Royal LePage says reasons include low inventory and new residents
Multi-unit housing prices in Kelowna – condos and townhomes – surged in the first quarter of the year according to a survey by Royal LePage.
The price of a condo in Kelowna is up almost 30% compared to last year at this time.
Single family homes are up by double-digits as well – a two storey home up by 11% – bungalows up by 14%.
The real estate company says an influx of new residents combined with low inventory is fueling the price increase.
A real estate broker with Royal LePage says many of the new homebuyers are from the Lower Mainland.
