the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR 19 SUB-MARKETS IN THE CENTRAL OKANAGAN
published January 2025
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 LISTINGS
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 ©️ 2025 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 January 13, 2025. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
kelowna sees its third consecutive decline in annual sales Annual sales in the Central Okanagan declined for the third consecutive year in 2024, though a string of relatively stronger months to close the year has the market heading into the new year with some new momentum.
a more than decade-high in active listings also helped contribute to stronger sales activity in the second half of 2024. Contrary to sales, new listings were quite elevated last year, driven by a combination of economic factors and policy changes. There were 10,024 new listings across the region in 2024, up 11% from 2023 (9,023 new listings) and 17% above the prior 10-year average (8,577 new listings). This marked the most new listings in a single year since 2009 (10,902 new listings). In tandem with weaker sales, this put significant upward pressure on inventory levels. Active listings reached a peak of 3,078 in July, their highest level in any month going back to August 2013 (3,185 active listings). Inventory declined through the remainder of the year, in line with typical seasonal trends, to 1,957 at the end of December. This was 6% higher than at the end of 2023 and 38% above the prior 10-year December average of 1,422 active listings. Heading into the new year, recent adjustments to mortgage insurance rules should be a tailwind to already improving sales activity. As of December 15th, buyers can put lower down payments and secure cheaper insured mortgage financing on homes priced up to $1.5 million, up from $1.0 million previously. Additionally, first-time homebuyers and all buyers of newly-built homes will be able to access amortizations of up to 30 years on insured mortgages, up from 25 years previously. These new mortgage rules, alongside an expectation of further declines in borrowing costs, should support a continued market recovery into 2025.
Challenging market conditions and weak transaction activity in the Central Okanagan led to a third consecutive decline in annual sales last year. There were 3,568 total sales across the region in 2024, a 5% decline from 2023 (3,754 sales) and 29% below the prior 10-year average (5,038 sales). All told, this was the slowest year for activity since 2012 (3,279 sales), even though the population of the Central Okanagan has grown by about 70,000 residents, or 38%, since then. Looking at the year more granularly, however, shows that there was a distinct change in market activity in the latter half of the year. Sales through the first six months of 2024 were down 16% from the same period in 2023, while sales in the second half were up 10%. Most of this improvement was concentrated in the final few months of the year with sales in October up 37% year-over- year, followed by a 26% gain in November.
In December, there were 225 sales across the region, up 42% relative to the prior December. At 13% below the prior 10-year December average of 260 sales, this was the closest that sales have been to their long-run monthly average since June 2023.
A meaningful decrease in borrowing costs was largely responsible for the
aforementioned improvement in activity. Between June and December, the Bank of Canada delivered a cumulative 175 basis points worth of interest rate cuts, bringing its key policy rate to 3.25% from a more than two-decade high of 5.00%. This decline, alongside easing government bond yields, has helped put downward pressure on mortgage rates, which has improved buyer purchasing power. By our estimates, buyers using variable rate financing have seen a roughly 19% increase in purchasing power since June. More than two years of pent-up demand and
3 Copyright ©️ 2025 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 January 13, 2025. 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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HOUSE FOR SALE $570,000 | SALMO 613 Glendale Avenue 3 Bed, 2 Bath, 1,468 SF Meg McLean PERSONAL REAL ESTATE CORPORATION 604.265.6604 mmclean@rennie.com rennie.com/megmclean
The 5-year-old, 1,468 sq. ft. Salmo home offers modern, one-level living with 3 bedrooms, 2 bathrooms, heated concrete floors, and a chef’s kitchen. Enjoy a heated garage, wrap-around veranda, hot tub pad, and parking on a corner lot near schools, shopping, and amenities.
Belinda Grant REAL ESTATE ADVISOR 604.906.2099 bgrant@rennie.com rennie.com/belindagrant
BROOKLYN $999,900 | KELOWNA NORTH 2307 - 1471 St. Paul Street 2 Bed, 2 Bath, 930 SF
Experience urban luxury in this 23rd-floor home featuring 2 primary bedrooms, 2 ensuite bathrooms, and 930 SqFt of living space + 152 SqFt patio. Located in downtown Kelowna’s Brooklyn, enjoy stunning rooftop views, premium amenities, and a Walk Score of 98. Modern living, redefined.
