the Kelowna rennie review | October 2023

the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KELOWNA’S HOUSING MARKET

published October 2023

table of contents

Welcome to the latest edition of the rennie review, which provides a detailed look at the Central Okanagan’s housing market. In this report, we examine the most recent MLS data for the region, including city- and neighbourhood-level stats.

02 INTRO

03 WHAT YOU NEED TO KNOW

04 FEATURED LISTINGS

05 CENTRAL OKANAGAN

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

08 CITY OF KELOWNA

11 DOWNTOWN KELOWNA

14 WEST KELOWNA

17 AREA MAP

2 Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16,, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.

sagging sales and surplus sellers in september The Central Okanagan’s housing market bucked seasonal trends in September, with sales falling sharply alongside growing listings as high interest rates continue to impart an outsized impact.

September, compared to 6.6 in August (an MOI of less than 5 reflects a sellers’ market; 5-8 MOI reflects balanced conditions; and an MOI over 8 reflects a buyers’ market). As we move through the remainder of the year expect these broader trends to continue, namely that high interest rates will continue to dictate (far more than seasonality) the ebbs and flows of market activity. Looking ahead to October, the typical pattern is another month of decreasing listings. But with each passing month, more and more homeowners will continue to feel the pinch of high rates, either through sustained high variable rates or via contract renewal. So instead, expect to see elevated listings and higher-than-typical inventory for the remainder of the year.

September is a month that typifies transition: from summer to fall and back-to-school, it represents a time of change for many. And with those changes, Kelowna residents are often more focused on their day-to-day routines, and less focused on participating in their local real estate market. As a result, the typical August-to-September pattern is a decline in each of the main metrics tracked: sales counts, new listings, and inventory. Last month, however, was a notable departure from that typical seasonality, as macroeconomic trends—specifically high interest rates—were the main drivers of activity, bringing fewer buyers and more sellers to market. Let’s start with sales counts: last month there were 264 MLS transactions in the Central Okanagan, which represents a 27% decrease from August vs. the typical 7% decline. It was also 44% less than the past 10-year

September average, 20% fewer than one year ago, and the lowest total of any month since February. Meanwhile, there was a notable increase in new listings last month, with September’s total of 949 up 23% from August (the typical pattern is a 5% decline). That’s also 19% above last September and 26% above the long-run September average, as more would-be sellers entered the market. With fewer sales and more listings last month, inventory was able to expand at a time when it normally contracts. The 2,519 listings available at the end of September were up 7% from August (compared to the typical 5% decline), and were 17% higher than last year. In fact, inventory reached its highest level since July 2020, and is now 9% above the past-decade average. This combination of increasing supply and drop in demand yielded a substantial increase in the months- of-inventory metric (MOI) again, to 9.5 in

3 Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16,, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.

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Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 4

central okanagan DETACHED - SEPTEMBER 2 0 2 3

MONTHS OF INVENTORY 10.8 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 21% VS 2022

▼ 24% VS 2022

▼ 14% VS 2022

▼ 17% VS 2022

There were 1,466 detached listings in the Central Okanagan in September, 7% above August and 21% higher than September 2022. September detached home sales decreased by 18% month-over-month, to 136, and were 17% below September 2022. The months of inventory for detached in the Central Okanagan, at 10.8, reflected a buyers' market. The detached median price in September was $841,250, a 17% decrease from August and 14% below September 2022. The average sold price was $1,007,707, 10% below last month and down 24% to September 2022.

