the Kelowna rennie review | September 2023

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

published September 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 September 19, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

Kelowna’s housing market takes a back seat With residents concerned far more with their homes than with the housing market in August, there was minimal sales activity in the Central Okanagan last month, even by August’s typically modest standards.

of the national job market are showing some weakness: employment growth is slowing, the unemployment rate is rising (from an all-time low), the number of job vacancies continues to shrink, and the job-change rate— historically high during the so-called “Great Resignation” of late-2021/early-2022—has fallen to half of its longer-term average. While on the surface this doesn’t present as good news, the knock-on effect of these labour market changes could be a positive one: to the extent that they are reflective of our higher interest rate environment, they will tend to be disinflationary—and to the extent that they weigh on inflation, then they move us closer to the time when the Bank of Canada can begin bringing borrowing costs back towards recent (pre-pandemic) historical norms. Whether you’re already a homeowner with a mortgage, you’re contemplating purchasing your first home, or you’re looking to invest in recreational property, this is a positive development—something Kelowna could use a little more of.

Due to unprecedented wildfire activity, August was an incredibly challenging month for Kelowna, the broader Central Okanagan region, and indeed, countless communities throughout British Columbia. The McDougall Creek wildfire in particular—which is still burning—has resulted in the loss of, or damage to, 190 structures in Kelowna, West Kelowna, and the surrounding area. Fortunately, the fire is now considered to be under control, and most residents have been able to turn their attention back to their day-to-day routines. Not surprisingly, the Central Okanagan saw muted housing market activity in August. There were 3,502 MLS sales in the region last month—the lowest total for any August going back to 2013. Despite fewer sales, total inventory dipped between July and August, to 2,708 listings, with the 2% month-over-month decline being on

par with the typical 2% drop during these summer months.

This lessening of supply and the relatively larger drop in demand yielded increases in the months-of-inventory metric (MOI) again, to 7.4 in August, compared to 6.5 in July (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). Both condos and townhomes moved into balanced territory in August, with respective MOIs of 5.1 and 5.0, while detached homes actually moved into buyers’ market territory at 8.3. Switching gears to the labour market, almost all signs are pointing to it now responding as one would expect to what has been an unprecedented tightening of monetary policy by the Bank of Canada. With the exception of annual wage gains that remain north of 5%, virtually all other barometers of the health

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 September 19, 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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Elevated first floor unit features open concept living over 312 ft² with a 70 ft² large patio. An entertainers kitchen features white cabinets, stainless steel appliances and stone throughout. The main floor leads to a large fenced patio perfect for a garden and BBQ. Located on a flat landscape near Pandosy and the ever growing downtown core with a walk to all amenities: Beach, shopping, restaurants, schools and much more to come.

Rob Breckwoldt Personal Real Estate Corporation

604.459.7778 rbreckwoldt@rennie.com rennie.com/robbreckwoldt

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 September 19, 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

centralokanagan DETACHED|AUGUST2023

TOTAL LISTINGS ▲ 5% VS 202

MONTHS OF INVENTORY 8.3 BUYERS'MARKET'

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 4% VS 202

▲ 5% VS 202

▼ 6% VS 202

Therew ere1,373 detached listingsin theCentral O kanagan in August,1.3% lowerthan Julyand 5% above August2022. Augustdetached hom esalesdecreased by14% m onth-over-m onth,to165,and were6% below August 2022.

THISMONTH No. $1,119,070 $1,010,000 8.3 165 1,373

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere8.3m onthsofinventoryfordetached hom esin August,reflecting buyers'm arketconditions.

$1,141,715 $970,000 7.2 192 1,391

-2% 4% 15% -14% -1.3%

$1,080,477 $960,000 7.4 176 1,302

4% 5% 12% -6% 5.5%

Thedetachedm edian pricein Augustwas$1,010,000,a4% increasefrom Julyand 5% aboveAugust2022.

