Office 250-868-6595
Home About Us Testimonials What's My Home Worth? MLS® Listings Featured Listings Blog Contact Us

New Listing Alert!

MLS® Home Search

Free Home Evaluation

Pandemic Effect Driving Local Real Estate Market Boom

Wednesday, Apr 07, 2021

KELOWNA, B.C. – April 6th, 2021. Residential real estate sales across the region from Revelstoke to Eastgate

Manning Park and into the South Peace River region are still seeing the effects of the pandemic, reports the

Association of Interior REALTORS®.

 

Residential sales for the month of March were up 146% with 1,763 units sold compared to March 2020’s 708

units. The South Peace River and the Shuswap/ Revelstoke regions saw the highest increase of sales with a

225% and 223% upswing compared to the same time last year.

 

“With economic recovery underway, low mortgage rates and the persistent pandemic effect of buyers

looking for more space, it’s no surprise that local real estate is still seeing a boom,” says the Association of

Interior REALTORS® President Kim Heizmann, adding that “while the pandemic has increased demand it also

created a huge shock to the supply side of things that will take a long time to get back to a healthy inventory

level.”

 

The total number of active residential listings for March from Revelstoke to Peachland was down 46%

compared to March 2020’s listings of 1,814. In the South Okanagan region overall listings dropped 52% over

last March’s 1,255, while the South Peace River saw a 16% decrease compared to last year’s 345 listings.

 

“Buyers are struggling to find homes and the lack of supply is putting upward pressure on pricing,” says

Heizmann. “It is really important to work with a local REALTOR® who not only understand the market but

also that buyers are looking for homes for their families, not just a house to live in.”

 

The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions

saw double-digit percentage increases in year-over-year comparisons in the single-family and townhomes

categories.

 

In the South Okanagan, where benchmark pricing is not yet available, average sales prices were also up 

yearover-year in all home categories with single-family homes seeing the highest percentage increase of 42%.

The average sale prices for single-family homes in the South Peace River increased 27% in comparison to

March 2020 prices.

 

The Association of Interior REALTORS® was formerly formed on January 1, 2021 through the amalgamation

of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board.