the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR 19 SUB-MARKETS IN THE CENTRAL OKANAGAN
published December 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 December 9, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
heading into a new year on a new footing Sales in the Central Okanagan showed signs of strength for the second consecutive month, buoyed by lower mortgage rates and home prices. This trend will continue into the new year, while elevated inventory will mitigate upward pressure on prices.
was down 3.7% (to $726k), while detached homes saw a modest gain of 1.6% (to $1.01 million). Going forward, elevated inventory should cushion upward pressure on prices as a result of increasing sales. Finally, the Bank of Canada’s decision to cut its key policy rate by another 50 basis points on December 11th should inject further confidence into the housing market. Considering variable rate mortgage financing, we estimate that the Bank’s 175 basis points worth of interest rate cuts since June have increased purchasing power by about 19%. At the same time, new CMHC mortgage rules (effective December 15th) will allow buyers to put lower down payments and access lower insured mortgage rates on homes up to $1.5 million, which should further stimulate demand. With sales activity already on a different trajectory this fall and affordability conditions set to improve further, the Central Okanagan real estate market is heading into the new year on a new footing.
Sales in the Central Okanagan showed signs of strength again in November, further evidence that buyer confidence has improved in response to lower interest rates and improved affordability conditions. There were 282 MLS sales across the region last month, up 26% from November 2023 and the second consecutive month where sales were higher than the same month last year (October sales were up 37% from October 2023). This two month trend of large double-digit year-over- year sales gains is quite notable considering that, prior to October, sales had been down for eight consecutive months. What’s more, the fact that the same pattern has occurred in other major BC markets is evidence of a broader recovery in sales activity. The Vancouver Region has also seen two consecutive months of year-over-year sales increases, while the Greater Victoria market has seen monthly sales trending higher than 2023 levels since July (see this brief
article with six simple charts highlighting how sales have improved in Kelowna, Vancouver, and Victoria this fall). That said, some additional context is warranted. Though all major BC markets have seen a similar trend of rising sales this fall, the Central Okanagan has further to catch up given how slow the market has been this year. Sales in November were still 17% below their prior 10-year November average versus a 14% deficit in the Vancouver Region and a 0.3% gain in Greater Victoria. Those buyers who have stepped back into the market in recent months have benefitted from a more than decade-high in inventory, which has expanded options and put downward pressure on prices. There were 2,423 active listings at the end of November, 41% above the prior 10-year November average (of 1,720) and the highest for the month of November since 2013 (2,549). The benchmark condo price was down 4.5% year-over-year (to $477k) and the benchmark townhome price
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 December 9, 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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This 7-acre cherry orchard boasts a 6,350 SF custom craftsman home with 5 beds, 7 baths, 1,222 SF of outdoor living, and a 1,255 SF garage. Enjoy stunning lake and mountain views from this private 2007 masterpiece, crafted with no expense spared. Highlights include a gourmet kitchen with commercial-grade appliances, solid wood windows, and a concrete tile roof, designed for seamless indoor-outdoor entertaining.
Rob Breckwoldt PERSONAL REAL ESTATE CORPORATION 778.990.0866 rbreckwoldt@rennie.com rennie.com/robbreckwoldt
HOUSE FOR SALE $437,500 | SUMMERLAND RURAL
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Quality custom built 3 bedroom, 3 bathroom home situated in Sherwood Park - a gated, private, manufactured home park in Summerland. Over 2300 sq. ft. with open concept kitchen, dining and living room, gas fireplace, recreation room, insulated workshop area with it’s own private entrance, 2 carport spaces, covered patio, generous sized yard area and shed for gardening tools.
Patrick Murphy REAL ESTATE ADVISOR 250.486.2529 pmurphy@rennie.com rennie.com/patrickmurphy
BERTRAM $699,900 | DOWNTOWN KELOWNA 1405 - 1488 Bertram Street 2 Bed, 2 Bath, 780 SF
Bertram offers premier downtown Kelowna living, crafted by Mission Group. This 14th-floor 2 Bed, 2 Bath, 780 SF home with a 95 SF covered patio blends quality, style, and community. Enjoy rooftop fire-pits, a pool, and panoramic views, plus a fitness room, community garden, and pet- friendly amenities. With bike paths, vibrant surroundings, and transit just three blocks away, Bertram is perfectly situated for your active lifestyle.
