Houses in Kelowna are still rising in price according to a report released by Royal Lepage on Thursday.
The House Price Survey shows during the third quarter of 2016, the aggregate price of a home in the region rose 10.9 per cent year-over-year to $554,289.
The median price of a two-storey home saw a significant increase of 13.1 per cent year-over-year to $647,810 while bungalow prices rose 7.3 per cent to $504,943 over the same period. Meanwhile, the median price of a condo went up by 11.1 per cent to $339,321.
"Inventory levels across every housing category are down. Last quarter, the market was the best it has ever been – and this quarter continues to be extremely good for sellers in the under $1 million range," said Francis Braam of Royal LePage Kelowna. "In addition to our limited inventory, Kelowna has become increasingly attractive to buyers from Vancouver.
“Over the past year, the number of Vancouver buyers doubled.”
Nationally, Canada's residential real estate market continued to grow in the third quarter of 2016, posting a 12.0 per cent year-over-year aggregate house price increase to $545,414.
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