THIS MONTH No. $1,007,707 $841,250 10.8 136 1,466

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,323,637 $974,000 743% 163 1,211

-24% -14% 45% -17% 21%

$1,119,070 $1,010,000 8.3 165 1,376

-10% -17% 29% -18% 7%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,392

50

1,466

1,297

1,376

1,181

1,211

1,020

1,011

42

1,163

1,058

38

898

821

824

262

244

194

134

127

126

90

163

70

136

192

192

165

$1.04M

$974K

$975K

$973K

$971K $970K $1.01M

$950K

$933K

$925K

$900K

$884K

$841K

Sep-22

Aug-23

Sep-23

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

250

24+

24+

24+

22.4

200

150

14.0

11.3

10.0

100

50

3.1

3.1

0

<$600K

$600-799K

$800-999K

$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M

$3M+

MOI INVENTORY SALES

26 80 3.1

35 107 3.1

25 251 10.0

23 259 11.3

11 246 22.4

5 136 27.2

3 97 32.3

0 98 n/a

5 70 14.0

3 122 40.7

Copyright © October 16, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.

5

central okanagan TOWNHOME - SEPTEMBER 2 0 2 3

MONTHS OF INVENTORY 9.4 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 3% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 20% VS 2022

▼ 8% VS 2022

▼ 4% VS 2022

▼ 13% VS 2022

There were 424 townhome listings in the Central Okanagan in September, 12% above August and 20% higher than September 2022. September townhome sales decreased by 40% month-over-month, to 45, and were 13% below September 2022. The months of inventory for townhomes in the Central Okanagan, at 9.4, reflected a buyers' market. The townhome median price in September was $650,000, a 8% decrease from August and 4% below September 2022. The average sold price was $705,024, 3% below last month; the average PSF sale price was $426, down 5% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$426 $705,024 $650,000 9.4 45 424

$438 $767,696 $675,000 681% 52 354

-3% -8% -4% 38% -13% 20%

$450 $728,199 $703,500 5.1 75 379

-5% -3% -8% 86% -40% 12%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

46

424

383

367

348

342

354

379

349

321

37

315

293

35

274

256

124

75

70

56

38

38

36

88

52

80

80

45

49

$737K

$720K

$706K

$710K

$710K

$700K

$705K

$704K

$675K

$665K

$653K

$643K

$650K

Sep-22

Aug-23

Sep-23

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● MONTHS OF INV.

6

80

24+

4+ bdrms

91

21.5

60

17.0

21

3 bdrms

13.5

210

40

7.3

16

2 bdrms

5.7

20

119

3.9

0

2

<2 bdrms

<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 85 85.0 2 43 21.5 0 37 n/a 1 17 17.0 2 27 13.5 14 54 3.9 13 74 5.7 12 87 7.3

4

Copyright © October 16, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 6 ●

central okanagan CONDO - SEPTEMBER 2 0 2 3

MONTHS OF INVENTORY 7.6 BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 12% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 9% VS 2022

▼ 10% VS 2022

▼ 1.6% VS 2022

▼ 29% VS 2022

There were 547 condo listings in the Central Okanagan in September, 8% above August and 9% higher than September 2022. September condo sales decreased by 28% month-over-month, to 72, and were 29% below September 2022. The months of inventory for condos in the Central Okanagan, at 7.6, reflected a balanced market. The condo median price in September was $464,000, a 4% increase from August and 1.6% below September 2022. The average sold price was $531,634, 8% above last month; the average PSF sale price was $514, up 0.9% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No. 101 503

% Change

No. 100 508

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$514 $531,634 $464,000 7.6 72 547

-12% -10% -1.6% 53% -29% 9%

0.9% 8% 4% 50% -28% 8%

$586 $588,830 $471,500 498%

$509 $493,395 $447,950 5.1

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

50

547

511

500

475

503

535

447

508

435

485

481

469

374

37

36

143

141

130

124

100

94

72

101

134

47

72

74

52

$472K

$470K

$472K

$465K

$468K

$464K

$460K

$463K

$452K

$449K

$448K

$434K

$408K

Sep-22

Aug-23

Sep-23

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET <5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● MONTHS OF INV.