Rob Breckwoldt PERSONAL REAL ESTATE CORPORATION 778.990.0866 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 December 9, 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 - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 10.1 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2023
▲ 11% VS 2023
▼ 10% VS 2023
▼ 4% VS 2023
There were 1,347 detached listings in the Central Okanagan in November, 15% below October and 9% higher than November 2023. November detached home sales decreased by 22% month-over-month, to 133, and were 11% above November 2023. The months of inventory for detached in the Central Okanagan, at 10.1, reflected a buyers' market. The detached median price in November was $930,000, a 4% decrease from October and 4% below November 2023. The average sold price was $1,056,055, 5% below last month and down 10% to November 2023.
THIS MONTH No. $1,056,055 $930,000 10.1 133 1,347
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,171,979 $967,500 10.3 120 1,241
-10% -4% -2% 11% 9%
$1,115,319 $967,000 9.3 170 1,585
-22% -15%
-5% -4% 9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
63
1,852
1,837
1,830
1,806
1,540
1,689
1,585
1,345
1,347
1,241
48
46
1,073
1,014
970
195
200
190
164
170
150
125
106
88
86
133
120
198
$990K
$993K
$988K
$968K
$964K
$967K
$953K
$960K
$947K
$930K
$925K
$927K
$880K
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
24+
400
19.4
17.0
300
11.0
200
5.1
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
78 398 5.1
40 441 11.0
7 257 36.7
5 97 19.4
3 51 17.0
0 14 n/a
0 22 n/a
0 28 n/a
0 9 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 December 9, 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 - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 7.5 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 13% VS 2023
▲ 38% VS 2023
▼ 4% VS 2023
▼ 3% VS 2023
There were 385 townhome listings in the Central Okanagan in November, 9% below October and 13% higher than November 2023. November townhome sales decreased by 7% month-over-month, to 51, and were 38% above November 2023. The months of inventory for townhomes in the Central Okanagan, at 7.5, reflected a balanced market. The townhome median price in November was $640,000, a 7% decrease from October and 3% below November 2023. The average sold price was $672,890, 5% below last month; the average PSF sale price was $427, up 2.0% 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
$427 $672,890 $640,000 7.5 51 385
$414 $704,523 $660,000 9.2 37 340
3% -4% -3% -18% 38% 13%
$419 $710,340 $685,000 7.7 55 424
2% -5% -7% -2% -7% -9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
53
424
458
454
452
442
372
416
385
392
45
340
335
308
40
295
77
74
65
59
55
53
40
30
28
51
37
60
46
$718K
$700K
$705K
$705K
$679K
$685K
$670K
$676K
$662K
$660K
$660K
$655K
$640K
Nov-23
Oct-24
Nov-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.
80
21.5
2
4+ bdrms
58
60
15.3
15.0
29
3 bdrms
11.3
212
40
9.3
20
5.8
2 bdrms
20
111
3.2
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 4 61 15.3 3 34 11.3 2 43 21.5 1 15 15.0 0 17 n/a 19 60 3.2 14 81 5.8 8 74 9.3
4
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 December 9, 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 - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 7.0 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 0.9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2023
▲ 11% VS 2023
▲ 15% VS 2023
▲ 53% VS 2023
There were 665 condo listings in the Central Okanagan in November, 5% below October and 15% higher than November 2023. November condo sales increased by 4% month-over-month, to 95, and were 53% above November 2023. The months of inventory for condos in the Central Okanagan, at 7.0, reflected a balanced market. The condo median price in November was $454,900, a 3% increase from October and 11% above November 2023. The average sold price was $495,826, 0.4% above last month; the average PSF sale price was $510, up 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
$510 $495,826 $454,900 7.0 95 665
$506 $449,274 $410,000 9.3 62 578
0.9% 10% 11% -25% 53% 15%
$492 $494,075 $440,000 7.7 91 697
4% 0.4% 3% -9% 4% -5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
741
49
795
697
680
758
750
665
707
687
578
584
38
497
490
36
125
113
109
91
65
55
43
95
62
98
85
85
77
$500K
$475K
$455K
$455K
$450K
$450K
$448K
$449K
$439K
$440K
$430K
$430K
$410K
Nov-23
Oct-24
Nov-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+
4+ bdrms
250
9
200
13
14.9
14.0
3 bdrms
150
80
10.4
100
57
5.9
2 bdrms
4.6
411
50
0
25
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 0 8 n/a 32 146 4.6 48 283 5.9 8 119 14.9 5 52 10.4 1 14 14.0 0 11 n/a 1 32 32.0
<2 bdrms
165
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 December 9, 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 - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 9.9 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 15% VS 2023
▲ 2% VS 2023
▼ 7% VS 2023
▼ 6% VS 2023
There were 822 detached listings in the City of Kelowna in November, 12% below October and 15% higher than November 2023. November detached home sales decreased by 25% month-over-month, to 83, and were 2% above November 2023. The months of inventory for detached in the City of Kelowna, at 9.9, reflected a buyers' market. The detached median price in November was $930,000, a 8% decrease from October and 6% below November 2023. The average sold price was $1,058,113, 12% below last month and down 7% to November 2023.
