Central Okangan report: $1 million average for new single-family home

The average cost for a new single-family build in the Central Okanagan is nearing $1 million.

That cost has risen by 5.6 per cent from 2018, according to a report done by the Regional District of Central Okanagan.

“We are a growing community, and when you are a growing community that creates challenges,” said Kelowna mayor Colin Basran.

“Supply and demand dictates it’s going to be harder to find a house, or homes are going to be more expensive.”

The report says the average cost of a new single-family home in the Central Okanagan is priced at $950,000.

Compare that to the likes of Calgary, which sits at $545,000, Toronto at $995,000 and the staggering $1.8-million average for Vancouver.

That $950,000 figure for the Okanagan is expected to rise with the new bylaw put in place by Kelowna’s city council, approving the increase of developer cost charges.

Developer cost charges have been doubled, now it’s around $14,000 but even that number will go up.

The city says the developer cost charges are used for park development across the city.

“Council has found a balance between having new development pay for some of that. We have also created an infrastructure levy to help cover those cost as well,” said Basran.

“Also, we are using revenues generated in our parks.”

With Kelowna’s population rising every year and new builds on average going down, options are limited for new families looking for a single family homes.

And with the growing need for homes, up go the prices.

Source: Read Full Article