the kelowna rennie advance | October 2024

the kelowna rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE CENTRAL OKANAGAN

published October 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in the Central Okanagan. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

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

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

rmelzer@rennie.com

Copyright © 2024 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 3, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

highlights • Therewere240 M LS salesin theCentralO kanagan in Septem ber,a21% decline m onth-over-m onth thatwasfargreaterthan thetypical7% August-to-Septem berdecline.This wasthefewestsalessinceFebruary(219)and thefewestforthem onth ofSeptem bersince2012 (227). • Saleswere44% below theprior10-yearSeptem beraverage(of431)with detached salesthe furthestbelow average(-49%,to122),folowed bytownhom es(-41%,to40)and condos(-36%,to 76). • Salesactivityin theCentralO kanagan continued tobethem ostsubdued am ongBC’sm ajor m arkets.Septem bersalesin theVancouverRegion and G reaterVictoriawere29% and 14% below theirprior10-yearaverages,respectively.

CENTRALOKANAGAN THERENNIEADVANCE sales

SEPTEMBER 2024

500

- 6% vsSep 2023

400

300

241 10 yrSep Avg

200

DETACHED sales

100

122

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 49% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

+ 14% vsSep 2023

200

150

68 10 yrSep Avg

100

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 41% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

- vsSep 2023

300

250

200

119 10 yrSep Avg

150

100

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 36% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofOctober3,2024.Aldatafrom As ociationofInteriorREALTORS® & Ren ie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipient m ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieandas ociatesadvisor.Alinform ationissubjectto changeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • N ew M LS listingswereflatrelativetothepriorm onth at800.Thiswasasharp contrasttoother m ajorm arketsastheVancouverRegion saw a41% m onth-over-m onth increasein new listings and therew asa40% increasein G reaterV ictoria. • Stil,new listingsactivity rem ained elevated from ahistoricalperspectiveat9% abovetheprior 10-yearSeptem beraverage(of734).N ew townhom elistingswerethefurthestaboveaverage (+22%,to140),folowed bydetached hom es(+11%,to479).N ew condolistingswereslightly below average(-3%,to 180). • N ew listingsweredown 11% year-over-yearled bycondos(-17%)and folowed bydetached hom es (-8%)and townhom es(-7%).

CENTRALOKANAGAN THERENNIEADVANCE new listings

SEPTEMBER 2024

800

- 8% vsSep 2023

700

600

500

479

400

430 10 yrSep Avg

300

200

DETACHED new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

+ 11% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

- 7% vsSep 2023

300

250

200

115 10 yrSep Avg

150

140

100

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 22% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

- 17% vsSep 2023

300

250

200

185 10 yrSep Avg

180

150

100

CONDO new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 3% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

highlights • ActiveM LS listingsdeclined forthethird consecutivem onth and,at2,987,havefalen 5% from theirpeak in June(of3,134 listings).PriortoJune,inventoryhasnotbeen thishigh sinceAugust 2013 (3,185 listings). • Totalinventorywas43% aboveitsprior10-yearSeptem beraverage(of2,092).Townhom e inventorywasup them ost(+48%,to449),folowed bydetached hom es(+46%,to1,829)and condos(+36%,to689). • Al hom esegm entswerebuyers’m arketsin Septem berwith 12.4 m onthsofinventory(M O I) acros theregion (up from 9.9 lastm onth).Thedetached hom esegm enthad an M O Iof15.0 (up from 10.9),folowed bytownhom esat11.2(up from 8.3)and condosat9.1(up from 8.7).

CENTRALOKANAGAN THERENNIEADVANCE inventory

SEPTEMBER 2024

+ 30% vsSep 2023

1,000 1,250 1,500 1,750 2,000

1,829

1,255 10 yrSep Avg

250 500 750

DETACHED inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 46% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

600

+ 27% vsSep 2023

500

400

449

300

303 10 yrSep Avg

200

TOWNHOME inventory

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 48% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

800

+ 26% vsSep 2023

700

689

600

500

400

507 10 yrSep Avg

300

200

CONDO inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

+ 36% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

highlights • O n am onth-over-m onth basis,m edian sold pricesin theCentralO kanagan (averaged acros hom e types)wereup 0.5%.Them edian sold pricefordetached hom eswasup them ostat5% (to$975k) folowed bya4% increaseforcondos(to$449k).M edian townhom epricesdeclined 8% (to $645k). • O n ayear-over-yearbasis,m edian sold pricesw ereup 0.5% (averaged acros hom etypes).M edian detached priceswereup 5%,whilem edian condoand townhom epricesweredown 2% and 1.7% year-over-year,respectively. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

SEPTEMBER 2024

$1,200,000

Central Okanagan

$1,000,000

$975,000

$800,000

$600,000

+ 5% vsSep 2023

$400,000

DETACHED median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● Septem ber

$1,000,000

Central Okanagan

$800,000

$600,000

$645,000

$400,000

- 1.7% vsSep 2023

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● Septem ber

$600,000

Central Okanagan

$500,000

$449,200

$400,000

$300,000

- 2% vsSep 2023

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● Septem ber

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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