the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR 19 SUB-MARKETS IN THE CENTRAL OKANAGAN
published November 2024
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 LISTING
MARKET AREA PROFILES
05 08 11 14 15 16 19 20 23 26 29 30 33 36 37 40 41 44 45 46 47 50
Central Okanagan City of Kelowna City of West Kelowna
Roman Melzer MARKET ANALYST
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Big White
Black Mountain
rmelzer@rennie.com
Glenmore Glenrosa
Kelowna North Kelowna South Lake Country Lakeview Heights
Lower Mission
North Glenmore/Wilden/ McKinley Landing
Peachland
Rutland
South East Kelowna Springfield/Spall University District
Upper Mission/Kettle Valley/ Crawford Estates
West Kelowna Estates
Westbank Centre
Waterfront
51 AREA MAPS
53 GLOSSARY
2 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 November 12, 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 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
some sun on kelowna’s sales The Central Okanagan saw its largest September-to-October sales increase in 25 years. While we expect 2025 to look a lot more average in Vancouver and Victoria, the current policy landscape will delay a more fulsome return to typical activity levels in Kelowna.
Where the Central Okanagan differs from these two markets, however, is that sales remained well below typical October levels. MLS sales in the Central Okanagan were 22% below their prior 10-year October average (of 405 sales), whereas sales in Vancouver were 7% below their 10-year average and Victoria was right at average. Sales activity in the region has been much more depressed than its peer markets over the past two years and thus has much further to go before returning to average. With affordability conditions continuing to improve over the next year (via additional Bank of Canada interest rate cuts and new mortgage insurance rules taking effect in December), activity levels should continue to improve across all BC markets. But while we at rennie expect 2025 to look a lot more average in Vancouver and Victoria, we do not expect activity in the Central Okanagan to fully return to more typical levels. Investors and recreational buyers have long been a major driver of real estate activity here, and the current policy environment both provincially and federally is particularly restrictive to this class of buyers (see page 28 of our fall 2024 kelowna rennie landscape,which estimates that recreational buyers have historically accounted for ~25% of sales in the Central Okanagan). Still, 2025 should be a lot brighter than 2024, which has been a particularly gloomy year for real estate in the Okanagan.
In many ways, October was a pretty eventful month. First, Statistics Canada reported inflation data that, at 1.6%, solidified the end of a more than two-year quest to bring down the highest inflation in a generation. That was followed by a larger-than-normal 50-basis- point interest rate cut by the Bank of Canada, which has dropped its key policy rate from 5.00% to 3.75% in five months. Just one day later, the federal government announced a profound pivot to its immigration policy that, if fully implemented, would lead to the first decline in Canada’s population since Confederation. All the while, our neighbours (neighbors?) to the south were in the final month of campaigning toward what would be the re-election of Donald Trump. Despite all of that, a notable increase in real estate activity in the Central Okanagan has given us plenty to write about. There were 315 MLS sales in October, a 29% month-over- month increase that was a stark contrast to
the typical 6% September-to-October decline. Looking back on 25 years of MLS data in the region, this was by far the largest September- to-October sales increase, with a 13% gain in October 2010 in a distant second-place. Relative to October 2023, sales were up by 37% to mark the first year-over-year increase since January and the largest since June 2023. The sharp rise in activity is a clear sign that buyers are beginning to come off the sidelines more meaningfully, the result of several interest rate cuts by the Bank of Canada, more than two years of pent-up demand, and plenty of purchase options with inventory at a decade-high. Both Vancouver and Victoria saw their largest September-to-October sales increases in more than two decades as well, up by 41% and 14% month-over- month, respectively. Clearly, improving macroeconomic conditions were a big driver of greater sales activity in the Central Okanagan in October.
3 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 November 12, 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 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 ©️ 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 November 12, 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 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
central okanagan DETACHED - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 9.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.4% VS 2023
▲ 15% VS 2023
▲ 60% VS 2023
▼ 1.6% VS 2023
There were 1,584 detached listings in the Central Okanagan in October, 13% below September and 15% higher than October 2023. October detached home sales increased by 36% month-over-month, to 170, and were 60% above October 2023. The months of inventory for detached in the Central Okanagan, at 9.3, re)ected a buyers' market. The detached median price in October was $967,000, a 0.7% increase from September and 0.4% above October 2023. The average sold price was $1,115,319, 4% above last month and down 1.6% to October 2023.
