the Kelowna rennie review | August 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. Our thoughts are with those affected by the recent wildfires that impacted Kelowna, West Kelowna, and surrounding communities.

02 INTRO

03 WHAT YOU NEED TO KNOW

04 FEATURED LISTINGS

05 CENTRAL OKANAGAN

08 CITY OF KELOWNA

11 DOWNTOWN KELOWNA

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

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

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 Aug 18, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

A conditions prediction comes to fruition The Central Okanagan’s housing market tipped back into balanced territory in July as rising interest rates keep buyers on the sidelines. Slowing sales has allowed inventory to inch closer to typical levels.

Given that sales counts decreased further in July while listings further swelled, it shouldn’t come as much of a surprise that the region moved squarely back into balanced-market territory, with 6.5 months of inventory (or MOI) available 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). We should note that on a home-type basis, the detached segment was the only balanced product type in July (with an MOI of 7.2), as condos and townhomes remained in sellers’ market territory (for the time being) with MOIs of 4.3 and 4.8, respectively. With the cost of borrowing increasing again in July and market conditions tilting away from sellers, the median sold price in the Central Okanagan declined 2% from June. That said, price changes reflected market conditions when considered on a home-type basis, with the median sold price of detached homes down 2% versus June (to $970,000), while condo prices were up 0.9% (to $467,500) and townhomes were 0.04% higher (to $710,000). As we move through the balance of summer and into fall, expect the current macroeconomic environment (namely interest rates, inflation, and the labour market) to continue to weigh on housing market activity in the near term, and for sales counts to remain below that of their typical seasonal levels.

last July’s historically suppressed total, it’s still 24% below the past 10- year average. Further, sales declined by 19% from June to July, right as the most recent interest rate increase was announced; typically, the seasonal pattern is a 4% decrease in sales counts between these two months. With fewer sales occurring last month, inventory was again able to expand. In fact, total listings rose by 7% in July to 2,766—notably, this is in contrast to what is a normally-stagnating supply of homes in the summer, with the typical June-to-July pattern being no change in active listings. Inventory remained below the past-decade average in July, but by just 4%, as the margin has been shrinking of late.

We noted in this space last month that the sellers’ market in Kelowna, which only began in May, was likely to be short-lived. Indeed, that prediction came to fruition in July, with market conditions in the Central Okanagan housing market tipping back into balanced territory. After consecutive interest rate increases from the Bank of Canada in June and July and inflation hovering just outside the Bank’s target range, macroeconomic factors are having an outsized influence on local housing markets and keeping more and more would-be buyers on the sidelines. Digging into the numbers, there were 423 MLS transactions in the Central Okanagan region in July. And while this may have been 39% higher than

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 Aug 18, 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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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 Aug 18, 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 |JULY2023

TOTAL LISTINGS ▲ 4% VS 202

MONTHS OF INVENTORY 7.2 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 6% VS 202

▼ 8% VS 202

▲ 44% VS 202

Therew ere1,391 detached listingsin theCentral O kanagan in July,6% higherthan Juneand 4% aboveJuly 2022.

July detached hom esalesdecreased by 21% m onth-over-m onth,to192,and were44% aboveJuly2022.

THISMONTH No. $1,141,715 $970,000 7.2 192 1,391

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere7.2m onthsofinventoryfordetached hom esin July,reflecting balanced m arketconditions.

$1,173,393 $971,250 5.4 244 1,313

-3% -0.1% 35% -21% 6%

$1,210,312 $1,050,000 10.0 133 1,334

-6% -8% -28% 44% 4%

Thedetachedm edian pricein Julywas$970,000,a0.1% decreasefrom Juneand 8% below July2022.

Theaveragesold pricein Julywas$1,141,715 fordetached hom es,a3% decreasefrom lastm onth and 6% below last year. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

1,334

1,391

1,313

1,302

1,234

1,216

1,178

1,087

1,055

1,033

918

852 859

263 244

194

192

126

133 176 163 134 127

90 70

$1,050,000

$1,045,000

$974,000

$972,500

$970,000

$925,000

$884,000

Jul-2022 Jun-2023 Jul-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 August18,2023.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.

●

centralokanagan TOWNHOME|JULY2023

TOTAL LISTINGS ▲ 12% VS 202

MONTHS OF INVENTORY 4.8 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

- VS 202

▲ 3% VS 202

▲ 38% VS 202

Therewere383townhom elistingsin theCentral Okanagan in July,10% higherthan Juneand 12% aboveJuly 2022.

