finding that dream waterfront home just got easier We continue our expansion of the Kelowna rennie review with the addition of a new stats page offering tailored insights into the region’s most desirable homes: those on the shores of Okanagan Lake.
the prior 10-year average at the end of June versus 22% in the Vancouver Region and 19% in Greater Victoria. That lighter pace of sales has given the local housing market some room to breathe after a few years of considerably tight supply conditions. In fact, inventory in June eclipsed the 3,000-mark for the first time in nearly 11 years to reach 3,148 active MLS listings at month-end. This was 42% above the prior 10-year June average (of 2,214) and the highest level since August 2013 when there were 3,185 active listings. Unlike other major markets in BC where elevated condo listings dominate the inventory landscape, all home types saw inventory levels relatively in line at between 41-44% above their prior 10-year June average. With the Bank of Canada reducing its key policy rate by 25 basis points at the beginning of June, the descent towards more affordable borrowing costs has officially commenced. A few more rate cuts should blow some wind in the sails of lagging sales activity, and buyers will have more options than they’ve had in a long time when they feel ready to step back into the market.
Even amidst the competitive field of stunning places throughout Canada, the Central Okanagan asserts itself as one of the most desirable. From Peachland in the south to Lake Country in the north, the region is admired for its world-class vineyards, ski hills, and golf courses, all of which encompass the striking blue waters of Okanagan Lake. With unrivaled access to the region’s most prized asset, waterfront living represents the pinnacle of the Okanagan lifestyle. As such, we’re excited to release our new Waterfront stats page (see page 50) highlighting sales, listings, and pricing for the region’s most sought-after homes. To do this, we’ve studied the east and west shores of the lake to determine which homes meet our criteria for true waterfront living. Direct access to the beach? Check. Private dock on a private beach? Even better.
There were 4 sales of detached waterfront homes in June, which was flat month-over- month, and down 64% from June of last year. Meanwhile, active listings climbed 38% year-over-year to 77 at the end of June. With summer in full swing, buyers have plenty of options to consider when searching for their dream lakeside home. The addition of the Waterfront stats page builds on a major update last month that saw new stats pages added for 18 submarkets across the Central Okanagan. There were 355 MLS sales in June across the entire region, a 12% decline month-over-month, which was about 3 times greater than the typical 4% May-to-June decline. Sales were down 32% from the prior 10-year June average (of 521) and, so far through 2024, activity in the Central Okanagan has been the most challenged among major BC markets. Year-to-date sales were 31% below
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 July 8, 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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