the kelowna rennie advance | September 2024

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

published September 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 September 4, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therewere290 M LS salesin theCentralO kanagan in August,a20% declinem onth-over-m onth thatwasnearlythreetim esgreaterthan thetypicalJuly-to-Augustdeclineof7% .Thiswasthe fewestsalessinceFebruary(219)and thefewestforthem onth ofAugustsince2011(261). • Saleswere38% below theprior10-yearAugustaverage(of464)with al hom etypesseeing activitydown bysim ilarlevels:condos(-38% to 83),townhom es(-38% to 47),and detached hom es(-36% to160). • Salesactivityin theCentralO kanagan continued tobethem ostsubdued am ongBC’sm ajor m arkets.Augustsalesin theVancouverRegion and G reaterVictoriawere28% and 25% below theirprior10-yearaverages,respectively.

CENTRALOKANAGAN THERENNIEADVANCE sales

AUGUST2024

500

- 4% vsAug2023

400

300

252 10 yrAugAvg

200

DETACHED sales

160

100

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

- 36% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

- 18% vsAug2023

200

150

75 10 yrAugAvg

100

TOWNHOME sales

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

- 38% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

- 12% vsAug2023

300

250

200

135 10 yrAugAvg

150

100

CONDO sales

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

- 38% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofSeptem ber4,2024.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 listingsdeclined forthethird consecutivem onth,down 16% m onth-over-m onth to 796.Thiswasm orethan thetypicalJuly-to-Augustdecreaseof9%. • Stil,new listingsactivity rem ained elevated from ahistoricalperspectiveat7% abovetheprior 10-yearAugustaverage(of747).Al hom etypessaw aboveaveragenew listingsactivity:condos (+15% to208),townhom es(+10% to127),and detached hom es(+3% to459). • N ew listingswereup 9% year-over-year.Condolistingswereup them ost(+18%)folowed by detached hom es(+10%)and townhom es(+9%).

CENTRALOKANAGAN THERENNIEADVANCE new listings

AUGUST2024

800

+ 10% vsAug2023

700

600

500

400

459

444 10 yrAugAvg

300

200

DETACHED new listings

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

+ 3% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

+ 9% vsAug2023

300

250

200

116 10 yrAugAvg

150

100

127

TOWNHOME new listings

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

+ 10% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

+ 18% vsAug2023

300

250

200

208

181 10 yrAugAvg

150

100

CONDO new listings

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

+ 15% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

highlights • ActiveM LS listingsof3,015 rem ained abovethe3,000-m ark threshold forthethird consecutive m onth and thiswasthem ostinventoryforthem onth ofAugustsince2013(3,185).Thatsaid, inventorywasdown forthesecond consecutivem onth and hasslipped 4% from itspeak of3,136 in June. • Totalinventorywas39% aboveitsprior10-yearAugustaverage(of2,162).Al hom etypeswere up bysim ilarlevels:townhom es(+44% to441),condos(+41% to741),and detached hom es(+39% to1,807). • Al hom esegm entswerebuyers’m arketsin Augustwith 10.4 m onthsofinventory(M O I)acros theregion (up from 8.5lastm onth).Thedetached hom esegm enthad an M OIof11.3(up from 9.7),folowed bytownhom esat9.4(up from 7.7)and condosat8.9(up from 6.7).

CENTRALOKANAGAN THERENNIEADVANCE inventory

AUGUST2024

+ 37% vsAug2023

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

1,807

1,303 10 yrAugAvg

250 500 750

DETACHED inventory

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

+ 39% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

600

+ 37% vsAug2023

500

400

441

300

306 10 yrAugAvg

200

TOWNHOME inventory

100

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

+ 44% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

800

+ 46% vsAug2023

700

741

600

500

400

524 10 yrAugAvg

300

200

CONDO inventory

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

+ 41% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

highlights • O n am onth-over-m onth basis,m edian sold pricesin theCentralO kanagan (averaged acros hom e types)fel 2.8%.Them edian sold priceforcondoswasdown them ostat4% (to$430k),folowed bya2% decrease(to$929k)fordetached hom esand a1.9% decrease(to$705k)fortownhom es. • O n ayear-over-yearbasis,m edian sold pricesw eredow n 1.2% (averaged acros hom etypes). M edian condopricesand m edian detached priceswereboth down 4%,whilem edian townhom e pricesw ereup 5% year-over-year. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

AUGUST2024

$1,200,000

Central Okanagan

$1,000,000

$929,000

$800,000

$600,000

- 4% vsAug2023

$400,000

DETACHED median salesprice

$200,000

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

● August

$1,000,000

Central Okanagan

$800,000

$704,667

$600,000

$400,000

+ 5% vsAug2023

TOWNHOME median salesprice

$200,000

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

● August

$600,000

Central Okanagan

$500,000

$400,000

$430,000

$300,000

- 4% vsAug2023

$200,000

CONDO median salesprice

$100,000

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

● August

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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