200

24+

4+ bdrms

6

150

8

3 bdrms

73

100

11.8

11.5

8.3

8.0

51

50

6.1

2 bdrms

5.0

330

0

13

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 21 106 5.0 34 206 6.1 9 106 11.8 2 60 30.0 3 25 8.3 0 13 n/a 2 23 11.5 1 8 8.0

<2 bdrms

138

Copyright © October 16, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 7 ●

city of kelowna DETACHED - SEPTEMBER 2 0 2 3

MONTHS OF INVENTORY 10.9 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 18% VS 2022

▼ 21% VS 2022

▼ 4% VS 2022

▼ 22% VS 2022

There were 979 detached listings in the City of Kelowna in September, 7% above August and 18% higher than September 2022. September detached home sales decreased by 26% month-over-month, to 90, and were 22% below September 2022. The months of inventory for detached in City of Kelowna, at 10.9, reflected a buyers' market. The detached median price in September was $980,000, a 5% decrease from August and 4% below September 2022. The average sold price was $1,146,883, 3% below last month and down 21% to September 2022.

THIS MONTH No. $1,146,883 $980,000 10.9 90 979

PREVIOUS MONTH No.

PREVIOUS YEAR

No. 115 831

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

-21% -4% 51% -22% 18%

122 915

-3% -5% 45% -26% 7%

$1,179,097 $1,033,677 7.5

$1,455,168 $1,025,000 723%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

930

45

979

871

835

42

915

831

723

680

780

37

708

629

583

584

182

160

132

122

87

89

64

115

45

90

128

120

94

$1.07M

$1.02M $1.06M

$1000K

$998K

$997K $1.06M $1.06M $1.02M $1.03M

$980K

$940K

$915K

Sep-22

Aug-23

Sep-23

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

200

24+

23.0

22.4

150

20.0

100

13.5

10.2

7.9

50

2.5

2.1

0

<$600K

$600-799K

$800-999K

$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M

$3M+

MOI INVENTORY SALES

11 23 2.1

19 48 2.5

18 143 7.9

18 184 10.2

9 180 20.0

5 112 22.4

3 69 23.0

0 74 n/a

4 54 13.5

3 92 30.7

Copyright © October 16, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.

8

city of kelowna TOWNHOME - SEPTEMBER 2 0 2 3

MONTHS OF INVENTORY 8.2 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 1.6% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 3% VS 2022

▲ 25% VS 2022

▼ 3% VS 2022

▼ 12% VS 2022

There were 294 townhome listings in the City of Kelowna in September, 12% above August and 25% higher than September 2022. September townhome sales decreased by 35% month-over-month, to 36, and were 12% below September 2022. The months of inventory for townhomes in City of Kelowna, at 8.2, reflected a buyers' market. The townhome median price in September was $670,500, a 6% decrease from August and 3% above September 2022. The average sold price was $738,531, 0.8% above last month; the average PSF sale price was $430, down 6% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$430 $738,531 $670,500 8.2 36 294

$437 $761,547 $650,000 573% 41 235

-1.6% -3% 3% 42% -12% 25%

$459 $732,835 $715,500 4.8 55 263

-6% 0.8% -6% 71% -35% 12%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

44

294

255

237

234

263

218

235

228

35

212

34

199

183

181

179

93

62

55

52

43

33

67

29

41

24

36

48

36

$737K

$728K

$715K

$716K

$712K

$708K

$693K

$675K

$671K

$661K

$650K

$643K

$640K

Sep-22

Aug-23

Sep-23

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● MONTHS OF INV.