Julytownhom esalesdecreased by9% m onth-over-m onth, to80,and were38% aboveJuly2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.8m onthsofinventoryfortownhom esin July, reflecting selers'm arketconditions.

$742,204 $710,000 4.8 80 383

$740,178 $709,750 4.0 88 348

0.3% 0% 21% -9% 10%

$699,844 $692,500 5.9 58 342

6% 3% -19% 38% 12%

Thetownhom em edian pricein Julywas$710,000,about thesam easJuneand 3% aboveJuly2022.

Theaveragesold pricein Julywas$742,204for townhom es,0.3% increasefrom lastm onth and 6% above lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

367

383

352

350

348

342

341

312

301

286

258 273

124

58 62 52

36 38 38

$736,750 $706,000

$710,000

$692,500 $675,000

$652,500 $705,000

Jul-2022 Jun-2023 Jul-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 |JULY2023

TOTAL LISTINGS ▲ 14% VS 202

MONTHS OF INVENTORY 4.3 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 3% VS 202

▲ 1.7% VS 202

▲ 46% VS 202

Therewere530 condolistingsin theCentralO kanagan in July,5% higherthan Juneand 14% aboveJuly2022.

Julycondosalesdecreased by13% m onth-over-m onth,to 124,and were46% aboveJuly2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.3m onthsofinventoryforcondosin July, reflecting selers'm arketconditions.

124 530

142 503

2% 0.9% 21% -13% 5%

$517,384 $459,600 5.5 85 463

-3% 2% -22% 46% 14%

$502,793 $467,500 4.3

$492,425 $463,500 3.5

Thecondom edian pricein Julywas$467,500,a0.9% increasefrom Juneand 1.7% aboveJuly2022.

Theaveragesold pricein Julywas$502,793 forcondos,a 2% increasefrom lastm onth and 3% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

497

530

496

503

499

487

479

468

463

462

446

428

373

130

134 143 142

126

124

101 94

47 52

$459,600 $471,500

$451,500 $460,000 $462,500 $467,500

$407,500

Jul-2022 Jun-2023 Jul-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 |JULY2023

TOTAL LISTINGS ▲ 4% VS 202

MONTHS OF INVENTORY 7.7 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 0.4% VS 202

▼ 10% VS 202

▲ 35% VS 202

Therewere804 detachedlistingsin theCityofKelownain July,6% higherthan Juneand 4% aboveJuly2022.

July detached hom esalesdecreased by 27% m onth-over-m onth,to104,and were35% aboveJuly2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere7.7m onthsofinventoryfordetached hom esin July,reflecting balanced m arketconditions.

104 804

143 757

0.4% -7% 46% -27% 6.2%

$1,210,584 $1,100,000 10.0 77 772

-0.4% -10% -23% 35% 4%

$1,205,753 $995,000 7.7

$1,200,373 $1,075,000 5.3

Thedetachedm edian pricein Julywas$995,000,a7% decreasefrom Juneand 10% below July2022.

Theaveragesold pricein Julywas$1,205,753 fordetached hom es,a0.4% increasefrom lastm onth and 0.4% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

772

804

757

750

749

715

671

642

610

591

552

508 514

155

143

121

111

104

77 101 90 82 80

53 38

$1,100,000 $1,050,450

$1,090,000 $1,065,000

$1,005,000

$995,000

$884,000

Jul-2022 Jun-2023 Jul-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|JULY2023

TOTAL LISTINGS ▲ 15% VS 202

MONTHS OF INVENTORY 4.0 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

- VS 202

0% VS 202

▲ 33% VS 202

Therewere226townhom elistingsin theCityofKelowna in July,12% higherthan Juneand 15% aboveJuly2022.

Julytownhom esalesdecreased by11% m onth-over-m onth, to56,and were33% aboveJuly2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.0m onthsofinventoryfortownhom esin July, reflecting selers'm arketconditions.

$724,739 $692,500 4.0 56 226

$725,808 $675,000 3.2 63 202

-0.1% 3% 26% -11% 12%

$701,430 $692,500 4.7 42 197

3% 0% -14% 33% 15%

Thetownhom em edian pricein Julywas$692,500,a3% increasefrom Juneand 0% aboutthesam easJuly2022.