Rob Breckwoldt PERSONAL REAL ESTATE CORPORATION 778.990.0866 rbreckwoldt@rennie.com rennie.com/robbreckwoldt
Copyright ©️ 2025 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 January 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 8.8 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2023
▲ 6% VS 2023
▲ 39% VS 2023
▼ 6% VS 2023
There were 1,071 detached listings in the Central Okanagan in December, 20% below November and 6% higher than December 2023. December detached home sales decreased by 9% month-over-month, to 122, and were 39% above December 2023. The months of inventory for detached in the Central Okanagan, at 8.8, re'ected a buyers' market. The detached median price in December was $977,500, a 5% increase from November and 3% above December 2023. The average sold price was $1,135,472, 8% above last month and down 6% to December 2023.
THIS MONTH No. $1,135,472 $977,500 8.8 122 1,071
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,210,732 $947,000 11.5 88 1,014
-6% 3% -24% 39% 6%
$1,055,637 $934,500 10.0 134 1,344
8% 5% -12% -9% -20%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
71
1,852
1,837
1,829
1,805
1,540
1,689
63
1,584
1,345
1,344
58
1,014
1,073
1,071
970
195
200
190
164
170
150
134
125
106
86
122
88
198
$990K
$993K
$988K
$978K
$964K
$967K
$953K
$960K
$947K
$935K
$925K
$927K
$880K
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
24+
22.0
150
15.8
100
10.9
9.4
8.4
7.4
50
4.6
4.4
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3.0M+
MOI INVENTORY SALES
5 37 7.4
21 92 4.4
37 172 4.6
22 185 8.4
18 170 9.4
5 110 22.0
8 87 10.9
5 79 15.8
0 48 n/a
1 91 91.0
Copyright © 2025 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 January 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 7.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 36% VS 2023
▼ 1.0% VS 2023
▼ 1.5% VS 2023
▼ 3% VS 2023
There were 298 townhome listings in the Central Okanagan in December, 23% below November and 3% lower than December 2023. December townhome sales decreased by 25% month-over-month, to 38, and were 36% above December 2023. The months of inventory for townhomes in the Central Okanagan, at 7.8, re'ected a balanced market. The townhome median price in December was $650,000, a 1.6% increase from November and 1.5% below December 2023. The average sold price was $696,528, 4% above last month; the average PSF sale price was $432, up 1.1% 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
$432 $696,528 $650,000 7.8 38 298
$410 $703,586 $660,000 11.0 28 308
5% -1% -1.5% -29% 36% -3%
$427 $672,890 $640,000 7.6 51 387
1.1% 4% 1.6% 3% -25% -23%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
58
424
458
454
452
387
442
372
53
416
392
48
308
335
298
295
77
74
65
59
55
53
51
40
30
38
60
28
46
$718K
$700K
$705K
$705K
$679K
$685K
$670K
$676K
$662K
$660K
$655K
$650K
$640K
Dec-23
Nov-24
Dec-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+
60
5
4+ bdrms
47
50
40
23
3 bdrms
170
12.0
30
10.5
9.0
20
6.9
10
5.5
2 bdrms
78
10
3.3
0
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 6 63 10.5 4 48 12.0 4 22 5.5 1 36 36.0 1 9 9.0 0 15 n/a 13 43 3.3 9 62 6.9
<2 bdrms
3
Copyright © 2025 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 January 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 8.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2.0% VS 2023
▲ 0.5% VS 2023
▲ 13% VS 2023
▲ 51% VS 2023
There were 563 condo listings in the Central Okanagan in December, 15% below November and 13% higher than December 2023. December condo sales decreased by 32% month-over-month, to 65, and were 51% above December 2023. The months of inventory for condos in the Central Okanagan, at 8.7, re'ected a buyers' market. The condo median price in December was $432,000, a 5% decrease from November and 0.5% above December 2023. The average sold price was $458,066, 7% below last month; the average PSF sale price was $481, 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
$481 $458,066 $432,000 8.7 65 563
$500 $449,091 $430,000 11.6 43 497
0.5% -25% 51% 13%
$508 $493,577 $452,450 6.9 96 665
-5% -7% -5% 25% -32% -15%
-4% 2%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
741
59
795
697
680
665
758
750
707
687
584
563
497
490
39
38
125
113
109
96
91
65
55
65
98
43
85
85
77
$500K
$475K
$455K
$450K
$450K
$448K
$449K
$452K
$439K
$440K
$430K
$430K
$432K
Dec-23
Nov-24
Dec-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.
