the Kelowna rennie review - June 2023

the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KELOWNA’S HOUSING MARKET

published June 2023

table of contents

Welcome to the latest edition of the rennie review, which provides a detailed look at the Central Okanagan’s housing market. In this report, we examine the most recent MLS data for the region, including city- and neighbourhood-level stats.

02 INTRO

03 WHAT YOU NEED TO KNOW

04 FEATURED LISTINGS

05 CENTRAL OKANAGAN

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

Ryan Wyse SENIOR ANALYST rwyse@rennie.com

08 CITY OF KELOWNA

11 DOWNTOWN KELOWNA

14 WEST KELOWNA

17 AREA MAP

2 Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of June 11, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.

kelowna ’ s housing market gains momentum, but how long will it last? Recent buyer confidence in Kelowna carried forward into May in the form of increasing sales counts. With listings lagging behind, sellers hold most of the cards—for now.

that prices increased once again in May, with the median sold price of detached homes up 10% over April, while condos were up 3% and townhomes were 1% higher. While there are a couple of notable external factors (think high interest rates and slowing but still elevated inflation) impacting Kelowna’s below-average sales and listings counts, the fact that market activity is slower than usual is all the more striking when considered against the region’s recent growth. Indeed, the population of the Kelowna Census Metropolitan Area (or CMA) grew by 14% between the 2016 and 2021 Census years, earning it the moniker of “fastest-growing CMA in Canada”. Given the seasonal patterns we typically observe in Kelowna, we expect slowing sales counts and rising inventory in June. But with the Bank of Canada raising its policy rate another 25 basis points at the start of June, it wouldn’t be surprising to see sales drop off at a quicker pace, and those recent price pressures abate, as would-be buyers pull back in the face

Real estate is an inherently seasonal industry, and while seasonality went out the window for most housing markets during the tumultuous years of 2020 and 2021, more typical seasonal patterns returned last year. And the typical seasonal pattern that we can usually expect to see is one where sales counts are at their highest in the spring, with the apex in the Kelowna market typically coming in May. So far in 2023, the expected sales trend has played out in Kelowna, with sales counts rising with each passing month. In May, total MLS sales in the Central Okanagan reached 569, a whopping 31% increase over April. That’s also about even with last May’s 567 sales, though it’s 5% lower than the past 10-year May average, as the market continues to play catch- up to get back to typical activity levels. Inventory, meanwhile, usually follows a pattern of expansion through the first half of the year, peaking in the summer and then contracting

in the fall and finishing the year at its lowest point. And while total listings have generally followed that trend so far this year, the degree to which the number of homes available for sale has grown is considerably less than we typically see in this market. To wit, there were 2,335 listings in the Central Okanagan in May—a 3% increase over April, sure, but this amounted to only half of the rate of a more typical April- to-May expansion (of 6%). And while May’s listings count was 27% higher than last year’s near-historically-low total, it was 17% less than the long-run May average. With sales counts expanding more quickly than listings, market conditions have tipped in favour of sellers, with the region as a whole having just 4.1 months of inventory (a months-of-inventory ratio, or MOI, of less than 5 reflects a sellers’ market; 5-8 MOI reflects balanced conditions; and an MOI over 8 reflects a buyers’ market). In light of this, it shouldn’t come as much of a surprise

3 Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of June 11, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.

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Rob Breckwoldt Personal Real Estate Corporation

604.459.7778 rbreckwoldt@rennie.com rennie.com/robbreckwoldt

Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of May 23, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 4

centralokanagan DETACHED|MAY2023

TOTAL LISTINGS ▲ 14% VS 202

MONTHS OF INVENTORY 4.5 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 1.2% VS 202

▼ 2% VS 202

▲ 5% VS 202

Therew ere1,176 detached listingsin theCentral O kanagan in M ay,8% higherthan Apriland 14% above May 2022.

M ay detached hom esalesincreased by 37% m onth-over-m onth,to263,and were5% aboveM ay2022.

THISMONTH No. $1,196,874 $1,045,000 4.5 263 1,176

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.5m onthsofinventoryfordetached hom esin M ay,reflecting selers'm arketconditions.

$1,105,724 $949,500 5.7 192 1,085

8% 10% -21% 37% 8%

$1,182,137 $1,070,000 4.1 251 1,035

1.2% -2% 8% 5% 14%

Thedetachedm edian pricein M aywas$1,045,000,a10% increasefrom Apriland 2% below M ay2022.