Theaveragesold pricein Julywas$724,739for townhom es,0.1% decreasefrom lastm onth and 3% above lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

226

200

204

202

200

197

192 186

164

155

151 146

42 39 39 41

31 32

22 25

$717,500 $692,500

$692,500 $700,000 $736,750 $715,000

$645,000

Jul-2022 Jun-2023 Jul-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 |JULY2023

TOTAL LISTINGS ▲ 7% VS 202

MONTHS OF INVENTORY 4.2 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 4% VS 202

▲ 1.4% VS 202

▲ 44% VS 202

Therewere380condolistingsin theCityofKelownain July,8% higherthan Juneand 7% aboveJuly2022.

Julycondosalesdecreased by18% m onth-over-m onth,to 91,and were44% aboveJuly2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.2m onthsofinventoryforcondosin July, reflecting selers'm arketconditions.

$499,812 $455,000 4.2 91 380

111 353

2% -2% 31% -18% 8%

$519,655 $448,900 5.7 63 356

-4% 1.4% -26% 44% 7%

$490,000 $465,000 3.2

Thecondom edian pricein Julywas$455,000,a2% decreasefrom Juneand 1.4% aboveJuly2022.

Theaveragesold pricein Julywas$499,812 forcondos,a 2% increasefrom lastm onth and 4% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

381

379

380

356

353

351

333

331

323 319

314

292

270

107

102 107 111

78 71

35 42

$448,900 $471,500

$437,500 $460,000 $475,000 $455,000

$385,750

Jul-2022 Jun-2023 Jul-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 |JULY2023

TOTAL LISTINGS ▼ 18% VS 202

MONTHS OF INVENTORY 17.6 BUYERS'MARKET'

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 9% VS 202

▼ 20% VS 202

▲ 17% VS 202

Therewere123detachedlistingsin D owntown Kelownain July,9% higherthan Juneand 18% below July2022.

July detached hom esalesdecreased by 71% m onth-over-m onth,to7,and were17% aboveJuly2022.

THISMONTH No. $1,065,571 $929,000 17.6 7 123

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere17.6 m onthsofinventoryfordetached hom es in July,reflecting buyers'm arketconditions.

$1,278,188 $1,037,500 4.7 24 113

-17% -10% 273% -71% 9%

$1,171,667 $1,157,500 25.0 6 150

-9% -20% -30% 17% -18%

Thedetachedm edian pricein Julywas$929,000,a10% decreasefrom Juneand 20% below July2022.

Theaveragesold pricein Julywas$1,065,571 fordetached hom es,a17% decreasefrom lastm onth and 9% below last year. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

150

126

123

117

118

112 113

102

75 79

16 13

11 14

7 4

6 11 12

$1,170,000

$1,157,500 $1,107,500

$1,050,000

$980,000

$945,000

$929,000

Jul-2022 Jun-2023 Jul-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|JULY2023

TOTAL LISTINGS ▲ 71% VS 202

MONTHS OF INVENTORY 10.0 BUYERS'MARKET'

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

- VS 202

▲ 17% VS 202

▼ 13% VS 202

Therewere70townhom elistingsin D owntown Kelownain July,32% higherthan Juneand 71% aboveJuly2022.

Julytownhom esalesincreased by17% m onth-over-m onth, to7,and were13% below July2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere10.0m onthsofinventoryfortownhom esin July,reflecting buyers'm arketconditions.

$826,286 $825,000 10.0 7 70

$856,150 $799,950 8.8 6 53

-3% 3% 13% 17% 32%

$773,600 $707,450 5.1 8 41

7% 17% 95% -13% 71%

Thetownhom em edian pricein Julywas$825,000,a3% increasefrom Juneand 17% aboveJuly2022.

Theaveragesold pricein Julywas$826,286for townhom es,a3% decreasefrom lastm onth and 7% above lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

9 7

6 8

4 4 4

$830,000

$825,000

$707,450 $671,000

$700,000 $735,000 $757,450

Jul-2022 Jun-2023 Jul-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 |JULY2023

TOTAL LISTINGS ▲ 41% VS 202

MONTHS OF INVENTORY 8.1 BUYERS'MARKET'

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 4% VS 202

▲ 16% VS 202

▲ 4% VS 202

Therewere210condolistingsin D owntown Kelownain July,17% higherthan Juneand 41% aboveJuly2022.

Julycondosalesdecreased by40% m onth-over-m onth,to 26,and were4% aboveJuly2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere8.1m onthsofinventoryforcondosin July, reflecting buyers'm arketconditions.

