We hope everyone had a great holiday break and is excited to get back into the swing of things! To kick off the new year, we are going to be bringing you an update on the South Okanagan real estate market. Housing prices have been steadily increasing since the onslaught of the pandemic—especially in the Thompson Okanagan region. To keep you in the loop, we have statistics about the previous year, average assessments, and information on what to expect from real estate in 2022.
Follow along below as we update you about the current market circumstances.
Homeowners in the Thompson Okanagan can expect to get their 2022 assessment in the coming days. The number listed on your assessment is reflective of your property’s market value on July 1, 2021.
In the Okanagan, many people will be seeing a vast increase in assessed value in 2022. Most properties in the Okanagan region have climbed in value by over 30%. The Thompson Okanagan region’s total assessments jumped from 159.3 billion dollars in 2021 to a healthy 204.2 billion dollars in 2022.
Single-family houses in Penticton, BC were assessed at an average value of $479,000 in July of 2020. This number soared to $637,000 in July of 2021, indicating a 33% influx in price. Moreover, stratified residential properties also saw a lofty change in value. Condos and townhomes in Penticton were assessed at $287,000 in July 2020. However, in July 2021, they went up in assessment value by 20%. Resulting in an average assessed value of $350,000.
Those who have been affected by floods or wildfires are urged to reach out to BC Assessment as soon as possible. BC Assessment can help property owners gain some clarity over what happened to their property value based upon the various natural disasters that occurred in 2021.
In the South Okanagan region, prices continued to rise and average days spent on the market dropped. Single-family homes were sold for an average price of $717,698, which is a 16.7% increase from December of 2020. In addition, the benchmark price for a single-family home was $714,700. Meaning, that the average benchmark price jumped 43.3% higher from last December (2020). It took approximately 62 days for a single-family home to sell, which is 21.4% less than this time last year.
As for townhomes in the South Okanagan, prices were also up in cost. The benchmark price for a townhouse was $474,900. Thus, indicating a 33% increase from December 2020. Additionally, the average sale price for a townhome was $486,889 – a 19.6% increase from the previous year. Approximately, it took 73 days for a townhouse to sell, which was a decrease of 16.4%.
Predictably, condos and apartment prices inflated alike to other property types in the South Okanagan. Typically, it took 34 days to sell an apartment/condo, which was a vast 63.8% decrease from December of 2020. The benchmark price for a condo/apartment went up 24% leaving the price at $380,000. Further, the average sale price was calculated to be $357,982. The value of the sale price increased by 13.2% from the previous December.
Houses in Penticton BC are selling faster than ever! If you want to get a jump on buying a home in the new year, it’s important to act quickly. For more information on the assessment values for Penticton visit BC Assessment. You are also welcome to contact us with any questions or concerns about a property in the Penticton area. We would be more than happy to assist you with your inquiries. Be sure to check back with us next month for more real estate information. We look forward to working with you in 2022!
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