew 1.9 per cent in 2020 to 44,000 people and those numbers continue to rise.

“The city is still growing… especially with groups 50-64 and 65 and older,” Nuriel said.

READ MORE: Okanagan real estate boom keeps escalating


@VernonNews
jennifer@vernonmorningstar.com

Like us on Facebook and follow us on Twitter.

HousingReal estaterental market

Just Posted

The RCMP presence in Central Okanagan public schools is being reviewed by the board of education. (File photo)
RCMP presence welcomed in Central Okanagan public schools

Staff survey feedback overwhelmingly positive from students, staff and parents

18-year-old skier Logan Leach follows his guide, Julien Petit, down an alpine track. The Lumby athlete who is visually impaired has been named to Alpine Canada’s Ski Team ahead of the 2022 Paralympic Games in Beijing. (Contributed)
Lumby’s Logan Leach named to national ski team

The 18-year-old visually impaired athlete officially joins Canada’s Para-Alpine roster ahead of Beijing 2022

Sovereign Lake Nordic Club is the first ski area in Canada to signify its commitment to ending working poverty, by paying all its staff and contracted workers a living wage. (Contributed)
Vernon ski area first in Canada to pay living wage

Sovereign Lake Nordic Club invests in staff and contracted workers

Fair-goers take a ride at the 120th annual Armstrong Interior Provincial Exhibition and Stampede Aug. 28-Sept. 1, 2019. (Katherine Peters - Morning Star)
Armstrong’s IPE not eligible for COVID-19 grant designed for major attractions

Shuswap MLA Greg Kyllo criticized the rigidity of the provincial program’s criteria

A young child has been taken to hospital after being struck by a vehicle on 30th Avenue in Vernon Friday, June 11, 2021. (Jennifer Smith - Morning Star)
Child struck by vehicle in downtown Vernon

The young child has been taken to hospital with unknown injuries following the incident on main street

Dr. Albert de Villiers, chief medical health officer for the Interior Health Authority. (Contributed)
Black Press Media Weekly Roundup: Top headlines this week

Here’s a summary of this week’s biggest stories from the Okanagan-Shuswap

57-year-old Kathleen Richardson was discovered deceased in her home Wednesday, June 9, 2021. Her death is considered a homicide and connected to the slain brothers found on a Naramata forest road. (Submitted)
Naramata community in shock as condolences pour in for homicide victim Kathy Richardson

Richardson was well liked in the community, a volunteer firefighter with a home-based salon

British Columbia-Yukon Community News Association’s 2021 Ma Murray Awards were handed out during a virtual ceremony on Friday, June 10. (Screen grab)
Black Press Media winners take gold at B.C. and Yukon journalism awards

Publications received nods in dozens of categories

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Princeton GSAR responds 24 hours a day, 365 days a year. In 2020 the crew was called out 34 times, and members spent 721 hours on calls, and 683 hours training. Photo Princeton GSAR Facebook
Teen missing in Manning Park found after 24 hours

Young man spends night on mountain and survives with just a few scrapes

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

The RCMP are asking for assistance regarding the death of Kathleen Richardson of Naramata, pictured here. Her death is believed to be related to two homicides in Naramata in May. (RCMP)
Police identify South Okanagan homicide victim as 57-year-old Naramata woman

57-year-old Kathleen Richardson was discovered deceased in her home Wednesday

Two e-scooters parked on the sidewalk along Water Street in downtown Kelowna on Monday, May 3. Scooters parked on walkways are causing accessibility issues for some people with disabilities. (Michael Rodriguez/Capital News)
Kelowna General Hospital clinicians observe increase in e-scooter injuries

A report is set to go to city council next week on how the e-scooter pilot has gone thus far

Prime Minister Justin Trudeau greets campers while visiting McDougall, Ont. on Thursday, July 19, 2018. THE CANADIAN PRESS/Frank Gunn
71% of B.C. men say they’d prefer to go camping with Trudeau: survey

Most British Columbians with plans to go camping outdoors say they’d prefer to go with Trudeau or Shania Twain

Most Read