$613,715 $545,000 8.1 26 210

$520,169 $510,000 4.2 43 180

18% 7% 93% -40% 17%

$587,712 $470,000 6.0 25 149

4% 16% 36% 4% 41%

Thecondom edian pricein Julywas$545,000,a7% increasefrom Juneand 16% aboveJuly2022.

Theaveragesold pricein Julywas$613,715 forcondos,a 18% increasefrom lastm onth and 4% abovelastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

210

180

167

171

166

162

153 158

155 155

148

149

122

46 43

25 32 33 22 23

13 13

$527,500 $545,000

$480,000 $509,000

$470,000 $499,999

$398,800

Jul-2022 Jun-2023 Jul-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 |JULY2023

TOTAL LISTINGS ▲ 1.0% VS 202

MONTHS OF INVENTORY 4.9 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 9% VS 202

▲ 0.6% VS 202

▲ 77% VS 202

Therewere304 detachedlistingsin W estKelownain July, 2% higherthan Juneand 1.0% aboveJuly2022.

July detached hom esalesdecreased by 1.6% m onth-over-m onth,to62,and were77% aboveJuly2022.

THISMONTH No. $1,086,395 $905,000 4.9 62 304

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.9m onthsofinventoryfordetached hom esin July,reflecting selers'm arketconditions.

$1,120,036 $945,000 4.7 63 297

-3% -4% 4% -1.6% 2%

$998,257 $900,000 8.6 35 301

9% 0.6% -43% 77% 1.0%

Thedetachedm edian pricein Julywas$905,000,a4% decreasefrom Juneand 0.6% aboveJuly2022.

Theaveragesold pricein Julywas$1,086,395 fordetached hom es,a3% decreasefrom lastm onth and 9% abovelast year. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

292

301

284

297

304

270

261

253

230

226

187

178

172

35 43 37 33 34

24 22 30

$1,007,000

$905,000

$900,000

$841,500

$832,500

$799,450 $859,000

Jul-2022 Jun-2023 Jul-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|JULY2023

TOTAL LISTINGS ▼ 15% VS 202

MONTHS OF INVENTORY 5.1 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

- VS 202

▼ 1.4% VS 202

▲ 100% VS 202

Therewere72townhom elistingsin W estKelownain July, 3% higherthan Juneand 15% below July2022.

Julytownhom esalesdecreased by13% m onth-over-m onth, to14,and were100% aboveJuly2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere5.1m onthsofinventoryfortownhom esin July, reflecting balanced m arketconditions.

14 72

16 70

-0.7% -0.4% 17% -13% 3%

$783,843 $795,000 12.1 7 85

4% -1.4% -58% 100% -15%

$813,893 $784,000 5.1

$819,681 $787,500 4.4

Thetownhom em edian pricein Julywas$784,000,a0.4% decreasefrom Juneand 1.4% below July2022.

Theaveragesold pricein Julywas$813,893for townhom es,a0.7% decreasefrom lastm onth and 4% above lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

70 72

60 61

10 12

6 5 5

$795,000

$784,000

$737,500

$675,000

$670,000 $685,000

$560,000

Jul-2022 Jun-2023 Jul-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 |JULY2023

TOTAL LISTINGS ▲ 36% VS 202

MONTHS OF INVENTORY 3.4 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 6% VS 202

▲ 1.0% VS 202

▲ 33% VS 202

Therewere68 condolistingsin W estKelownain July,4% lowerthan Juneand 36% aboveJuly2022.

Julycondosaleswereaboutthesam e 0% m onth-over-m onth, to20,and were33% aboveJuly2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere3.4m onthsofinventoryforcondosin July, reflecting selers'm arketconditions.

20 68

20 71

11% 9% -4% 0% -4%

15 50

-6% 1.0% 2% 33% 36%

$504,520 $490,000 3.4

$453,070 $448,000 3.6

$536,960 $485,000 3.3

Thecondom edian pricein Julywas$490,000,a9% increasefrom Juneand 1.0% aboveJuly2022.

Theaveragesold pricein Julywas$504,520 forcondos,a 11% increasefrom lastm onth and 6% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

20 20

15 17

12 10

10 11

4 6

$485,000 $485,000 $466,875 $500,000 $477,500 $460,000 $490,000

Jul-2022 Jun-2023 Jul-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 August18,2023.Aldatafrom As ociationofInteriorRealtors& rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtained from sourcesde m edreliable,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.

●

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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 Aug 18, 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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