the kelowna rennie advance | June 2024

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

published June 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

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

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

Copyright © June 3, 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 June 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therewere376 M LS salesin theCentralO kanagan in M ay,aslight0.5% decrease m onth-over-m onth from 378 salesin A pril.H istoricaly,saleshaveincreased 8% A pril-to-M ay signaling furtherrestrainton activityin theregion.Condo saleswereup 8% from April(to 118 sales),whiledetached hom eand townhom esaleswereboth down 4% (to187 and 71,respectively). • Relativeto theprior10-yearM ayaverage,salesweredown 30% (from an averageof540).Bar ing 2020,thiswastheslowestM aysince2012(375sales).D etached hom esalesled thewayat39% below average,folowed bytownhom esalesat20% lower,and condosalesat19% lower. • RelativetoM ay2023,salesweredown 22%.Alhom etypesdeclined:detached hom esby28%, townhom esby20%,and condosby13%.

CENTRALOKANAGAN THERENNIEADVANCE sales

MAY 2024

500

- 28% vsM ay2023

400

300

306 10 yrM ayAvg

200

187

DETACHED sales

100

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

- 39% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

- 20% vsM ay2023

200

150

89 10 yrM ayAvg

100

TOWNHOME sales

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

- 20% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

- 13% vsM ay2023

300

250

200

145 10 yrM ayAvg

150

100

118

CONDO sales

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

- 19% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

Copyright© June3,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJune3,2024.Aldatafrom As ociationofInterior REALTORS® & Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

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highlights • Therewere1,131 new M LS listingsin M ay,an increaseof11% m onth-over-m onth,which was slightlybelow thehistoricalApril-to-M ayincreaseof13%.N ew listingswereup them ostfor condos(up 19% to308),folowed bytownhom es(up 17% to185)and detached hom es(up 6% to 638). • Thisalsom arked them ostnew listingsforthem onth ofM aysince2008(when therewere1,188 listings)and cam ein 17% abovetheprior10-yearM ayaverage.Condo listingswerethefurthest aboveaverage(33%),folowed bytownhom es(23%)and detached hom es(9%). • N ew listingswerealsoup year-over-yearforal hom etypes:townhom esby32%,condosby23%, and detached hom esby8%.

CENTRALOKANAGAN THERENNIEADVANCE new listings

MAY 2024

800

+ 8% vsM ay2023

700

600

638

500

400

586 10 yrM ayAvg

300

200

DETACHED new listings

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

+ 9% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

+ 32% vsM ay2023

300

250

200

185

151 10 yrM ayAvg

150

100

TOWNHOME new listings

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

+ 23% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

+ 23% vsM ay2023

300

308

250

200

232 10 yrM ayAvg

150

100

CONDO new listings

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

+ 33% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

●

highlights • W ith therisein new listingsoutpacing salesin M ay,inventorycontinued to build to 2,853 at m onth-end.Thiswasup 8% m onth-over-m onth (from 2,641 listings),49% year-over-year(from 1,820 listings),and was37% higherthan theprior10-yearM ayaverage(2,087 listings).Thiswas also thehighestinventorylevelin asinglem onth goingback to June2014 (2,874 listings). • Condo inventorywasthefurthestabovethelong-run averageat44% (to 749 activelistings), folowed bydetached hom esat35% (to1,686)and townhom esat34% (to418). • M onthsofinventory(M O I)foral hom etypesrem ained in balanced m arketter itory,increasing to7.6 from 7.0 in April.D etached hom esrem ained in abuyers’m arketatan M O Iof9.0 (from 7.9 lastm onth),condosrem ained in balanceat6.3 (from 6.5),and townhom eswerein balanceat5.9 (from 5.3).

CENTRALOKANAGAN THERENNIEADVANCE inventory

MAY 2024

+ 46% vsM ay2023

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

1,686

1,253 10 yrM ayAvg

250 500 750

DETACHED inventory

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

+ 35% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

600

+ 49% vsM ay2023

500

400

418

300

313 10 yrM ayAvg

200

TOWNHOME inventory

100

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

+ 34% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

800

+ 54% vsM ay2023

700

749

600

500

400

520 10 yrM ayAvg

300

200

CONDO inventory

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

+ 44% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

●

highlights • O n am onth-over-m onth basis,m edian sold pricesin theCentralO kanagan (averaged acros hom e types)rose0.1%.Them edian sold pricefortownhom eswasup 4% (to$700K),folowed bya2% increase(to$1.01 m ilion)fordetached hom es.In contrast,them edian sold priceforcondoswas down 6% (to$449K)m onth-over-m onth. • O n ayear-over-yearbasis,m edian sold pricesw eredow n 1.1% (averaged acros hom etypes), driven by a5% decreasein m edian condo prices.D etached hom esw erealso dow n year-over-year (by1.5%),whiletownhom epricesbucked thetrend with a3% increase. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

MAY 2024

$1,200,000

Central Okanagan

$1,000,000

$1,010,000

$800,000

$600,000

- 1% vsM ay2023

$400,000

DETACHED median salesprice

$200,000

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

● May

$1,000,000

Central Okanagan

$800,000

$700,000

$600,000

$400,000

+ 3% vsM ay2023

TOWNHOME median salesprice

$200,000

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

● May

$600,000

Central Okanagan

$500,000

$449,000

$400,000

$300,000

- 5% vsM ay2023

$200,000

CONDO median salesprice

$100,000

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

● May

●

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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