60

6

24+

4+ bdrms

60

50

40

18

3 bdrms

13.5

154

30

11.0

9.0

20

11

2 bdrms

5.8

4.8

4.4

76

10

0

1

<2 bdrms

<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 9 40 4.4 11 53 4.8 10 58 5.8 1 60 60.0 2 27 13.5 0 27 n/a 1 11 11.0 2 18 9.0

4

Copyright © October 16, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 9 ●

city of kelowna CONDO - SEPTEMBER 2 0 2 3

MONTHS OF INVENTORY 6.9 BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 11% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 1.8% VS 2022

▲ 0.5% VS 2022

▼ 3% VS 2022

▼ 28% VS 2022

There were 403 condo listings in the City of Kelowna in September, 4% above August and 0.5% higher than September 2022. September condo sales decreased by 33% month-over-month, to 58, and were 28% below September 2022. The months of inventory for condos in City of Kelowna, at 6.9, reflected a balanced market. The condo median price in September was $459,000, a 3% increase from August and 3% below September 2022. The average sold price was $541,037, 9% above last month; the average PSF sale price was $515, up 0.0% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$515 $541,037 $459,000 6.9 58 403

$579 $531,246 $471,500 501% 80 401

-11% 1.8% -3% 39% -28% 0.5%

$515 $494,737 $446,900 4.4 87 386

0% 9% 3% 57% -33% 4%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

381

48

403

401

403

348

347

386

316

366

356

345

343

284

35

34

118

110

87

74

113

109

57

80

96

37

58

55

43

$475K

$472K

$471K

$465K

$460K

$455K

$459K

$454K

$443K

$447K

$435K

$430K

$387K

Sep-22

Aug-23

Sep-23

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET <5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● MONTHS OF INV.

140

24+

4+ bdrms

1

120

100

5

3 bdrms

80

52

11.0

60

10.6

8.0

42

40

2 bdrms

5.8

5.0

258

3.6

20

0

11

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 25 145 5.8 8 85 10.6 1 45 45.0 3 24 8.0 0 13 n/a 2 22 11.0 1 5 5.0 18 64 3.6

<2 bdrms

92

Copyright © October 16, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 10 ●

downtown kelowna DETACHED - SEPTEMBER 2 0 2 3

MONTHS OF INVENTORY 12.7 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▼ 38% VS 2022

▼ 7% VS 2022

▼ 1.7% VS 2022

▼ 25% VS 2022

There were 114 detached listings in Downtown Kelowna in September, no change to August and 1.7% lower than September 2022. September detached home sales decreased by 36% month-over-month, to 9, and were 25% below September 2022. The months of inventory for detached in Downtown Kelowna, at 12.7, reflected a buyers' market. The detached median price in September was $1,025,000, a 0.4% decrease from August and 7% below September 2022. The average sold price was $977,889, 19% below last month and down 38% to September 2022.

THIS MONTH No. $977,889 $1,025,000 12.7 9 114

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,568,021 $1,107,500 967% 12 116

-38% -7% 31% -25% -1.7%

$1,205,311 $1,028,677 8.1 14 114

-19% -0.4% 56% -36% 0%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

114

49

112

116

114

119

114

97

110

44

93

90

81

78

76

29

24

17

16

14

13

11

10

7

7

12

4

9

14

$1.17M

$1.11M

$1.05M

$1.04M

$1.03M $1.02M

$980K

$945K

$929K

$906K

$890K

$880K

$825K

Sep-22

Aug-23

Sep-23

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

35

30

16.0

25

11.0

20

8.0

15

10

2.7

5

0

<$600K

$600-799K

$800-999K

$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M

$3M+

MOI INVENTORY SALES

0 1 n/a

3 8 2.7

1 8 8.0

3 33 11.0

2 32 16.0

0 12 n/a

0 5 n/a

0 5 n/a

0 4 n/a

0 6 n/a

Copyright © October 16, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.