THIS MONTH No. $1,058,113 $930,000 9.9 83 822
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,140,772 $985,000 8.8 81 712
-7% -6% 13% 2% 15%
110 935
-12% -8% 17% -25% -12%
$1,200,084 $1,010,000 8.5
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,082
55
1,077
1,069
1,052
906
978
935
791
48
822
712
42
636
599
567
124
115
110
100
97
94
74
67
56
54
83
81
109
$1.06M
$1.05M $1.00M
$1.00M
$985K $1.00M
$964K $997K $1.02M $1.01M
$950K
$930K
$908K
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
300
24+
24+
250
200
16.0
150
10.4
100
4.1
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
48 199 4.1
27 280 10.4
4 184 46.0
2 61 30.5
2 32 16.0
0 8 n/a
0 13 n/a
0 18 n/a
0 8 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 December 9, 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 - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 8.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 0.1% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2023
▲ 30% VS 2023
▼ 12% VS 2023
▼ 10% VS 2023
There were 247 townhome listings in the City of Kelowna in November, 8% below October and 10% higher than November 2023. November townhome sales decreased by 21% month-over-month, to 30, and were 30% above November 2023. The months of inventory for townhomes in the City of Kelowna, at 8.2, reflected a buyers' market. The townhome median price in November was $637,450, a 7% decrease from October and 10% below November 2023. The average sold price was $657,403, 9% below last month; the average PSF sale price was $425, 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
$425 $657,403 $637,450 8.2 30 247
$424 $746,043 $709,000 9.7 23 224
0.1% -12% -10% -15% 30% 10%
$416 $719,824 $687,450 7.1 38 268
2% -9% -7% 17% -21% -8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
56
268
264
291
289
283
247
281
51
247
263
210
224
48
217
195
60
59
39
38
34
20
18
30
45
42
42
23
27
$709K
$708K
$709K
$700K
$689K
$687K
$672K
$675K
$673K
$678K
$664K
$652K
$637K
Nov-23
Oct-24
Nov-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
24+
4+ bdrms
35
40
17
30
3 bdrms
13.3
12.8
144
10.0
20
13
5.4
2 bdrms
65
10
3.1
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 4 51 12.8 3 40 13.3 0 22 n/a 1 29 29.0 1 10 10.0 0 9 n/a 12 37 3.1 9 49 5.4
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 December 9, 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 - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 5.9 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.6% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2023
▲ 12% VS 2023
▲ 11% VS 2023
▲ 95% VS 2023
There were 463 condo listings in the City of Kelowna in November, 6% below October and 11% higher than November 2023. November condo sales increased by 15% month-over-month, to 78, and were 95% above November 2023. The months of inventory for condos in the City of Kelowna, at 5.9, reflected a balanced market. The condo median price in November was $442,450, a 3% decrease from October and 12% above November 2023. The average sold price was $471,326, 9% below last month; the average PSF sale price was $512, up 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
$512 $471,326 $442,450 5.9 78 463
$504 $439,950 $394,500 10.4 40 416
1.6% 7% 12% -43% 95% 11%
$495 $517,248 $456,930 7.2 68 490
4% -9% -3% -18% 15% -6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
570
564
49
601
512
581
526
516
463
490
416
417
36
36
358
356
103
91
88
68
50
78
37
31
40
75
69
65
58
$537K
$475K
$458K
$455K
$457K
$450K
$442K
$442K
$440K
$434K
$430K
$421K
$395K
Nov-23
Oct-24
Nov-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.
