The rapidly increasing price of a single-family home in Kelowna has moderated after topping the $1 million mark, a new real estate survey says.
From July through September, the median price was $1,025,000, according to the Royal LePage Housing Price Survey and Market Forecast.
Between April and June, the median price was $1,010,000.
In the third quarter of 2020, the median price of a single-family home in Kelowna was $838,000, so the year-over-year increase has been 22%.
That's almost exactly on par with the national increase in median prices, of 21.4%, the survey says.
"During the third quarter, the torrid pace of home price appreciation moderated as both demand and inventory wanted, a typical summer market trend in a very atypical year," Royal LePage president and CEO Phil Soper said in a release.
Based on market trends, the real estate company expects the median price of a single-family home in Canada to rise a further 16% between October and December.
In all 11 large B.C. communities for which the survey presents real estate data, the median price of a single-family home is now over $1 million.
For comparison, the equivalent prices in Calgary area $643,000, $390,000 in Winnipeg, and $257,000 in St. John, NB.
A median price is not an average price. It is the mid-point valuation of all the homes sold in a given period. Kelowna's market is skewed somewhat by the inclusion of multi-million dollar homes on the waterfront.
On the Multiple Listing Service real-estate website, there's a home built in 2017 in the West Kelowna neighbourhood of Tallus Ridge currently listed at $1,099,999.
It is 2,128 square feet, has three bathrooms and three bedrooms, has distant lake views, and has a legal basement suite.
It has an assessed value of $717,000, according to B.C. Assessment.