0

downtown kelowna TOWNHOME - SEPTEMBER 2 0 2 3

MONTHS OF INVENTORY 39.5 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 3% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 2% VS 2022

▲ 80% VS 2022

▼ 31% VS 2022

▼ 75% VS 2022

There were 79 townhome listings in Downtown Kelowna in September, 8% above August and 80% higher than September 2022. September townhome sales decreased by 67% month-over-month, to 2, and were 75% below September 2022. The months of inventory for townhomes in Downtown Kelowna, at 39.5, reflected a buyers' market. The townhome median price in September was $687,500, a 22% decrease from August and 2% above September 2022. The average sold price was $687,500, 29% below last month; the average PSF sale price was $465, down 23% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$465 $687,500 $687,500 39.5 2 79

$481 $989,875 $671,000 550% 8 44

-3% -31% 2% 618% -75% 80%

$604 $965,650 $880,000 12.2 6 73

-23% -29% -22% 225% -67% 8%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

134

79

67

73

52

50

49

52

44

45

35

31

29

18

23

9

7

6

6

61

5

5

4

4

4

8

7

2

37

$975K

$880K

$830K

$825K

$800K

$760K

$757K

$735K

$700K

$688K

$671K

$665K

$652K

Sep-22

Aug-23

Sep-23

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● MONTHS OF INV.

25

10.0

4+ bdrms

11

20

1

3 bdrms

15

47

10

1

2.0

2 bdrms

19

5

0

<2 bdrms

<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 10 10.0 0 3 n/a 0 4 n/a 0 11 n/a 1 2 2.0 0 7 n/a 0 15 n/a 0 27 n/a

2

Copyright © October 16, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 1 ●

downtown kelowna CONDO - SEPTEMBER 2 0 2 3

MONTHS OF INVENTORY 11.1 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 10% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 16% VS 2022

▲ 10% VS 2022

▲ 32% VS 2022

▼ 39% VS 2022

There were 221 condo listings in Downtown Kelowna in September, 7% above August and 32% higher than September 2022. September condo sales decreased by 35% month-over-month, to 20, and were 39% below September 2022. The months of inventory for condos in Downtown Kelowna, at 11.1, reflected a buyers' market. The condo median price in September was $549,000, a 13% increase from August and 10% above September 2022. The average sold price was $699,675, 22% above last month; the average PSF sale price was $647, up 4% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$647 $699,675 $549,000 11.1 20 221

$719 $600,691 $499,999 509% 33 168

-10% 16% 10% 117% -39% 32%

$620 $573,703 $485,000 6.6 31 206

4% 22% 13% 66% -35% 7%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

210

56

221

206

161

168

154

182

149

171

165

155

154

121

33

46

44

43

28

31

23

33

13

13

20

30

26

25

22

$549K

$542K

$545K

$528K

$509K

$510K

$500K

$492K

$485K

$480K

$480K

$475K

$399K

Sep-22

Aug-23

Sep-23

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET <5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● MONTHS OF INV.

50

24+

4+ bdrms

40

3

30

3 bdrms

13.5

32

10.0

20

8.7

8.5

7.4

13

2 bdrms

5.0

10

130

0

4

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 4 54 13.5 1 36 36.0 2 20 10.0 0 11 n/a 2 17 8.5 1 5 5.0 3 26 8.7 7 52 7.4

<2 bdrms

59

Copyright © October 16, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2 ●

west kelowna DETACHED - SEPTEMBER 2 0 2 3

MONTHS OF INVENTORY 8.7 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 26% VS 2022

▲ 8% VS 2022

▼ 29% VS 2022

▼ 14% VS 2022

There were 348 detached listings in West Kelowna in September, 5% above August and 26% higher than September 2022. September detached home sales increased by 33% month-over-month, to 40, and were 8% above September 2022. The months of inventory for detached in West Kelowna, at 8.7, reflected a buyers' market. The detached median price in September was $719,900, a 23% decrease from August and 14% below September 2022. The average sold price was $693,204, 33% below last month and down 29% to September 2022.

THIS MONTH No.