THIS MONTH No. $1,115,319 $967,000 9.3 170 1,584
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,132,982 $963,600 12.9 106 1,372
60% 15%
$1,077,309 $960,000 14.6 125 1,829
4% 0.7% -36% 36% -13%
-1.6% 0.4% -28%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
46
1,851
1,836
1,829
1,805
1,539
1,688
1,584
1,345
1,372
1,241
35
1,073
32
1,014
970
195
200
190
164
150
120
125
106
88
86
170
106
198
$990K
$993K
$988K
$964K
$968K
$964K
$967K
$953K
$960K
$947K
$925K
$927K
$880K
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
24+
24+
500
21.8
400
18.0
15.8
300
10.8
200
5.0
100
0
<$1.0M
$1.0M-$1.4M $1.5M-$1.99M $2.0M-2.24M $2.5M-2.99M $3.0M-3.49M $3.5M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
94 466 5.0
49 528 10.8
19 300 15.8
5 109 21.8
0 67 n/a
1 18 18.0
1 26 26.0
1 27 27.0
0 13 n/a
0 30 n/a
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 November 12, 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. 5 ●
central okanagan TOWNHOME - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 7.7 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 28% VS 2023
▲ 12% VS 2023
▼ 6% VS 2023
▼ 4% VS 2023
There were 425 townhome listings in the Central Okanagan in October, 6% below September and 28% higher than October 2023. October townhome sales increased by 38% month-over-month, to 55, and were 12% above October 2023. The months of inventory for townhomes in the Central Okanagan, at 7.7, re)ected a balanced market. The townhome median price in October was $685,000, a 5% increase from September and 4% below October 2023. The average sold price was $710,340, 1.1% above last month; the average PSF sale price was $419, down 7% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$419 $710,340 $685,000 7.7 55 425
$452 $754,642 $715,000 6.8 49 332
-7% -6% -4% 14% 12% 28%
$449 $702,324 $655,000 11.3 40 453
-7% 1.1% 5% -32% 38% -6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
50
458
454
453
425
443
372
416
45
340
392
332
335
308
295
37
77
74
65
59
53
40
37
30
28
55
49
60
46
$715K
$718K
$700K
$705K
$705K
$679K
$685K
$670K
$676K
$662K
$660K
$660K
$655K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
19.5
14
4+ bdrms
80
60
14.3
60
24
11.6
3 bdrms
222
40
6.4
16
5.2
4.7
2 bdrms
20
137
0
1
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 7 81 11.6 13 67 5.2 2 39 19.5 3 43 14.3 0 11 n/a 0 19 n/a 16 75 4.7 14 90 6.4
<2 bdrms
6
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 November 12, 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. 6 ●
central okanagan CONDO - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 7.7 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 28% VS 2023
▲ 22% VS 2023
▼ 7% VS 2023
▼ 11% VS 2023
There were 697 condo listings in the Central Okanagan in October, 1.5% above September and 28% higher than October 2023. October condo sales increased by 17% month-over-month, to 90, and were 22% above October 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the Central Okanagan, at 7.7, re)ected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$490 $491,231 $439,000 7.7 90 697
$516 $527,220 $491,000 7.3 74 543
-5% -7% -11% 6% 22% 28%
$482 $465,368 $455,000 8.9 77 687
1.7% 6% -4% -13% 17% 1.5%
The condo median price in October was $439,000, a 4% decrease from September and 11% below October 2023. The average sold price was $491,231, 6% above last month; the average PSF sale price was $490, up 1.7% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
741
50
795
680
758
750
697
707
687
578
543
584
38
497
490
32
125
113
109
65
62
55
43
90
74
98
85
85
77
$500K
$491K
$475K
$455K
$450K
$450K
$448K
$449K
$439K
$439K
$430K
$430K
$410K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
300
24+
24+
4+ bdrms
250
8
200
7
3 bdrms
150
90
10.2
100
8.5
61
6.1
6.0
2 bdrms
50
4.0
431
0
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 2 8 4.0 28 170 6.1 48 289 6.0 4 118 29.5 5 51 10.2 2 17 8.5 0 11 n/a 1 33 33.0
22
<2 bdrms
168
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 November 12, 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. 7 ●
city of kelowna DETACHED - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 8.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.4% VS 2023
▲ 16% VS 2023
▲ 90% VS 2023
▼ 3% VS 2023