250
24+
22.5
4+ bdrms
200
21.2
10
150
3
3 bdrms
71
100
8.0
44
50
2 bdrms
4.8
343
2.5
0
<$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 26 125 4.8 29 231 8.0 5 106 21.2 2 45 22.5 0 13 n/a 0 10 n/a 1 28 28.0
18
<2 bdrms
139
Copyright © 2025 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 January 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 8.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 9% VS 2023
▲ 43% VS 2023
▼ 9% VS 2023
There were 653 detached listings in the City of Kelowna in December, 20% below November and 9% higher than December 2023. December detached home sales decreased by 5% month-over-month, to 80, and were 43% above December 2023. The months of inventory for detached in the City of Kelowna, at 8.2, re&ected a buyers' market. The detached median price in December was $1,066,000, a 14% increase from November and 6% above December 2023. The average sold price was $1,229,555, 16% above last month and down 9% to December 2023.
THIS MONTH No. $1,229,555 $1,066,000 8.2 80 653
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,354,169 $1,004,000 10.7 56 599
-9% 6% -24% 43% 9%
$1,057,421 $934,500 9.8 84 821
16% 14% -16% -5% -20%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,082
70
1,077
1,069
1,052
906
978
821
935
791
58
53
599
653
636
567
124
115
110
100
97
94
84
74
67
54
80
56
109
$1.07M
$1.06M
$1.05M $1.00M
$1.00M
$1.00M
$964K $997K $1.02M $1.01M
$950K
$935K
$908K
Dec-23
Nov-24
Dec-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
20.3
80
12.5
60
11.0
9.0
8.4
40
7.4
4.0
3.8
20
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3.0M+
MOI INVENTORY SALES
1 11 11.0
10 38 3.8
24 95 4.0
15 111 7.4
14 117 8.4
4 81 20.3
7 63 9.0
4 50 12.5
0 30 n/a
1 57 57.0
Copyright © 2025 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 January 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 7.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.0% VS 2023
▲ 9% VS 2023
▲ 20% VS 2023
▼ 11% VS 2023
There were 186 townhome listings in the City of Kelowna in December, 25% below November and 11% lower than December 2023. December townhome sales decreased by 20% month-over-month, to 24, and were 20% above December 2023. The months of inventory for townhomes in the City of Kelowna, at 7.8, re&ected a balanced market. The townhome median price in December was $729,000, a 14% increase from November and 9% above December 2023. The average sold price was $723,484, 10% above last month; the average PSF sale price was $435, up 2% 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
$435 $723,484 $729,000 7.8 24 186
$404 $716,525 $671,500 10.5 20 210
8% 1% 9% -26% 20% -11%
$425 $657,403 $637,450 8.3 30 248
2% 10% 14% -6% -20% -25%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
58
268
264
291
289
283
248
247
281
55
263
51
210
217
195
186
60
59
39
38
34
18
45
42
42
24
20
27
30
$729K
$708K
$709K
$700K
$689K
$687K
$672K
$675K
$673K
$678K
$664K
$652K
$637K
Dec-23
Nov-24
Dec-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.
40
13.0
4
4+ bdrms
29
10.7
30
15
7.8
3 bdrms
112
20
6.0
3.4
5
3.0
2 bdrms
10
42
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 8 27 3.4 3 39 13.0 5 39 7.8 3 32 10.7 4 12 3.0 0 23 n/a 1 6 6.0 0 8 n/a
3
Copyright © 2025 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 January 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 7.9 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▲ 58% VS 2023
▼ 0.7% VS 2023
▼ 1.8% VS 2023
There were 387 condo listings in the City of Kelowna in December, 16% below November and 8% higher than December 2023. December condo sales decreased by 38% month-over-month, to 49, and were 58% above December 2023. The months of inventory for condos in the City of Kelowna, at 7.9, re&ected a balanced market. The condo median price in December was $432,000, a 1.8% decrease from November and 1.8% below December 2023. The average sold price was $463,077, 1.2% below last month; the average PSF sale price was $489, down 4% 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
$489 $463,077 $432,000 7.9 49 387
$496 $466,376 $440,000 11.5 31 358
-1.4% -0.7% -1.8% -32% 58% 8%
$510 $468,903 $439,900 5.9 79 463
-4% -1.2% -1.8% 35% -38% -16%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
570
564
59
601
512
581
463
526
516
490
387
417
358
356
35
33
103
91
88
79
50
37
49
75
69
31
68
65
58
$537K
$475K
$458K
$455K
$457K
$450K
$442K
$440K
$440K
$434K
$430K
$432K
$421K
Dec-23
Nov-24