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$693,204 $719,900 8.7 40 348

$973,568 $832,500 746% 37 276

-29% -14% 17% 8% 26%

$1,039,184 $940,000 11.1 30 333

-33% -23% -22% 33% 5%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

328

63

348

312

333

276

253

275

227

217

248

186

171

167

39

37

66

61

46

34

30

30

23

22

62

40

37

48

33

$987K

$940K

$931K

$925K

$900K

$896K

$857K

$842K

$842K

$833K

$810K

$799K

$720K

Sep-22

Aug-23

Sep-23

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

80

70

24+

60

50

14.8

40

12.3

30

20

10

2.8

2.2

0

<$600K

$600-799K

$800-999K

$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M

$3M+

MOI INVENTORY SALES

13 37 2.8

15 33 2.2

6 74 12.3

4 59 14.8

2 53 26.5

0 20 n/a

0 20 n/a

0 16 n/a

0 13 n/a

0 23 n/a

Copyright © October 16, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.

14

west kelowna TOWNHOME - SEPTEMBER 2 0 2 3

MONTHS OF INVENTORY 9.9 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 2% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▼ 13% VS 2022

▼ 9% VS 2022

▼ 1.3% VS 2022

0.0% VS 2022

There were 79 townhome listings in West Kelowna in September, 10% above August and 1.3% lower than September 2022. September townhome sales decreased by 47% month-over-month, to 8, and were the same in September 2022. The months of inventory for townhomes in West Kelowna, at 9.9, reflected a buyers' market. The townhome median price in September was $612,500, a 3% increase from August and 9% below September 2022. The average sold price was $593,125, 9% below last month; the average PSF sale price was $423, up 5% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$423 $593,125 $612,500 9.9 8 79

$433 $680,469 $675,000 1000% 8 80

-2% -13% -9% -1.3% 0% -1.3%

15 72

5% -9% 3% 106% -47% 10%

$401 $652,667 $595,000 4.8

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

64

80

84

79

71

71

69

65

72

59

50

58

58

44

43

29

25

33

15

13

10

6

5

5

15

8

8

13

12

$757K

$760K

$738K

$723K

$700K

$685K

$675K

$680K

$670K

$655K

$613K

$595K

$560K

Sep-22

Aug-23

Sep-23

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● MONTHS OF INV.

20

10.0

4+ bdrms

18

15

8.0

3

3 bdrms

32

10

3.0

4

2 bdrms

5

29

0

1

<2 bdrms

<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 4 12 3.0 2 16 8.0 2 20 10.0 0 15 n/a 0 6 n/a 0 5 n/a 0 1 n/a 0 4 n/a

Copyright © October 16, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 15 ●

west kelowna CONDO - SEPTEMBER 2 0 2 3

MONTHS OF INVENTORY 9.6 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 0.8% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 71% VS 2022

▼ 8% VS 2022

▼ 4% VS 2022

▼ 11% VS 2022

There were 77 condo listings in West Kelowna in September, 20% above August and 71% higher than September 2022. September condo sales decreased by 11% month-over-month, to 8, and were 11% below September 2022. The months of inventory for condos in West Kelowna, at 9.6, reflected a buyers' market. The condo median price in September was $464,000, a 8% increase from August and 4% below September 2022. The average sold price was $475,813, 12% above last month; the average PSF sale price was $441, up 5% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$441 $475,813 $464,000 9.6 8 77

$444 $515,067 $485,000 500% 9 45

-0.8% -8% -4% 93% -11% 71%

$419 $426,599 $430,000 7.1 9 64

5% 12% 8% 35% -11% 20%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

73

50

77

69

62

64

43

61

61

50

59

47

45

35

41

36

21

21

18

11

10

9

18

6

9

4

8

11

9

$520K

$500K

$502K

$485K

$478K

$467K

$465K

$464K

$448K

$433K

$430K

$415K

$398K

Sep-22

Aug-23

Sep-23

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET <5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● MONTHS OF INV.

40

24+

4+ bdrms

30

3 bdrms

3

20

8

10

5.9

2 bdrms

51

0

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 27 27.0 7 41 5.9 0 4 n/a 0 5 n/a

<2 bdrms

23

Copyright © October 16, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 16, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 16 ●

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