200
24+
24+
4+ bdrms
2
19.0
150
6
3 bdrms
13.0
55
100
48
50
2 bdrms
4.5
3.8
291
0
24
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 0 4 n/a 27 103 3.8 44 199 4.5 4 76 19.0 1 30 30.0 1 13 13.0 0 9 n/a 1 29 29.0
<2 bdrms
115
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 December 9, 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 - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 10.8 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 11% VS 2023
▼ 6% VS 2023
▼ 7% VS 2023
0.0% VS 2023
There were 269 detached listings in the City of West Kelowna in November, 19% below October and no change to November 2023. November detached home sales decreased by 38% month-over-month, to 25, and were 7% below November 2023. The months of inventory for detached in the City of West Kelowna, at 10.8, reflected a buyers' market. The detached median price in November was $940,000, a 5% increase from October and 11% above November 2023. The average sold price was $966,060, 6% above last month and down 6% to November 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
$966,060 $940,000 10.8 25 269
$1,027,037 $850,000 10.0 27 269
-6% 11% 8% -7% 0%
$912,505 $895,000 8.3 40 332
6% 5% 30% -38% -19%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
65
387
427
414
344
387
332
383
293
269
50
269
230
205
205
35
61
60
47
45
40
36
29
25
21
18
27
52
25
$940K
$932K
$910K
$893K
$895K
$880K
$870K
$875K
$859K
$850K
$850K
$820K
$815K
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
100
19.5
80
60
11.5
40
6.6
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
15 99 6.6
8 92 11.5
2 39 19.5
0 15 n/a
0 10 n/a
0 2 n/a
0 5 n/a
0 3 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 December 9, 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 - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 6.6 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 18% VS 2023
▲ 100% VS 2023
▼ 1.2% VS 2023
There were 53 townhome listings in the City of West Kelowna in November, 16% below October and 18% higher than November 2023. November townhome sales decreased by 11% month-over-month, to 8, and were 100% above November 2023. The months of inventory for townhomes in the City of West Kelowna, at 6.6, reflected a balanced market. The townhome median price in November was $631,000, a 22% decrease from October and 4% above November 2023. The average sold price was $647,350, 9% below last month; the average PSF sale price was $415, up 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
$415 $647,350 $631,000 6.6 8 53
$424 $655,475 $604,000 11.3 4 45
-2% -1.2% 4% -41% 100% 18%
$383 $709,822 $805,000 7.0 9 63
8% -9% -22% -5% -11% -16%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
70
60
63
70
69
69
59
66
56
53
45
47
43
39
40
39
9
8
8
8
8
6
4
4
8
3
4
7
7
$816K
$805K
$765K
$760K
$742K
$723K
$714K
$699K
$684K
$673K
$655K
$631K
$604K
Nov-23
Oct-24
Nov-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
14
4+ bdrms
8
12
10
3
3 bdrms
8
23
6
4.3
4.0
5
4
2 bdrms
2.3
22
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 15 15.0 0 7 n/a 1 4 4.0 0 4 n/a 0 3 n/a 3 7 2.3 3 13 4.3
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 December 9, 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 - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 14.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 19% VS 2023
▲ 47% VS 2023
▼ 3% VS 2023
▼ 27% VS 2023
There were 116 condo listings in the City of West Kelowna in November, 0.9% above October and 47% higher than November 2023. November condo sales decreased by 50% month-over-month, to 8, and were 27% below November 2023. The months of inventory for condos in the City of West Kelowna, at 14.5, reflected a buyers' market. The condo median price in November was $416,000, a 1.5% increase from October and 3% below November 2023. The average sold price was $520,663, 23% above last month; the average PSF sale price was $467, up 0.8% 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
$467 $520,663 $416,000 14.5 8 116
11 79
102% -27% 47%
$463 $422,913 $410,000 7.2 16 115
0.8% 23% 1.5% 102% -50% 0.9%
$441 $438,590 $430,000 7.2
6% 19% -3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 116 115
62
97
97
90
55
55
83
77
79
80
80
80
68
66
20
16
16
9
9
8
7
7
5
11
8
13
11
$582K
$467K
$465K
$455K
$439K
$440K
$430K
$433K
$416K
$410K
$410K
$400K
$350K
Nov-23
Oct-24
Nov-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
4+ bdrms
50
40
1
3 bdrms
4
30
20
7
5.8
2 bdrms
81
10
2.0
0