Dec-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+
24+
150
4+ bdrms
2
100
2
3 bdrms
13.0
49
7.2
50
34
2 bdrms
4.2
242
2.0
0
13
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 1 2 2.0 21 89 4.2 22 158 7.2 2 66 33.0 2 26 13.0 0 12 n/a 0 8 n/a 1 26 26.0
<2 bdrms
94
Copyright © 2025 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 January 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 8.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.2% VS 2023
▲ 3% VS 2023
▲ 24% VS 2023
▼ 11% VS 2023
There were 212 detached listings in the City of West Kelowna in December, 21% below November and 3% higher than December 2023. December detached home sales increased by 4% month-over-month, to 26, and were 24% above December 2023. The months of inventory for detached in the City of West Kelowna, at 8.2, re&ected a buyers' market. The detached median price in December was $822,000, a 13% decrease from November and 0.2% above December 2023. The average sold price was $857,554, 11% below last month and down 11% to December 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
$857,554 $822,000 8.2 26 212
$965,363 $820,000 9.8 21 205
-11% 0.2% -16% 24% 3%
$966,060 $940,000 10.7 25 268
-11% -13% -24% 4% -21%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
65
387
427
414
344
387
332
383
293
54
268
205
230
212
205
35
61
60
47
45
40
36
29
25
25
18
52
26
21
$940K
$932K
$910K
$893K
$895K
$880K
$870K
$875K
$859K
$850K
$822K
$820K
$815K
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
50
9.4
40
30
5.0
20
3.4
3.0
10
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3.0M+
MOI INVENTORY SALES
2 10 5.0
9 27 3.0
10 34 3.4
5 47 9.4
0 33 n/a
0 16 n/a
0 16 n/a
0 11 n/a
0 8 n/a
0 10 n/a
Copyright © 2025 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 January 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 10.8 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 17% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2023
▼ 24% VS 2023
▼ 25% VS 2023
▼ 33% VS 2023
There were 43 townhome listings in the City of West Kelowna in December, 20% below November and 10% higher than December 2023. December townhome sales decreased by 50% month-over-month, to 4, and were 33% below December 2023. The months of inventory for townhomes in the City of West Kelowna, at 10.8, re&ected a buyers' market. The townhome median price in December was $515,000, a 18% decrease from November and 25% below December 2023. The average sold price was $517,500, 20% below last month; the average PSF sale price was $381, down 8% 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
$381 $517,500 $515,000 10.8 4 43
$458 $678,317 $684,000 6.5 6 39
-17% -24% -25% 65% -33% 10%
$415 $647,350 $631,000 6.8 8 54
-8% -20% -18% 59% -50% -20%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
70
69
63
70
69
69
59
66
54
56
47
39
43
43
44
39
9
8
8
8
8
8
4
4
3
6
4
7
7
$816K
$805K
$765K
$760K
$742K
$723K
$714K
$699K
$684K
$673K
$655K
$631K
$515K
Dec-23
Nov-24
Dec-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.
0.5
4+ bdrms
6
15
1
3 bdrms
10
21
3
5
2 bdrms
16
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 10 n/a 0 18 n/a 0 5 n/a 0 3 n/a 0 3 n/a 0 2 n/a 4 2 0.5
Copyright © 2025 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 January 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 13.9 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.2% VS 2023
▲ 43% VS 2023
▲ 40% VS 2023
▼ 17% VS 2023
There were 97 condo listings in the City of West Kelowna in December, 16% below November and 43% higher than December 2023. December condo sales decreased by 13% month-over-month, to 7, and were 40% above December 2023. The months of inventory for condos in the City of West Kelowna, at 13.9, re&ected a buyers' market. The condo median price in December was $415,000, a 0.2% decrease from November and 1.2% above December 2023. The average sold price was $381,643, 27% below last month; the average PSF sale price was $400, down 14% 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
$400 $381,643 $415,000 13.9 7 97
$407 $459,550 $410,000 13.6 5 68
40% 43%
$467 $520,663 $416,000 14.5 8 116
-14% -27% -0.2% -4% -13% -16%
-1.8% -17% 1.2% 1.9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
62
116
115
97
97
57
90
83
97
77
80
80
80
68
43
66
20
16
16
11
9
9
8
8
7
7
7
13
5
$582K
$467K
$465K
$455K
$439K
$440K
$433K
$416K
$415K
$410K
$410K
$400K
$350K
Dec-23
Nov-24
Dec-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.