Theaveragesold pricein Augustwas$1,119,070for detached hom es,a2% decreasefrom lastm onth and 4% abovelastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

1,391

1,373

1,313

1,302

1,234

1,216

1,178

1,087

1,055

1,033

918

852 859

263

244

194

192

176 163 134 127

165

126

90 70

$1,010,000

$975,000 $949,500

$971,250

$960,000

$932,500

$900,000

Aug-2022 Jul-2023 Aug-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

500

15.5

400

300

9.7

8.9

200

5.5 5.5

4.0

3.8 3.4

100

3.1 3.5

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 4 4.0

2 11 5.5

4 22 5.5

11 34 3.1

25 88 3.5

30 114 3.8

34 116 3.4

25 243 9.7

27 239 8.9

33 511 15.5

M onthsofInv. Inventory Sales

Copyright© 2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpark,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.Curentasof Septem ber19,2023.Aldatafrom As ociationofInteriorRealtors& rennie.W hiletheinform ationanddatacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup of com paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceuponthe inform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandany propertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

centralokanagan TOWNHOME|AUGUST2023

TOTAL LISTINGS ▲ 8% VS 202

MONTHS OF INVENTORY 5.0 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

- VS 202

▲ 3% VS 202

▲ 21% VS 202

Therewere377townhom elistingsin theCentral O kanagan in August,1.9% lowerthan Julyand 8% above August2022. Augusttownhom esalesdecreased by6% m onth-over-m onth,to75,and were21% aboveAugust 2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere5.0m onthsofinventoryfortownhom esin August,reflecting balanced m arketconditions.

$728,199 $703,500 5.0 75 377

$742,204 $710,000 4.8 80 382

-1.9% -0.9% 5% -6% -1.3%

$735,063 $685,000 5.7 62 350

-0.9% 3% -11% 21% 8%

Thetownhom em edian pricein Augustwas$703,500,a 0.9% decreasefrom Julyand 3% aboveAugust2022.

Theaveragesold pricein Augustwas$728,199for townhom es,a1.9% decreasefrom lastm onth and 0.9% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

367

382

377

352

350

348

342

341

312

301

286

258 273

124

62 52

36 38 38

$720,000 $700,000 $709,750 $703,500

$685,000 $664,575 $642,500

Aug-2022 Jul-2023 Aug-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

9.3

7.5

6.7

5.4

4.4

3.0

2.7

1.5 1.7

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

2 3 1.5

11 19 1.7

11 30 2.7

14 61 4.4

14 75 5.4

12 80 6.7

4 30 7.5

9 27 3.0

3 28 9.3

M onthsofInv. Inventory Sales

●

centralokanagan CONDO |AUGUST2023

TOTAL LISTINGS ▲ 2% VS 202

MONTHS OF INVENTORY 5.1 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 28% VS 202

▼ 8% VS 202

▼ 21% VS 202

Therewere511 condolistingsin theCentralO kanagan in August,4% lowerthan Julyand 2% aboveAugust2022.

Augustcondosalesdecreased by19% m onth-over-m onth, to100,and were21% below August2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere5.1m onthsofinventoryforcondosin August, reflecting balanced m arketconditions.

100 511

124 531

-1.9% -4% 19% -19% -4%

126 499

-28% -8% 29% -21% 2%

$493,395 $447,950 5.1

$502,793 $467,500 4.3

$682,653 $488,500 4.0

Thecondom edian pricein Augustwas$447,950,a4% decreasefrom Julyand 8% below August2022.

Theaveragesold pricein Augustwas$493,395forcondos, a1.9% decreasefrom lastm onth and 28% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

497

511

496

503 531

499

487

468

479

462

446

428

373

143

141

130

134

126

124

100

101 94

47 52

$488,500 $470,000 $471,675

$433,750 $449,375 $465,000 $447,950

Aug-2022 Jul-2023 Aug-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

120

38.0

100

11.7

9.0

8.5

6.5

6.0

0 20

2.9 3.7 2.7 2.7

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 9 9.0

12 35 2.9

18 67 3.7

41 112 2.7

30 82 2.7

10 60 6.0

4 34 8.5

4 26 6.5

3 35 11.7

1 38 38.0

M onthsofInv. Inventory Sales

●

cityofkelowna DETACHED|AUGUST2023

TOTAL LISTINGS ▲ 4% VS 202

MONTHS OF INVENTORY 7.1 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 3% VS 202

▲ 7% VS 202

▲ 8% VS 202

Therewere778 detachedlistingsin theCityofKelownain August,3% lowerthan Julyand 4% aboveAugust2022.

Augustdetached hom esalesincreased by5% m onth-over-m onth,to109,and were8% aboveAugust 2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere7.1m onthsofinventoryfordetached hom esin August,reflecting balanced m arketconditions.

109 778

104 804

-2% 4% -8% 5% -3%

101 750

3% 7% -4% 8% 3.7%

$1,176,914 $1,032,354 7.1

$1,205,753 $995,000 7.7

$1,137,519 $968,000 7.4

Thedetachedm edian pricein Augustwas$1,032,354,a4% increasefrom Julyand 7% aboveAugust2022.