There were 935 detached listings in the City of Kelowna in October, 14% below September and 16% higher than October 2023. October detached home sales increased by 49% month-over-month, to 110, and were 90% above October 2023. The months of inventory for detached in the City of Kelowna, at 8.5, re(ected a buyers' market. The detached median price in October was $1,010,000, a 1.5% decrease from September and 1.4% above October 2023. The average sold price was $1,200,084, 9% above last month and down 3% to October 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
110 935
$1,236,916 $996,000 13.9 58 808
-3% 1.4% -39% 90% 16%
$1,102,593 $1,025,000 14.6 74 1,082
9% -1.5% -42% 49% -14%
$1,200,084 $1,010,000 8.5
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,082
42
1,077
1,069
1,052
906
978
935
791
808
712
34
636
599
28
567
124
115
100
97
94
81
74
67
56
54
110
58
109
$1.06M
$1.05M $1.00M
$1.00M
$996K $985K $1.00M
$964K $997K $1.02M $1.01M
$950K
$908K
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
350
16.0
16.0
300
14.6
13.6
250
11.0
200
9.2
150
100
4.3
50
0
<$1.0M
$1.0M-$1.4M $1.5M-$1.99M $2.0M-2.24M $2.5M-2.99M $3.0M-3.49M $3.5M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
53 226 4.3
35 323 9.2
14 205 14.6
5 68 13.6
0 40 n/a
1 11 11.0
1 16 16.0
1 16 16.0
0 11 n/a
0 19 n/a
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 November 12, 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. 8 ●
city of kelowna TOWNHOME - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 7.1 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 11% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 29% VS 2023
▲ 19% VS 2023
▼ 6% VS 2023
▼ 5% VS 2023
There were 268 townhome listings in the City of Kelowna in October, 5% below September and 29% higher than October 2023. October townhome sales increased by 41% month-over-month, to 38, and were 19% above October 2023. The months of inventory for townhomes in the City of Kelowna, at 7.1, re(ected a balanced market. The townhome median price in October was $687,450, a 0.2% decrease from September and 5% below October 2023. The average sold price was $719,824, 0.6% above last month; the average PSF sale price was $416, down 5% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$416 $719,824 $687,450 7.1 38 268
$466 $765,998 $721,500 6.5 32 208
-11% -6% -5% 9% 19% 29%
$439 $715,515 $689,000 10.5 27 283
-5% 0.6% -0.2% -33% 41% -5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
50
264
291
289
268
283
48
247
281
263
224
210
208
217
38
195
60
59
39
34
23
20
38
18
32
45
42
42
27
$722K
$709K
$708K
$700K
$709K
$689K
$687K
$675K
$678K
$672K
$664K
$673K
$652K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
60
9.7
8
4+ bdrms
50
36
8.1
40
6.0
20
3 bdrms
5.0
149
30
4.0
20
10
2 bdrms
78
10
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 0 24 n/a 3 29 9.7 0 8 n/a 0 13 n/a 10 40 4.0 11 55 5.0 7 57 8.1 7 42 6.0
5
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 November 12, 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. 9 ●
city of kelowna CONDO - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 7.2 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 29% VS 2023
▲ 24% VS 2023
▼ 3% VS 2023
▼ 6% VS 2023
There were 490 condo listings in the City of Kelowna in October, 5% below September and 29% higher than October 2023. October condo sales increased by 17% month-over-month, to 68, and were 24% above October 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the City of Kelowna, at 7.2, re(ected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$495 $517,248 $456,930 7.2 68 490
$517 $531,942 $488,000 6.9 55 379
-4% -3% -6% 5% 24% 29%
$482 $463,408 $420,500 8.9 58 516
3% 12% 9% -19% 17% -5%
The condo median price in October was $456,930, a 9% increase from September and 6% below October 2023. The average sold price was $517,248, 12% above last month; the average PSF sale price was $495, up 3% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
570
564
49
601
512
581
526
490
516
43
416
417
379
358
356
29
103
91
88
50
40
37
31
68
55
75
69
65
58
$537K
$488K
$475K
$458K
$455K
$457K
$450K
$442K
$440K
$434K
$430K
$421K
$395K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
24+
200
23.7
4+ bdrms
2
150
5
3 bdrms
60
100
8.0
7.2
7.0
50
5.3
50
2 bdrms
308
2.5
0
13
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 2 5 2.5 17 122 7.2 39 207 5.3 3 71 23.7 4 32 8.0 2 14 7.0 0 9 n/a 1 30 30.0
<2 bdrms
120
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 November 12, 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. 10 ●
city of west kelowna DETACHED - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 8.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 15% VS 2023
▲ 29% VS 2023
▼ 12% VS 2023
▼ 6% VS 2023