Theaveragesold pricein M aywas$1,196,874 fordetached hom es,a8% increasefrom lastm onth and 1.2% abovelast year. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

1,333

1,301

1,233

1,254

1,215

1,176

1,085

1,035

1,053

1,031

916

850 857

263

251

194

192

126

173 133 176 163 134 127

90 70

$1,070,000 $1,050,000

$1,045,000

$974,000

$972,500

$925,000

$884,000

M ay-2022 Apr-2023 M ay-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

500

11.3

400

300

5.9

200

3.4

2.8

2.8 2.8 2.8

100

2.5

2.2

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

2 5 2.5

5 17 3.4

11 31 2.8

36 79 2.2

38 106 2.8

33 92 2.8

64 177 2.8

33 195 5.9

41 463 11.3

M onthsofInv. Inventory Sales

Copyright© 2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpark,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.Curentasof June1,2023.Aldatafrom As ociationofInteriorRealtors& rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupof com paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceuponthe inform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandany propertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

centralokanagan TOWNHOME|MAY2023

TOTAL LISTINGS ▲ 16% VS 202

MONTHS OF INVENTORY 2.4 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 7% VS 202

▼ 4% VS 202

▲ 18% VS 202

Therewere301townhom elistingsin theCentral O kanagan in M ay,12% lowerthan Apriland 16% above May 2022.

M aytownhom esalesincreased by55% m onth-over-m onth, to124,and were18% aboveM ay2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere2.4m onthsofinventoryfortownhom esin M ay,reflecting selers'm arketconditions.

124 301

$695,051 $700,000 4.3 80 341

5% 0.7% -43% 55% -12%

105 259

-7% -4% -2% 18% 16%

$730,065 $705,000 2.4

$782,114 $735,000 2.5

Thetownhom em edian pricein M aywas$705,000,a0.7% increasefrom Apriland 4% below M ay2022.

Theaveragesold pricein M aywas$730,065for townhom es,a5% increasefrom lastm onth and 7% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

350

352

367

346

342

341

312

301

286

258 273

259

124

105

58 62

36 38 38

$735,000 $692,500

$736,750 $706,000

$675,000

$652,500 $705,000

M ay-2022 Apr-2023 M ay-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

60 70

13.0

10.5

4.0

3.4 3.8

1.8 2.1

1.5 1.3 1.2

0 10

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

4 6 1.5

10 13 1.3

17 20 1.2

30 53 1.8

30 63 2.1

17 58 3.4

5 19 3.8

8 32 4.0

1 13 13.0

2 21 10.5

M onthsofInv. Inventory Sales

●

centralokanagan CONDO|MAY2023

TOTAL LISTINGS ▲ 60% VS 202

MONTHS OF INVENTORY 3.4 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 1.2% VS 202

▼ 5% VS 202

▼ 13% VS 202

Therewere487 condolistingsin theCentralO kanagan in M ay,2% higherthan Apriland 60% aboveM ay2022.

M aycondosalesincreased by7% m onth-over-m onth,to 143,and were13% below M ay2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere3.4m onthsofinventoryforcondosin M ay, reflecting selers'm arketconditions.

143 487

134 479

7% 2%

164 305

1.2% -5% 83% -13% 60%

$524,882 $462,500 3.4

$491,197 $449,375 3.6

7% 3% -4%

$518,637 $485,500 1.9

Thecondom edian pricein M aywas$462,500,a3% increasefrom Apriland 5% below M ay2022.

Theaveragesold pricein M aywas$524,882 forcondos,a 7% increasefrom lastm onth and 1.2% abovelastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

479

499

497

468 496

487

463

462 446

428

411

373

305

164

143

130

134

126

101 94

102 85

47 52

$485,500 $459,600 $471,500

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

$407,500

M ay-2022 Apr-2023 M ay-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

31.0

100

8.3

6.5 6.4

5.1

3.4

2.2 2.6 3.2 2.3 3.2

2.0

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

5 11 2.2

14 37 2.6

23 73 3.2

44 103 2.3

24 76 3.2

10 51 5.1

8 27 3.4

3 25 8.3

2 13 6.5

5 32 6.4

4 8 2.0

1 31 31.0

M onthsofInv. Inventory Sales

●

cityofkelowna DETACHED|MAY2023

TOTAL LISTINGS ▲ 10% VS 202

MONTHS OF INVENTORY 4.3 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 5% VS 202

▲ 12% VS 202

Therewere670 detachedlistingsin theCityofKelownain M ay,10% higherthan Apriland 10% aboveM ay2022.

M ay detached hom esalesincreased by 40% m onth-over-m onth,to155,and were12% aboveM ay 2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.3m onthsofinventoryfordetached hom esin M ay,reflecting selers'm arketconditions.