50
12.8
4+ bdrms
40
30
3 bdrms
5
5.3
20
4
2 bdrms
10
67
0
3
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 3 16 5.3 4 51 12.8 0 26 n/a 0 4 n/a
<2 bdrms
25
Copyright © 2025 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 January 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 12.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 33% VS 2023
▲ 54% VS 2023
▲ 12% VS 2023
▲ 200% VS 2023
There were 37 detached listings in Peachland in December, 37% below November and 12% higher than December 2023. December detached home sales remained the same month-over-month, at 3, and were 200% above December 2023. The months of inventory for detached in the Peachland, at 12.3, re"ected a buyers' market. The detached median price in December was $1,200,000, a 37% increase from November and 54% above December 2023. The average sold price was $1,035,000, 19% above last month and up 33% to December 2023.
THIS MONTH No. $1,035,000 $1,200,000 12.3 3 37
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$780,000 $780,000 33.0 1 33
-63% 200% 12%
$872,000 $878,000 19.7 3 59
19% 37% -37% 0% -37%
33% 54%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
81
122
75
71
70
75
73
59
100
44
53
34
33
37
33
72
10
7
6
6
6
5
3
3
3
3
1
1
3
$2.70M
$1.23M
$1.20M
$1.15M
$1.09M $1.03M
$888K
$900K
$905K
$878K
$850K
$818K
$780K
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
12
5.0
10
4.0
4.0
8
6
4
2
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3.0M+
MOI INVENTORY SALES
1 4 4.0
0 12 n/a
1 4 4.0
1 5 5.0
0 5 n/a
0 1 n/a
0 2 n/a
0 2 n/a
0 2 n/a
Copyright © 2025 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 January 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 9.4 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 36% VS 2023
▲ 28% VS 2023
▲ 38% VS 2023
▼ 6% VS 2023
There were 103 detached listings in Lake Country in December, 20% below November and 6% lower than December 2023. December detached home sales decreased by 27% month-over-month, to 11, and were 38% above December 2023. The months of inventory for detached in the Lake Country, at 9.4, re)ected a buyers' market. The detached median price in December was $1,035,000, a 14% decrease from November and 28% above December 2023. The average sold price was $1,208,255, 17% below last month and up 36% to December 2023.
THIS MONTH No. $1,208,255 $1,035,000 9.4 11 103
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$885,731 $810,500 13.8 8 110
36% 28% -32% 38% -6%
$1,454,433 $1,206,000 8.6 15 129
-17% -14% 9% -27% -20%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
175
90
165
185
181
159
179
82
145
152
129
110
114
63
104
103
22
18
15
15
14
13
12
11
9
9
7
11
8
$1.23M
$1.21M
$1.16M $1.15M
$1.03M
$1.00M
$995K
$995K
$973K
$926K
$930K
$811K
$792K
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
18.0
15
14.0
10
6.5
6.0
5.7
5.0
5.0
5
3.0
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3.0M+
MOI INVENTORY SALES
1 5 5.0
1 3 3.0
3 17 5.7
1 18 18.0
2 13 6.5
1 5 5.0
1 6 6.0
1 14 14.0
0 7 n/a
0 15 n/a
Copyright © 2025 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 January 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 4.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE - VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
- VS 2023
There were 24 townhome listings in Lake Country in December, 27% below November and 4% higher than December 2023. December townhome sales decreased by 38% month-over-month, to 5, and were above December 2023. The months of inventory for townhomes in the Lake Country, at 4.8, re)ected a sellers' market. The townhome median price in December was $650,000, a 8% decrease from November and no change to December 2023. The average sold price was $667,890, 8% below last month; the average PSF sale price was $444, up 9% to last month.
VS 2023
VS 2023
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. - $0 $0 0.0 0 23
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$444 $667,890 $650,000 4.8 5 24
% % % % % 4%
$407 $726,750 $707,500 4.1 8 33
9% -8% -8% 16% -38% -27%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
33
87
35
34
34
33
32
26
28
23
25
25
24
18
11
8
8
6
45
7
3
3
3
3
5
5
5
$789K
$776K
$719K
$708K
$705K
$658K
$650K
$640K
$641K
$635K
$615K
$595K
Dec-23
Nov-24
Dec-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.
6
2.0
4+ bdrms
4
5
1.5
4
4
3 bdrms
19
3
2
1 1
2 bdrms
1
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 2 n/a 4 6 1.5 1 2 2.0 0 5 n/a 0 2 n/a 0 3 n/a 0 4 n/a
Copyright © 2025 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 January 13, 2025. 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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