the Kelowna rennie advance | November 2023

the rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE CENTRAL OKANAGAN

published November 2023

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in the Central Okanagan. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO

03 SALES

04 NEW LISTINGS

05 INVENTORY

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

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Copyright © November 2, 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 November 2, 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 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2

highlights • Therewere262 M LS salesin theCentralO kanagan in O ctober;though thiswasup 4% from Septem ber’s253 sales,itwasthesecond-lowestm onthlytotalsinceFebruary.Saleswere41% below thelong-run O ctoberaveragedespitebuckingtheusualseasonaltrend ofa6% declinein salesbetw een Septem berand O ctober. • Com pared toSeptem ber,lastm onth’ssalesoftownhom esand condoswereup by13% and 6%, respectively;fordetached hom es,salesdipped by 0.7% . • ThecountofO ctober’ssalesofdetached hom eswashigherthan in O ctober2022 by0.7%,while thoseoftownhom esand condoswerelowerby9% and 19%,respectively.

CENTRALOKANAGAN THERENNIEADVANCE sales

OCTOBER 2023

500

+ 1% vsOct2022

400

300

227 10 yrOctAvg

200

DETACHED sales

100

135

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 41% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

- 9% vsOct2022

200

150

86 10 yrOctAvg

100

TOWNHOME sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 41% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

- 19% vsOct2022

300

250

200

112 10 yrOctAvg

150

100

CONDO sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 32% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

Copyright© Novem ber2,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber2,2023.Aldatafrom As ociationof InteriorREALTORS® & Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientofthe inform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom a rennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere738 new listingsin O ctober,which wasa22% decreasecom pared with Septem ber. Even though thism onthlychangewasan exaggerated version ofthetypical Septem ber-to-O ctoberdecreaseof12%,lastm onth’snew listingswerestil 13% higherthan the past-decadeO ctoberaverage(of650),and were2% higherthan oneyearago. • On am onth-over-m onth basis,new listingsforal hom etypeswerelower:new detached listingswere down by24% (to421),new townhom elistingsweredown by33% (to122),and new condolistings weredown by10% (to195). • O ctober’snew listingswerehigherthan oneyearearlierfordetached hom esby3% and condosby 11%,whilenew listingsfortownhom eswere13% below lastO ctober’scount.

CENTRALOKANAGAN THERENNIEADVANCE new listings

OCTOBER 2023

800

+ 3% vsOct2022

700

600

500

400

349 10 yrOctAvg

421

300

200

DETACHED new listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100

+ 21% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

- 13% vsOct2022

300

250

200

121 10 yrOctAvg

150

100

122

TOWNHOME new listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 1% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

+ 10.8% vsOct2022

300

250

200

195

156 10 yrOctAvg

150

100

CONDO new listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 25% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

●

highlights • Therewere2,386 activeM LS listingslastm onth— a3% decreasefrom Septem ber.Thisdecline w asles than thetypicalseasonal5% shrinkagein totallistings,w ith end-of-m onth listingssit ing 15% abovethepast-decadeO ctoberaverage(of2,083)and 18% higherthan oneyearago. • O n am onth-over-m onth basis,inventoryforal hom etypeswaslower:detached inventorywas downby3%,townhom einventorywasdown4%,andcondoinventorywasdown0.5%.On a year-over-yearbasis,detached,townhom e,and condo inventorieswereal higher— by22% ,11% , and 16% ,respectively. • O veral m arketconditionsfavoured buyersin O ctober,with 9.1 m onthsofinventory(M O I).The detached and townhom esegm entseach favoured buyers,with M O Isof10.6 and 8.0,respectively, whilethecondosegm entwasbalanced,with an M OIof7.1.

CENTRALOKANAGAN THERENNIEADVANCE inventory

OCTOBER 2023

+ 22% vsOct2022

1,000 1,250 1,500 1,750 2,000

1,435

1,152 10 yrOctAvg

250 500 750

DETACHED inventory

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 25% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

600

+ 11% vsOct2022

500

400

408

300

346 10 yrOctAvg

200

TOWNHOME inventory

100

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 1% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

800

+ 15.8% vsOct2022

700

600

500

543

400

484 10 yrOctAvg

300

200

CONDO inventory

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100

+ 12% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

●

highlights • O n am onth-over-m onth basis,theCentralO kanagan saw an increasein m edian sold pricesof8% (averaged acros hom etypes).Each hom etype’sm edian sold priceincreased in O ctoberversus Septem ber:fordetached hom esthem edian sold pricewasup 8%,fortownhom esitwasup 10%, andforcondositwasup6%. • O n ayear-over-yearbasis,m edian sold priceswerehigherby3% ,on average,acros types.In O ctober,them edian sold pricefordetached hom eswaslowerby2% com pared tothatofO ctober 2022,whilethatoftownhom eswas8% higherand thatofcondoswas4% higher. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

OCTOBER 2023

$1,200,000

Central Okanagan

$1,000,000

$910,000

$800,000

$600,000

- 2% vsOct2022

$400,000

DETACHED median salesprice

$200,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● October

$1,000,000

Central Okanagan

$800,000

$715,000

$600,000

$400,000

+ 8% vsOct2022

TOWNHOME median salesprice

$200,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● October

$600,000

Central Okanagan

$500,000

$488,000

$400,000

$300,000

+ 4% vsOct2022

$200,000

CONDO median salesprice

$100,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● October

●

The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to help them achieve their goals. the data behind rennie

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