Theaveragesold pricein Augustwas$1,176,914for detached hom es,a2% decreasefrom lastm onth and 3% abovelastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

804

778

757

750

749

715

671

642

610

591

552

508 514

155

143

121

111

109

104

101 90 82 80

53 38

$1,075,000 $1,032,354

$1,042,500

$982,500 $990,000

$968,000

$880,000

Aug-2022 Jul-2023 Aug-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

300

14.0

250

11.5

200

9.8

150

100

3.5 3.9 3.5

2.8

0 50

2.0

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

3 6 2.0

4 14 3.5

9 35 3.9

17 59 3.5

19 54 2.8

16 156 9.8

14 161 11.5

22 309 14.0

M onthsofInv. Inventory Sales

●

cityofkelowna TOWNHOME|AUGUST2023

TOTAL LISTINGS ▲ 14% VS 202

MONTHS OF INVENTORY 4.6 SEL ERS'MARKET

▶ MARKETSUMMARY Therewere232townhom elistingsin theCityofKelowna in August,3% higherthan Julyand 14% aboveAugust 2022. Augusttownhom esalesdecreased by11% m onth-over-m onth,to50,and were28% aboveAugust 2022.

AVERAGEPRICE

MEDIAN PRICE

SALES

- VS 202

▲ 8% VS 202

▲ 28% VS 202

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.6m onthsofinventoryfortownhom esin August,reflecting selers'm arketconditions.

$720,220 $727,750 4.6 50 232

$724,739 $692,500 4.0 56 225

-0.6% 5.1% 15% -11% 3.1%

$691,151 $675,000 5.2 39 204

4% 8% -11% 28% 14%

Thetownhom em edian pricein Augustwas$727,750,a5% increasefrom Julyand 8% aboveAugust2022.

Theaveragesold pricein Augustwas$720,220for townhom es,a0.6% decreasefrom lastm onth and 4% above lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

225

232

200

204

202

200

192 186

164

155 151

146

63 56

39 39 41

31 32

22 25

$715,000 $698,150 $675,000 $727,750

$675,000 $640,000 $645,000

Aug-2022 Jul-2023 Aug-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

12.0

6.4 6.7

4.6

3.2

2.3

2.0 1.8

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 2 2.0

8 14 1.8

7 16 2.3

12 38 3.2

10 46 4.6

8 51 6.4

3 20 6.7

6 14 2.3

1 12 12.0

M onthsofInv. Inventory Sales

●

cityofkelowna CONDO |AUGUST2023

TOTAL LISTINGS ▼ 2% VS 202

MONTHS OF INVENTORY 4.5 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 5% VS 202

▼ 7% VS 202

▼ 11% VS 202

Therewere373condolistingsin theCityofKelownain August,2% lowerthan Julyand -2% below August2022.

Augustcondosalesdecreased by9% m onth-over-m onth,to 83,and were11% below August2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.5m onthsofinventoryforcondosin August, reflecting selers'm arketconditions.

$497,739 $446,900 4.5 83 373

$499,812 $455,000 4.2 91 381

-9% -2%

$523,729 $480,000 4.1 93 381

-5% -7% 10% -11% -2%

-0.4% -1.8% 7%

Thecondom edian pricein Augustwas$446,900,a2% decreasefrom Julyand 7% below August2022.

Theaveragesold pricein Augustwas$497,739forcondos, a0.4% decreasefrom lastm onth and 5% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

381

379

381

373

353

351

333

331

323 319

314

292

270

107

111

102 107

78 71

35 42

$480,000

$436,500 $475,000

$432,450 $454,500 $465,000 $446,900

Aug-2022 Jul-2023 Aug-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

28.0

14.0

9.0

7.0

6.0

5.5

3.8

2.1 2.7 2.2

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 7 7.0

10 21 2.1

15 41 2.7

31 69 2.2

16 60 3.8

8 48 6.0

3 27 9.0

4 22 5.5

2 28 14.0

1 28 28.0

M onthsofInv. Inventory Sales

●

downtown kelowna DETACHED|AUGUST2023

TOTAL LISTINGS ▼ 7% VS 202

MONTHS OF INVENTORY 8.4 BUYERS'MARKET'

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 10% VS 202

▲ 5% VS 202

▲ 27% VS 202

Therewere117detachedlistingsin D owntown Kelownain August,5% lowerthan Julyand 7% below August2022.

