Residential Real Estate

Comparison of Average Cost for Standard Homes in Selected Cities (Q1 – 2009)

Location Type of Home
Executive Bungalow Townhouse Condominium
Penticton* 441,000 342,000 272,000 187,000
Kelowna 425,000 340,000 270,000 180,000
Victoria 570,000 453,000 350,000 260,000
Surrey 445,000 390,000 290,000 189,000
Richmond 601,500 470,000 333,000 215,600
West Vancouver 1,090,000 880,000 670,000 400,000
Calgary – North West 452,300 376,100 288,800 251,300
Edmonton – Sherwood Park 420,000 300,000 250,000 300,000
Regina – South 385,000 295,000 277,000 196,500
Winnipeg – Charleswood 338,000 240,000 158,000 145,000
Ottawa – Kanata 364,000 310,000 244,000 185,000
Toronto – Markham 475,000 410,000 300,000 250,000
Montreal – Cote-St-Luc 470,000 239,000 225,000 229,000

Source: Royal LePage *estimates by EDS, Penticton

Definitions

Bungalow: A detached 3-bedroom single storey house with 1.5 bathrooms, 1-car garage. Full basement but no recreation room, fireplace. Total area of house is 1200 sq.ft., full service 5500 sq.ft. lot.

Executive: A detached 2-storey, 4-bedroom home with 2.5 bathrooms, a main floor family room, 1 fireplace, and an attached 2-car garage. Full basement but not recreation room. Total area of house is 2000 sq.ft. on a full-service 6500 sq.ft. lot.

Condominium: A 2-bedroom apartment with living room, dining room (may be combined), kitchen, 1.5 bathrooms, small balcony, 1 parking space with a total living area of 900 sq.ft.

Townhouse: Condominium or freehold. 3-bedrooms, 1.5 baths, living room, dining room (may be combined), kitchen, 1-car garage, full unfinished basement. Total area 1000 sq. ft.

Real Estate – June 2009 Update

Residential listings in the South Okanagan in 2009 to date continue to be higher than during the same period last year. Total active listings for March 2009 increased by 29 percent from March 2008 listings. MLS sales for the same period declined by 47 percent. There were 2,490 homes for sale in the South Okanagan in March 2009, which includes Penticton listings (Source: South Okanagan Real Estate Board).

The average selling price in 2008 for residential properties in Penticton remained close to 2007 levels.

In January of 2008, Penticton’s City Council approved a building height limit of 45.7 metres or 15 floors for new construction on the valley floor. The taller buildings will be limited to five strategic locations to minimize any negative impacts on site lines and scenic views. This decision has been driven by the City’s limited land base and high demand for housing.

Housing Starts in Penticton

Type o Unit Year
2006 2007 2008
Volume Value ($) Volume Value ($) Volume Value ($)
Single amily Dwelling 44 8,987,036 40 8,998,296 31 7,244,807
Duplex / Units 6 / 12 886,481 12 / 24 2,799,206 19 / 38 3,644,317
Multi-amily / Suites 14 / 484 96,031,788 13 / 286 30,950,000 13 / 201 35,132,869

Source: City o Penticton

New residents moving into the Penticton area are generally seeking a better quality of life, away from colder and wetter climates and to escape congestion of the larger urban centers.

There are many adult oriented housing and condominium developments available. Penticton’s housing prices, when compared to other cities across Canada, remain competitive.

There are 19,410 occupied private dwellings in the greater Penticton area (Census 2006). There is an average  of 2.2 persons per household which is lower than the provincial average, due primarily to the higher than normal retirement and senior population.

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Canadian Real Estate Association | Commercial Real Estate Listings
www.icx.ca

Real Estate Listings
The Canadian Real Estate Association hosts a multiple listing service of real estate online: www.mls.ca

Penticton Realtors

CENTURY 21 LAKE 2 LAKE REALTY LTD
1521 Main Street
Penticton, BC V2A 5G7
Phone: 250.490.2002
www.century21.ca

COLDWELL BANKER OKANAGAN REALTY
101-1873 Main Street
Penticton, BC V2A 5H2
Phone: 250.492.2911, Fax: 250.492.2878
** SPAM PROTECTION: JavaScript Required to see email address - If you have questions email: info @ imaginepenticton.ca (just delete the spaces). **

HOMETIME REALTY
101 – 3547 Skaha Lake Road
Penticton, BC V2A 7K2
Phone: 250.770.1948, Fax: 250.770.8348

MCINTYRE REALTY
2010 Main Street
Penticton, BC V2A 5H4
Phone: 250.493.0286, Fax: 250.493.0276
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ONE PERCENT REALTY LTD.
101 – 543 Ellis Street
Penticton, BC V2A 4M4
Phone: 250.492.7922, Fax: 250.492.7944
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RE/MAX PENTICTON REALTY
101-3115 Skaha Lake Road
Penticton, BC V2A 6G5
Phone: 250.492.2266, Fax: 250.492.3005
Toll Free: 1.800.652.6246
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www.remax-pentictonbc.com

RE/MAX FRONT STREET REALTY
2 Front Street
Penticton, BC V2A 1H1
Phone: 250.492.2233, Fax: 250.490.0226
Toll Free: 1-866-44-REMAX
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www.frontstreetrealty.net

REALTY EXECUTIVES PENTICTON
280 Main Street
Penticton, BC V2A 5B2
Phone: 250.493.4372, Fax: 250.493.4376
Toll Free: 1.866.493.4372
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ROYAL LEPAGE LOCATIONS WEST REALTY
484 Main Street
Penticton, BC V2A 5C5
Phone: 250.493.2244, Fax: 250.492.6640
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www.royallepage.ca/penticton

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