Remember when you could buy a whole house in Kelowna for $188K, a condo for $110K?

Wouldn't it be awesome if you could wave a magic wand and go back to 1999 and buy a house for $188,000, a townhouse for $149,000 or a condominium for $111,000?

That's right, 25 years ago, home prices were that cheap in Kelowna.

A quarter of a century is, and isn't, a long time in the real estate game.

It's recent enough history that people of a certain age can remember the turn of the century and the low home prices.

However, It's also enough time for home prices to increase five-fold.

And, for younger people, 1999 is an unfathomably long time ago when home prices were unbelievably cheap.

Take for instance a typical single-family home in the city in 1999 with a median selling price of $188,004.

Now, multiply that by 540% -- a dizzying 540% -- and you get today's median selling price for a typical single family home of $1,028,256.

Average incomes have certainly not increased 540% over the past 25 years.

That's what makes homes so much more unaffordable today than they were a quarter of a century ago.

A young, average working couple could easily save for a downpayment and pay a mortgage 25 years ago.

Today, it's a struggle and usually requires a gift from the bank of mom and dad.

"Prices have obviously gone up significantly," said Francis Braam, the managing broker and owner of Royal LePage Kelowna.

"It's not quite comparing apples to apples, because a typical house 25 years ago was different from a typical house today. 25 years ago there was no granite countertops and luxury finishes that tend to be the norm today."

Square footage on single-family homes tends to have expanded, too.

Yet, over the past 25 years, the square footage on townhouses and condos tends to have compacted, but concrete construction in highrises and the expected high-end finishes have also contributed to escalating prices.

If you purchased a home 25 years ago and diligently paid off the mortgage, you now have an incredible investment that you just happen to live in.

Hooray, that house is worth 540% more.

You have a pile of equity.

You can likely retire in comfort.

When it comes to townhouses, a typical one in 1999 sold for a median prices of $149,209.

Today, a typical townhouse sells for $699,928 -- a whopping 470% increase.

In the condo realm, 25 years ago, you could snag one for $110,989.

Today it would cost you $492,218 -- an eye-watering 445% jump.

Below is the list of home prices over the past 25 years.

It's based on Multiple Listing Service (MLS) sales in Kelowna, which calculates median sale price, which tends to be a little lower than average price and a little higher than benchmark price.

You'll see that there hasn't been a steady increase in prices over the past 25 years.

There have been hiccups and a recession in 2009 that pummelled prices and took six years to recover.

And the much-talked about post-pandemic boom in prices that has since eased a bit because of high mortgage interest rates and a soft economy.

However, Braam predicts prices could be on the rise again with interest rates forecasted to come down in near future and people starting to buy and sell again in earnest.

1999

- single-family: $188,004

- townhouse: $149,209

- condo: $110,989

2000

- single-family: $188,260

- townhouse: $151,056

- condo: $111,203

2001

- single-family: $189,877

- townhouse: 139,397

- condo: 106,181

2002

- single-family: $204,838

- townhouse: $164,987

- condo: $120,034

2003

- single-family: $238,873

- townhouse: $187,423

- condo: $144,957

2004

- single-family: $282,616

- townhouse: $227,520

- condo: $200,463

2005

- single-family: $330,323

- townhouse: $266,287

- condo: $253,971

2006

- single-family: $402,535

- townhouse: $305773

- condo: $236,821

2007

- single-family: $476,506

- townhouse: $348,805

- condo: $269,286

2008

- single-family: $505,320

- townhouse: $384,130

- condo: $208,743

2009

- single-family: $460,077

- townhouse: $350,707

- condo: $255,229

2010

- single-family: $481,405

- townhouse: $349,079

- condo: $253,849

2011

- single-family: $472,888

- townhouse: $345,534

- condo: $250,459

2012

- single-family: $467,809

- townhouse: $344m747

- condo: $239,799

2013

- single-family: $462,921

- townhouse: $352,626

- condo: $233,325

2014

- single-family: $498,563

- townhouse: $361,434

- condo: $243,443

2015

- single-family: $511,073

- townhouse: $371,367

- condo: $258,546

2016

- single-family: $597,698

- townhouse: $407,947

- condo: $291,844

2017

- single-family: $679,942

- townhouse: $458,656

- condo: $332,244

2018

- single-family: $709,967

- townhouse: $497,186

- condo: $347,131

2019

- single-family: $703111

- townhouse: $501,036

- condo: $361,976

2020

- single-family: $801,735

- townhouse: $545,200

- condo: $367,362

2021

- single-family: $986,605

- townhouse: $652,584

- condo: $447,280

2022 (record-high year)

- single-family: $1,149,891

- townhouse:: $754,029

- condo: $548,394

2023

- single-family: $1,065,760

- townhouse: $711,640

- condo: $494,801

2024 (so far)

- single-family: $1,028,256

- townhouse: $699,928

- condo: $492,218