155 670

111 609

3% 8% -21% 40% 10%

138 611

-5% -5% -2% 12% 10%

$1,178,311 $1,065,000 4.3

$1,144,359 $990,000 5.5

$1,237,745 $1,126,000 4.4

Thedetachedm edian pricein M aywas$1,065,000,a8% increasefrom Apriland 5% below M ay2022.

Theaveragesold pricein M aywas$1,178,311 fordetached hom es,a3% increasefrom lastm onth and 5% below last year. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

739

771

749

748

714

670

641

611

609

590

551

507 513

155

138

121

111

107 77 101 90 82 80

53 38

$1,126,000 $1,100,000 $1,050,450

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

$1,005,000

$884,000

M ay-2022 Apr-2023 M ay-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

300

13.6

250

200

150

6.6

100

3.0

2.9 2.5

0 50

2.3

1.5 2.0

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

3 7 2.3

3 9 3.0

22 33 1.5

24 47 2.0

17 50 2.9

48 119 2.5

17 113 6.6

21 285 13.6

M onthsofInv. Inventory Sales

●

cityofkelowna TOWNHOME|MAY2023

TOTAL LISTINGS ▲ 9% VS 202

MONTHS OF INVENTORY 2.2 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 6% VS 202

▼ 4% VS 202

▲ 9% VS 202

Therewere186townhom elistingsin theCityofKelowna in M ay,3% lowerthan Apriland 9% aboveM ay2022.

M aytownhom esalesincreased by110% m onth-over-m onth,to84,and were9% aboveM ay2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere2.2m onthsofinventoryfortownhom esin M ay,reflecting selers'm arketconditions.

$751,179 $717,500 2.2 84 186

$677,585 $698,150 4.8 40 192

-54% 110% -3%

$802,181 $745,000 2.2 77 171

0% 9% 9%

Thetownhom em edian pricein M aywas$717,500,a3% increasefrom Apriland 4% below M ay2022.

11% 3%

-6% -4%

Theaveragesold pricein M aywas$751,179for townhom es,a11% increasefrom lastm onth and 6% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

200

197

204

200

202

200

192

186

171

164

155

151 146

42 39 39

31 32

22 25

$745,000 $692,500 $700,000 $736,750 $715,000

$717,500

$645,000

M ay-2022 Apr-2023 M ay-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

6.5

3.0 3.2

2.9 3.0

2.3

1.8

1.0 1.3 1.2

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

4 4 1.0

7 9 1.3

11 13 1.2

17 39 2.3

18 33 1.8

12 36 3.0

5 16 3.2

7 20 2.9

1 3 3.0

2 13 6.5

M onthsofInv. Inventory Sales

●

cityofkelowna CONDO|MAY2023

TOTAL LISTINGS ▲ 53% VS 202

MONTHS OF INVENTORY 3.1 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 5% VS 202

▼ 4% VS 202

▼ 15% VS 202

Therewere331condolistingsin theCityofKelownain M ay,5% higherthan Apriland 53% aboveM ay2022.

M aycondosalesincreased by5% m onth-over-m onth,to 107,and were15% below M ay2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere3.1m onthsofinventoryforcondosin M ay, reflecting selers'm arketconditions.

107 331

102 314

11% 5% 0% 5% 5%

126 217

5% -4% 80% -15% 53%

$545,047 $475,000 3.1

$492,563 $454,500 3.1

$520,580 $492,500 1.7

Thecondom edian pricein M aywas$475,000,a5% increasefrom Apriland 4% below M ay2022.

Theaveragesold pricein M aywas$545,047 forcondos,a 11% increasefrom lastm onth and 5% abovelastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

381

379

356

351

333

331

323 319

314

311

292

270

217

126

107

102 107

78 71

82 63

35 42

$492,500

$448,900 $471,500

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

$385,750

M ay-2022 Apr-2023 M ay-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

60 70

21.0

11.5

7.0

5.5

4.5

4.0

2.8

2.7

0 10

2.0

1.9 2.2 2.6

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

2 9 4.5

10 28 2.8

21 39 1.9

29 63 2.2

19 49 2.6

6 42 7.0

7 19 2.7

2 23 11.5

2 8 4.0

4 22 5.5

4 8 2.0

1 21 21.0

M onthsofInv. Inventory Sales

●

downtown kelowna DETACHED|MAY2023

TOTAL LISTINGS ▼ 8% VS 202

MONTHS OF INVENTORY 8.0 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 34% VS 202

▼ 27% VS 202

▼ 26% VS 202

Therewere112detachedlistingsin D owntown Kelownain M ay,23% higherthan Apriland 8% below M ay2022.

