Sales on the Multiple Listing Service by realtors in the Okanagan Mainline Real Estate Board hit a record 7,685 in 2002, representing $1.35 billion worth of real estate changing hands.

The price of resale homes tend to be lower than new homes because resales represent everything from fixer-uppers to relatively new luxury addresses.

In 2002, the average resale price of a single family home was $220,000 in the Central Okanagan, $166,000 in the North Okanagan and $150,000 in the South Okanagan.

Nationally, new-home construction starts in 2002 were at their highest level in 13 years.

Across the country, construction started on 204,857 homes, a 26 per cent increase over 2001.

The boom came about Mhanks to low mortgage rates, growing employment and increased incomes, says David Weingarden, Canada Mortgage and Housing Corp.ô senior economist.