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 4 23 5.8 2 62 31.0 0 27 n/a 2 4 2.0
<2 bdrms
31
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 December 9, 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 - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 19.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 51% VS 2023
▲ 50% VS 2023
▼ 75% VS 2023
▼ 75% VS 2023
There were 59 detached listings in Peachland in November, 17% below October and 51% higher than November 2023. November detached home sales decreased by 50% month-over-month, to 3, and were 50% above November 2023. The months of inventory for detached in the Peachland, at 19.7, reflected a buyers' market. The detached median price in November was $878,000, a 3% decrease from October and 75% below November 2023. The average sold price was $872,000, 12% below last month and down 75% to November 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
$872,000 $878,000 19.7 3 59
$3,525,000 $3,525,000 19.5 2 39
-75% -75% 0.9% 50% 51%
$990,833 $905,000 11.8 6 71
-12% -3% 66% -50% -17%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
81
159
75
71
70
75
73
59
44
53
39
34
100
33
33
10
7
6
6
6
5
3
3
3
68
1
1
2
3
$3.53M
$2.70M
$1.15M
$1.09M $1.03M $1.23M
$888K
$900K
$905K
$850K
$878K
$818K
$780K
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
25
7.7
20
15
10
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
3 23 7.7
0 17 n/a
0 11 n/a
0 4 n/a
0 2 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 December 9, 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 - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 8.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 13% VS 2023
▲ 4% VS 2023
▲ 114% VS 2023
▼ 9% VS 2023
There were 130 detached listings in Lake Country in November, 19% below October and 9% lower than November 2023. November detached home sales increased by 36% month-over-month, to 15, and were 114% above November 2023. The months of inventory for detached in the Lake Country, at 8.7, reflected a buyers' market. The detached median price in November was $1,206,000, a 30% increase from October and 4% above November 2023. The average sold price was $1,454,433, 33% above last month and up 13% to November 2023.
THIS MONTH No. $1,454,433 $1,206,000 8.7 15 130
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,292,143 $1,160,000 20.4 7 143
-58% 114% -9%
$1,092,491 $930,000 14.5 11 160
33% 30% -40% 36% -19%
13% 4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
175
64
63
165
186
160
181
180
145
143
152
53
130
114
110
104
22
18
15
14
13
12
11
9
9
8
7
15
7
$1.23M
$1.21M
$1.16M
$1.16M $1.15M
$1.00M
$995K
$995K
$973K
$926K
$930K
$811K
$792K
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
18.0
40
30
8.6
20
6.6
6.0
4.7
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
5 33 6.6
5 43 8.6
1 18 18.0
3 14 4.7
1 6 6.0
0 3 n/a
0 3 n/a
0 4 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 December 9, 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 - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 4.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 40% VS 2023
▲ 30% VS 2023
▲ 14% VS 2023
▲ 33% VS 2023
There were 33 townhome listings in Lake Country in November, 3% below October and 14% higher than November 2023. November townhome sales increased by 167% month-over-month, to 8, and were 33% above November 2023. The months of inventory for townhomes in the Lake Country, at 4.1, reflected a sellers' market. The townhome median price in November was $707,500, a 19% increase from October and 30% above November 2023. The average sold price was $726,750, 19% above last month; the average PSF sale price was $407, down 13% 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
$407 $726,750 $707,500 4.1 8 33
$382 $520,300 $544,950 4.8 6 29
7% 40% 30% -15% 33% 14%
$471 $611,667 $595,000 11.3 3 34
-13% 19% 19% -64% 167% -3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
45
35
33
34
34
29
42
33
32
26
28
25
25
23
18
11
8
8
6
6
7
3
3
3
3
5
5
15
$789K
$776K
$719K
$708K
$705K
$658K
$640K
$641K
$635K
$615K
$595K
$545K
Nov-23
Oct-24
Nov-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.
10
7.0
2
4+ bdrms
5
8
5.0
5
4.0
6
3 bdrms
25
4
2.0
1
2 bdrms
1.0
3
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
2 2 1.0
2 10 5.0
2 4 2.0
1 7 7.0
0 2 n/a
1 4 4.0
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 December 9, 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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