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The Okanagan has two new “million dollar” neighbourhoods.
A newly released report on housing prices in the Central Okanagan shows the areas of Southeast Kelowna/Crawford Estates and West Kelowna’s Lakeview Heights both saw the average selling price for a single-family home go over a million dollars.
According to The Vantage Report, released by Vantage West Realty Group, the price of single-family homes was up 20% in the neighbourhood of Southeast Kelowna/Crawford in 2017 and the average price for a single-family home reached $1.1M.
"Southeast Kelowna and Crawford experienced heated sales competition this past year," read the Vantage Report. "A unique mix of residential homes and the rural feel of this community ensures there is ample interest when properties come on the market."
According to Vantage West, the area does not have nearly enough properties to satisfy customer demand and there are no major upcoming developments planned.
The highest sale price in the area was 1150 Mission Ridge Rd., which sold for $5,297,000.
An even bigger spike in prices was seen in the West Kelowna’s Lakeview Heights neighbourhood, which saw the price of a single-family home increase 24% with the average single-family home selling for $1.03M.
"Lakeview Heights saw the steepest increase in average sale price of all the areas examined," read the Vantage Report. "Single-family homes are by far the largest market in Lakeview heights. Demand for these properties drives the price increases for single family homes, condos and townhomes. There were 88 single family homes sold in this neighbourhood since July."
According to The Vantage Report, most of the properties built in 2017 were in the developing West Kelowna communities of Riesling Ridge and Vineyard Estates. Pre-sale homes in these communities currently range from $464,000 to $1.5 M.
The highest sale price in the area was $7,000,000.
Click here to read the full Vantage Report.
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