Augustdetached hom esalesincreased by100% m onth-over-m onth,to14,and were27% aboveAugust 2022.

THISMONTH No. $1,205,311 $1,028,677 8.4 14 117

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere8.4m onthsofinventoryfordetached hom esin August,reflecting buyers'm arketconditions.

$1,065,571 $929,000 17.6 7 123

-52% 100% -5%

$1,092,800 $980,000 11.5 11 126

10% 5% -27% 27% -7%

Thedetachedm edian pricein Augustwas$1,028,677,a 11% increasefrom Julyand 5% aboveAugust2022.

13% 11%

Theaveragesold pricein Augustwas$1,205,311for detached hom es,a13% increasefrom lastm onth and 10% abovelastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

126

123

117

118

117

112 113

102

75 79

11 12

7 4

$1,037,500 $1,028,677

$980,000

$906,000

$890,000

$880,000 $825,000

Aug-2022 Jul-2023 Aug-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

29.0

5.0

2.3

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

2 10 5.0

3 7 2.3

1 29 29.0

M onthsofInv. Inventory Sales

●

downtown kelowna TOWNHOME|AUGUST2023

TOTAL LISTINGS ▲ 70% VS 202

MONTHS OF INVENTORY 12.5 BUYERS'MARKET'

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

- VS 202

▲ 16% VS 202

▲ 0% VS 202

Therewere75townhom elistingsin D owntown Kelownain August,9% higherthan Julyand 70% aboveAugust2022.

Augusttownhom esalesdecreased by14% m onth-over-m onth,to6,and wereaboutthesam eas August2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere12.5m onthsofinventoryfortownhom esin August,reflecting buyers'm arketconditions.

$965,650 $880,000 12.5 6 75

$826,286 $825,000 9.9 7 69

17% 7% 27% -14% 9%

$812,833 $757,500 7.3 6 44

19% 16% 71% 0% 70%

Thetownhom em edian pricein Augustwas$880,000,a7% increasefrom Julyand 16% aboveAugust2022.

Theaveragesold pricein Augustwas$965,650for townhom es,a17% increasefrom lastm onth and 19% above lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

9 7

6 7 6

6 8 4 4 4

$975,000

$880,000

$757,500

$760,000 $799,950

$651,500 $665,000

Aug-2022 Jul-2023 Aug-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

22.0

10.0

2.5

1.5

1.0

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 1 1.0

2 5 2.5

1 22 22.0

1 10 10.0

2 3 1.5

M onthsofInv. Inventory Sales

●

downtown kelowna CONDO |AUGUST2023

TOTAL LISTINGS ▲ 30% VS 202

MONTHS OF INVENTORY 6.8 BALANCED MARKET

▶ MARKETSUMMARY Therewere211condolistingsin D owntown Kelownain August,aboutthesam easJulyand 30% aboveAugust 2022.

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 2% VS 202

▼ 14% VS 202

▼ 3% VS 202

Augustcondosalesincreased by19% m onth-over-m onth, to31,and were3% below August2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere6.8m onthsofinventoryforcondosin August, reflecting balanced m arketconditions.

$573,703 $485,000 6.8 31 211

$613,715 $545,000 8.1 26 211

-7% -11% -16% 19% 0%

$586,791 $563,150 5.1 32 162

-2% -14% 35% -3% 30%

Thecondom edian pricein Augustwas$485,000,a11% decreasefrom Julyand 14% below August2022.

Theaveragesold pricein Augustwas$573,703forcondos, a7% decreasefrom lastm onth and 2% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

211 211

180

167

171

166

162

153 158

155 155

148

122

46 43

32 33 22 23

26 31

13 13

$563,150

$541,500 $510,000

$491,500 $475,000 $480,000

$485,000

Aug-2022 Jul-2023 Aug-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

27.0

18.0

8.0

7.0

6.7 6.0

4.5 5.0 5.5 5.0

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 7 7.0

2 9 4.5

3 15 5.0

4 22 5.5

5 25 5.0

3 24 8.0

3 20 6.7

3 18 6.0

1 27 27.0

1 18 18.0

M onthsofInv. Inventory Sales

●

westkelowna DETACHED|AUGUST2023

TOTAL LISTINGS ▲ 4% VS 202

MONTHS OF INVENTORY 10.1 BUYERS'MARKET'

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 8% VS 202

▲ 7% VS 202

▼ 30% VS 202

Therewere304 detachedlistingsin W estKelownain August,aboutthesam easJulyand 4% aboveAugust2022.