M ay detached hom esalesincreased by 27% m onth-over-m onth,to14,and were26% below M ay2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere8.0m onthsofinventoryfordetached hom esin M ay,reflecting balanced m arketconditions.

$936,286 $945,000 8.0 14 112

11 91

0.1% 15% -3% 27% 23%

$1,421,000 $1,288,000 6.4 19 122

-34% -27% 25% -26% -8%

$935,545 $825,000 8.3

Thedetachedm edian pricein M aywas$945,000,a15% increasefrom Apriland 27% below M ay2022.

Theaveragesold pricein M aywas$936,286 fordetached hom es,a0.1% increasefrom lastm onth and 34% below last year. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

154

150

126

122

117

118

112

102

75 79

16 13

11 14

11 12

12 6

7 4

$1,288,000

$1,170,000

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

$1,050,000

$980,000

$945,000

M ay-2022 Apr-2023 M ay-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

5.0

4.0

3.5

2.5

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

2 5 2.5

2 7 3.5

3 12 4.0

7 35 5.0

M onthsofInv. Inventory Sales

●

downtown kelowna TOWNHOME|MAY2023

TOTAL LISTINGS ▲ 31% VS 202

MONTHS OF INVENTORY 2.6 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 7% VS 202

▼ 4% VS 202

▲ 80% VS 202

Therewere47townhom elistingsin D owntown Kelownain M ay,4% lowerthan Apriland 31% aboveM ay2022.

M aytownhom esalesincreased by260% m onth-over-m onth,to18,and were80% aboveM ay2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere2.6m onthsofinventoryfortownhom esin M ay,reflecting selers'm arketconditions.

18 47

$746,160 $760,000 9.8 5 49

13% -0.3% -73% 260% -4%

10 36

7% -4% -28% 80% 31%

$840,439 $757,450 2.6

$784,452 $784,950 3.6

Thetownhom em edian pricein M aywas$757,450,a0.3% decreasefrom Apriland 4% below M ay2022.

Theaveragesold pricein M aywas$840,439for townhom es,a13% increasefrom lastm onth and 7% above lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

4 4 4

$830,000

$784,950

$707,450 $671,000

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

M ay-2022 Apr-2023 M ay-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

6.0

4.5

1.8

1.5

1.0 1.3

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 1 1.0

4 5 1.3

4 6 1.5

5 9 1.8

1 6 6.0

2 9 4.5

M onthsofInv. Inventory Sales

●

downtown kelowna CONDO|MAY2023

TOTAL LISTINGS ▲ 60% VS 202

MONTHS OF INVENTORY 3.7 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 8% VS 202

▼ 2% VS 202

▲ 7% VS 202

Therewere171condolistingsin D owntown Kelownain M ay,3% higherthan Apriland 60% aboveM ay2022.

M aycondosalesincreased by53% m onth-over-m onth,to 46,and were7% aboveM ay2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere3.7m onthsofinventoryforcondosin M ay, reflecting selers'm arketconditions.

$624,573 $527,500 3.7 46 171

$605,817 $541,500 5.5 30 166

3% -3% -33% 53% 3%

$575,749 $540,000 2.5 43 107

8% -2% 49% 7% 60%

Thecondom edian pricein M aywas$527,500,a3% decreasefrom Apriland 2% below M ay2022.

Theaveragesold pricein M aywas$624,573 forcondos,a 3% increasefrom lastm onth and 8% abovelastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

167

166 171

162

153 158

155 155

149

148

143

122

107

32 33

22 23

28 25

13 13

$540,000

$527,500

$480,000 $509,000

$470,000 $499,999

$398,800

M ay-2022 Apr-2023 M ay-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

20.0

16.0

7.7

7.0

5.0

4.5

4.3

3.0

2.5

2.3

1.6 0.9

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

2 9 4.5

5 8 1.6

9 8 0.9

4 20 5.0

7 21 3.0

3 23 7.7

6 15 2.5

1 20 20.0

1 7 7.0

4 17 4.3

3 7 2.3

1 16 16.0

M onthsofInv. Inventory Sales

●

westkelowna DETACHED|MAY2023

TOTAL LISTINGS ▲ 26% VS 202

MONTHS OF INVENTORY 4.0 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 12% VS 202

▲ 0.7% VS 202

▼ 7% VS 202

Therewere270 detachedlistingsin W estKelownain M ay, 7% higherthan Apriland 26% aboveM ay2022.