There were 332 detached listings in the City of West Kelowna in October, 14% below September and 15% higher than October 2023. October detached home sales increased by 38% month-over-month, to 40, and were 29% above October 2023. The months of inventory for detached in the City of West Kelowna, at 8.3, re(ected a buyers' market. The detached median price in October was $895,000, a 1.7% increase from September and 6% below October 2023. The average sold price was $912,505, 11% below last month and down 12% to October 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$912,505 $895,000 8.3 40 332
$1,032,456 $950,000 9.3 31 288
-12% -6% -11% 29% 15%
$1,020,183 $880,000 13.3 29 387
-11% 1.7% -38% 38% -14%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
50
387
427
414
344
387
383
293
332
269
288
38
230
205
205
30
61
60
47
45
36
29
27
25
21
18
40
31
52
$950K
$932K
$910K
$893K
$895K
$880K
$870K
$875K
$859K
$850K
$850K
$820K
$815K
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
120
24+
100
80
12.1
60
40
4.0
20
0
<$1.0M
$1.0M-$1.4M $1.5M-$1.99M $2.0M-2.24M $2.5M-2.99M $3.0M-3.49M $3.5M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
29 117 4.0
10 121 12.1
1 50 50.0
0 16 n/a
0 12 n/a
0 3 n/a
0 5 n/a
0 3 n/a
0 1 n/a
0 4 n/a
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 November 12, 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. 11 ●
city of west kelowna TOWNHOME - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 7.1 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 6% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2023
▲ 27% VS 2023
▲ 36% VS 2023
▲ 50% VS 2023
There were 64 townhome listings in the City of West Kelowna in October, 10% below September and 36% higher than October 2023. October townhome sales increased by 200% month-over-month, to 9, and were 50% above October 2023. The months of inventory for townhomes in the City of West Kelowna, at 7.1, re(ected a balanced market. The townhome median price in October was $805,000, a 20% increase from September and 27% above October 2023. The average sold price was $709,822, 6% above last month; the average PSF sale price was $383, down 17% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$383 $709,822 $805,000 7.1 9 64
$409 $654,083 $635,000 7.8 6 47
-6% 9% 27% -9% 50% 36%
$463 $671,000 $673,000 23.7 3 71
-17% 6% 20% -70% 200% -10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
60
71
70
69
69
64
59
67
53
56
45
47
47
43
39
8
8
8
8
28
6
9
4
4
4
3
6
7
7
$816K
$805K
$765K
$760K
$742K
$723K
$714K
$699K
$684K
$673K
$655K
$635K
$604K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
16
15.0
3
14
4+ bdrms
10
12
10
4
3 bdrms
8
23
6.5
6
1
4
2 bdrms
31
1.5
2
0
1
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 2 13 6.5 1 15 15.0 0 13 n/a 6 9 1.5 0 6 n/a 0 5 n/a 0 3 n/a
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 November 12, 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. 12 ●
city of west kelowna CONDO - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 7.2 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 12% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 42% VS 2023
▲ 129% VS 2023
▼ 4% VS 2023
▼ 10% VS 2023
There were 115 condo listings in the City of West Kelowna in October, 44% above September and 42% higher than October 2023. October condo sales increased by 78% month-over-month, to 16, and were 129% above October 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the City of West Kelowna, at 7.2, re(ected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$463 $422,913 $410,000 7.2 16 115
$527 $440,500 $457,500 11.6 7 81
-12% -4% -10% -38% 129% 42%
$429 $520,689 $465,000 8.9 9 80
8% -19% -12% -19% 78% 44%
The condo median price in October was $410,000, a 12% decrease from September and 10% below October 2023. The average sold price was $422,913, 19% below last month; the average PSF sale price was $463, up 8% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 115
55
97
97
90
83
79
77
81
43
80
80
80
68
66
33
20
16
11
9
9
16
8
7
7
5
7
13
11
$582K
$467K
$465K
$458K
$455K
$439K
$440K
$430K
$433K
$410K
$410K
$400K
$350K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
60
6.4
4+ bdrms
50
5.0
40
4.0
1
3 bdrms
30
5
20
10
2 bdrms
82
10
0
5
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 6 24 4.0 9 58 6.4 0 28 n/a 1 5 5.0
<2 bdrms
28
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 November 12, 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. 13 ●
