Central and North Okanagan house prices surged in November

There was a 13 per cent increase in the average selling price of houses in the Central and North Okanagan in November.

A report issued by the Okanagan Mainline Real Estate Board shows the average price of residential properties in the region it serves from Peachland to Revelstoke was $586,159 with price increases for condominiums leading the way by climbing 25 per cent.

The real estate board notes that the average price can be misleading.

“The upturn in average prices could very well be due to an increase of high-end sales within the region,” board president Michael Loewen said in a news release. “Even a few higher than usual priced sales can skew the data from month to month.”

Next year they plan to provide a new system that will break out housing sales in more detail, such as comparing sale prices of a typical three-bedroom house versus houses of all sizes.

In the region, 527 residential properties sold in November, down from 625 in October but up 14 per cent compared to November 2018.

Detailed statistics are available here.

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