neighbourhood-level real estate insights, meet Kelowna In appreciation of Kelowna’s growing size and reputation, rennie is pleased to present an expansion to the Kelowna rennie review. Real estate advisors and clients will benefit from new statpages breaking down activity in 18 additional sub-markets across the region.
relative to May 2023 was among the highest of any sub-region (+58%) and the decline in sales was the sharpest (down 77%). The lakeside community of Peachland and the urban Kelowna North neighbourhood saw a similar trend with listings up significantly year-over-year alongside a sharp drop in sales. Both markets were firmly in buyers’ market territory with MOIs of 22.7 and 20.3, respectively. Supply-demand conditions for townhomes were considerably tighter than detached homes in May with a region-wide MOI of 5.5 (versus 8.5 for detached and 6.0 for condos). However, of the 9 sub-regional townhome markets that we cover, 6 were sellers’ markets with MOIs ranging from 1.9 (Glenmore) to 3.8 (Rutland). Activity in the area encompassing North Glenmore, Wilden, and McKinley Landing was the most dynamic with a 220% increase in townhome listings year-over-year versus a 125% increase in sales, resulting in an MOI of 3.6. The commentary above is just scratching the surface on the insights that can be gathered from the expanded Kelowna rennie review. The new statpages offer advisors and their clients a new tool that will expand market transparency and hopefully facilitate smoother, more educated, and more confident real estate transactions. But for all its benefits, the latest expansion is still missing coverage of one unique home type— and perhaps the Okanagan’s most sought-after. Stay tuned for our July edition for more details.
The Kelowna census metropolitan area (CMA) has seen tremendous growth in recent decades, attracting new residents for its weather, lifestyle, and its increasingly diverse economy. Between 2014 and 2023, the region welcomed nearly 54,000 residents for a total growth of 28%, the highest of any CMA in Canada. In appreciation of the region’s growing reputation (and size), rennie is pleased to present an expanded Kelowna rennie review including detailed statistics on 18 new sub- regions. Buyers, sellers, and real estate advisors can now find neighbourhood-level sales, listings, and pricing trends for homes ranging from slopeside getaways at Big White, to estates in beloved Lower Mission, to investment properties in the University District. In aggregate, the Central Okanagan market remained slow in May with 398 MLS sales, 26% below the past decade May average of 540 sales. That said, this was the highest monthly sales count this year and a 5% increase from April, a sign of improving momentum. Slower sales and elevated new listings helped buoy inventory higher to 2,849 active listings. This was the
highest level since May 2014 (2,898 listings) and 37% above the prior 10-year May average (2,087 listings). The new statpages allow us to drill down beyond the high-level market figures for a more nuanced view of the region’s broad and diverse housing market—and the results are quite interesting. For example, the suburban neighbourhood of Glenrosa in West Kelowna was the tightest market for detached homes (and the only in sellers’ market territory) with 3.9 months of inventory (MOI) in May. Inventory here was up 68% year-over-year versus 46% across the Central Okanagan, and sales were up 33% versus a 23% decline in the region. Activity in Upper Mission, though balanced with an MOI of 5.0, saw the biggest April-to-May jump in detached sales of any neighbourhood by 10 to 27 (+59%). In contrast, detached home sales across the Central Okanagan increased just 2% month- over-month. The charming countryside neighbourhood of South East Kelowna offered prospective buyers the most detached home options with an MOI of 23.7 in May. The increase in active listings here
3 Copyright ©️ June 10, 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of June 10, 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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