peachland DETACHED - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 11.8 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 8% VS 2023
▲ 48% VS 2023
▲ 20% VS 2023
There were 71 detached listings in Peachland in October, 12% below September and 48% higher than October 2023. October detached home sales increased by 100% month-over-month, to 6, and were 20% above October 2023. The months of inventory for detached in the Peachland, at 11.8, re&ected a buyers' market. The detached median price in October was $905,000, a 0.6% increase from September and 8% above October 2023. The average sold price was $990,833, 4% above last month and up 5% to October 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$990,833 $905,000 11.8 6 71
$941,980 $835,000 9.6 5 48
23% 20% 48%
$953,333 $900,000 27.0 3 81
4% 0.6% -56% 100% -12%
5% 8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
81
103
75
70
71
75
73
44
48
53
34
68
39
33
33
10
7
6
6
5
3
3
3
2
1
1
6
5
42
$3.53M
$2.70M
$1.15M
$1.09M $1.03M $1.23M
$888K
$900K
$905K
$850K
$835K
$818K
$780K
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
25
22.0
20
14.0
15
10
6.3
5
0
<$1.0M
$1.0M-$1.4M $1.5M-$1.99M $2.0M-2.24M $2.5M-2.99M $3.0M-3.49M $3.5M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
4 25 6.3
1 22 22.0
1 14 14.0
0 3 n/a
0 4 n/a
0 1 n/a
0 1 n/a
0 1 n/a
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 November 12, 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. 14 ●
lake country DETACHED - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 14.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2023
▲ 38% VS 2023
▼ 2% VS 2023
▼ 5% VS 2023
There were 160 detached listings in Lake Country in October, 11% below September and 7% higher than October 2023. October detached home sales decreased by 21% month-over-month, to 11, and were 38% above October 2023. The months of inventory for detached in the Lake Country, at 14.5, re*ected a buyers' market.
THIS MONTH No. $1,092,491 $930,000 14.5 11 160
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,116,250 $975,000 18.8 8 150
-2% -5% -22% 38% 7%
$1,136,529 $972,750 12.9 14 180
-4% -4% 13% -21% -11%
The detached median price in October was $930,000, a 4% decrease from September and 5% below October 2023.
The average sold price was $1,092,491, 4% below last month and down 2% to October 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
175
64
165
186
181
180
160
145
143
150
152
48
114
110
104
42
22
18
15
14
13
12
9
9
8
7
7
11
8
$1.23M
$1.16M
$1.16M $1.15M
$1.00M
$995K
$995K
$975K
$973K
$926K
$930K
$811K
$792K
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
50
16.7
40
13.0
30
6.5
20
10
0
<$1.0M
$1.0M-$1.4M $1.5M-$1.99M $2.0M-2.24M $2.5M-2.99M $3.0M-3.49M $3.5M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
6 39 6.5
3 50 16.7
2 26 13.0
0 18 n/a
0 11 n/a
0 3 n/a
0 2 n/a
0 5 n/a
0 1 n/a
0 5 n/a
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 November 12, 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. 15 ●
lake country TOWNHOME - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 11.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 17% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▼ 3% VS 2023
▼ 6% VS 2023
▼ 50% VS 2023
There were 34 townhome listings in Lake Country in October, 3% below September and 6% higher than October 2023. October townhome sales remained the same month-over-month, at 3, and were 50% below October 2023. The months of inventory for townhomes in the Lake Country, at 11.3, re*ected a buyers' market. The townhome median price in October was $595,000, a 6% decrease from September and 6% below October 2023. The average sold price was $611,667, 10% below last month; the average PSF sale price was $471, down 7% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$471 $611,667 $595,000 11.3 3 34
$401 $630,833 $630,000 5.3 6 32
113% -50% 6%
$507 $676,167 $635,000 11.7 3 35
-6% -3% 0% -3%
17% -3% -6%
-7% -10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
121
34
35
32
34
29
33
32
26
28
25
25
23
18
11
8
6
7
6
6
3
3
3
5
5
3
42
35
$789K
$776K
$719K
$705K
$658K
$640K
$641K
$630K
$635K
$615K
$595K
$545K
Oct-23
Sep-24
Oct-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
14
13.0
1
12
4+ bdrms
5
10
8
3 bdrms
25
6
2
4
2 bdrms
2.0
4
2
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 1 13 13.0 0 5 n/a 0 7 n/a 0 1 n/a 0 3 n/a 0 1 n/a 2 4 2.0
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 November 12, 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. 16 ●
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