Augustdetached hom esalesdecreased by52% m onth-over-m onth,to30,and were30% below August 2022.

THISMONTH No. $1,039,184 $940,000 10.1 30 304

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere10.1 m onthsofinventoryfordetached hom es in A ugust,reflecting buyers'm arketconditions.

$1,086,395 $905,000 4.9 62 304

107% -52% 0%

$960,747 $878,000 6.8 43 292

8% 7% 49% -30% 4%

Thedetachedm edian pricein Augustwas$940,000,a4% increasefrom Julyand 7% aboveAugust2022.

-4% 4%

Theaveragesold pricein Augustwas$1,039,184for detached hom es,a4% decreasefrom lastm onth and 8% abovelastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

292

284

297

304 304

270

261

253

230

226

187

178

172

43 37 33 34

24 22 30

$945,000

$940,000

$931,250 $896,000

$878,000

$865,500

$810,000

Aug-2022 Jul-2023 Aug-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

100

11.9

10.4

6.1

3.3

2.6

1.8 1.9

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

5 9 1.8

15 28 1.9

10 26 2.6

11 36 3.3

5 52 10.4

8 49 6.1

8 95 11.9

M onthsofInv. Inventory Sales

●

westkelowna TOWNHOME|AUGUST2023

TOTAL LISTINGS ▼ 1% VS 202

MONTHS OF INVENTORY 5.0 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

- VS 202

▼ 12.0% VS 202

▼ 6% VS 202

Therewere75townhom elistingsin W estKelownain August,4% higherthan Julyand 1.3% below August2022.

Augusttownhom esalesincreased by7% m onth-over-m onth,to15,and were6% below August 2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere5.0m onthsofinventoryfortownhom esin August,reflecting balanced m arketconditions.

15 75

14 72

7% 4%

16 76

-21% -12% 5% -6% -1.3%

$652,667 $595,000 5.0

$813,893 $784,000 5.1

-20% -24% -3%

$823,738 $676,000 4.8

Thetownhom em edian pricein Augustwas$595,000,a 24% decreasefrom Julyand 12% below August2022.

Theaveragesold pricein Augustwas$652,667for townhom es,a20% decreasefrom lastm onth and 21% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

60 61

10 12

6 5 5

$757,000 $787,500

$676,000 $680,000 $700,000 $655,000

$595,000

Aug-2022 Jul-2023 Aug-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

10.0

7.0

6.0

4.3

2.5

1.3 1.0

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

2 5 2.5

2 12 6.0

2 14 7.0

1 10 10.0

3 13 4.3

3 4 1.3

1 1 1.0

M onthsofInv. Inventory Sales

●

westkelowna CONDO |AUGUST2023

TOTAL LISTINGS ▲ 54% VS 202

MONTHS OF INVENTORY 7.9 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 22% VS 202

▼ 12% VS 202

▼ 47% VS 202

Therewere71condolistingsin W estKelownain August, 4% higherthan Julyand 54% aboveAugust2022.

Augustcondosalesdecreased by55% m onth-over-m onth, to9,and were47% below August2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere7.9m onthsofinventoryforcondosin August, reflecting balanced m arketconditions.

$426,599 $430,000 7.9 9 71

20 68

-15% -12% 132% -55% 4%

17 46

-22% -12% 191% -47% 54%

$504,520 $490,000 3.4

$545,224 $490,000 2.7

Thecondom edian pricein Augustwas$430,000,a12% decreasefrom Julyand 12% below August2022.

Theaveragesold pricein Augustwas$426,599forcondos, a15% decreasefrom lastm onth and 22% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

20 20

12 10

10 11

4 6

$490,000 $505,250

$448,000 $430,000

$397,500 $428,750 $415,000

Aug-2022 Jul-2023 Aug-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

6.5

6.0

3.6

3.0

2.0

1.4

0 5

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 6 6.0

2 13 6.5

8 29 3.6

7 10 1.4

1 3 3.0

1 2 2.0

M onthsofInv. Inventory Sales

●

kelownam arket AREAS*

● DOWNTOWN KELOWNA ● + ● CITYOFKELOWNA ● WESTKELOWNA

* CityofKelownaand CityofW estKelowna,astheyappearon thism ap,arebased on m unicipalboundaries.

Copyright© 2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpark,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.Curentasof Septem ber19,2023.Aldatafrom As ociationofInteriorRealtors& rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupof com paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceuponthe inform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandany propertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

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13 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 September 19, 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. 18

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