M ay detached hom esalesincreased by 42% m onth-over-m onth,to68,and were7% below M ay2022.

THISMONTH No. $1,282,575 $1,007,000 4.0 68 270

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.0m onthsofinventoryfordetached hom esin M ay,reflecting selers'm arketconditions.

$1,044,857 $896,000 5.3 48 253

23% 12% -25% 42% 7%

$1,148,168 $1,000,000 2.9 73 214

12% 0.7% 35% -7% 26%

Thedetachedm edian pricein M aywas$1,007,000,a12% increasefrom Apriland 0.7% aboveM ay2022.

Theaveragesold pricein M aywas$1,282,575 fordetached hom es,a23% increasefrom lastm onth and 12% abovelast year. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

301

292

284

278

270

261

253

230

226

214

187

178

172

42 35 43 37 33 34

24 22

$1,000,000

$1,007,000

$900,000

$841,500

$832,500

$799,450 $859,000

M ay-2022 Apr-2023 M ay-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

6.5

5.4

4.0

3.6

3.3

3.1

2.6

1.3

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 4 4.0

7 9 1.3

8 26 3.3

11 29 2.6

7 25 3.6

10 31 3.1

11 59 5.4

13 85 6.5

M onthsofInv. Inventory Sales

●

westkelowna TOWNHOME|MAY2023

TOTAL LISTINGS ▲ 18% VS 202

MONTHS OF INVENTORY 1.8 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 5% VS 202

▼ 2% VS 202

▲ 123% VS 202

Therewere53townhom elistingsin W estKelownain M ay, 26% lowerthan Apriland 18% aboveM ay2022.

M aytownhom esalesincreased by16% m onth-over-m onth, to29,and were123% aboveM ay2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere1.8m onthsofinventoryfortownhom esin M ay,reflecting selers'm arketconditions.

29 53

25 72

-7% -10% -36% 16% -26%

13 45

-47% 123% 18%

$673,534 $685,000 1.8

$724,832 $757,000 2.9

$705,862 $699,900 3.5

Thetownhom em edian pricein M aywas$685,000,a10% decreasefrom Apriland 2% below M ay2022.

-5% -2%

Theaveragesold pricein M aywas$673,534for townhom es,a7% decreasefrom lastm onth and 5% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

60 61

10 12

6 5 5

$795,000

$737,500

$699,900

$675,000

$670,000 $685,000

$560,000

M ay-2022 Apr-2023 M ay-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

4.0

3.5

1.8

1.1

0.7 0.8

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

3 2 0.7

6 5 0.8

8 9 1.1

9 16 1.8

2 7 3.5

1 4 4.0

M onthsofInv. Inventory Sales

●

westkelowna CONDO|MAY2023

TOTAL LISTINGS ▲ 89% VS 202

MONTHS OF INVENTORY 3.2 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 9% VS 202

▼ 3% VS 202

▲ 0% VS 202

Therewere70condolistingsin W estKelownain M ay,11% lowerthan Apriland 89% aboveM ay2022.

M aycondosalesincreased by5% m onth-over-m onth,to 22,and wereaboutthesam easM ay2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere3.2m onthsofinventoryforcondosin M ay, reflecting selers'm arketconditions.

22 70

21 79

21% 11% -15% 5% -11%

22 37

9% -3% 89% 0% 89%

$522,536 $460,000 3.2

$433,138 $415,000 3.8

$478,864 $475,000 1.7

Thecondom edian pricein M aywas$460,000,a11% increasefrom Apriland 3% below M ay2022.

Theaveragesold pricein M aywas$522,536 forcondos,a 21% increasefrom lastm onth and 9% abovelastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

21 22

15 17

12 10

10 11

4 6

$475,000 $485,000 $485,000 $466,875 $500,000 $477,500 $460,000

M ay-2022 Apr-2023 M ay-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

7.5

5.0

2.2

2.0

1.0 1.0 1.0

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 5 5.0

2 15 7.5

11 24 2.2

2 15 7.5

3 3 1.0

1 1 1.0

1 2 2.0

M onthsofInv. Inventory Sales

●

kelownam arket AREAS*

● DOWNTOWN KELOWNA ● + ● CITYOFKELOWNA ● WESTKELOWNA

* CityofKelownaand CityofW estKelowna,astheyappearon thism ap,arebased on m unicipalboundaries.

Copyright© 2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpark,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJune 1,2023.Aldatafrom As ociationofInteriorRealtors& rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom panies doesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation. Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym ay bewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

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13 Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of June 11, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 18

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