the kelowna rennie advance | February 2025

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

published February 2025

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 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

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

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

rmelzer@rennie.com

Copyright © 2025 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 February 5, 2025. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therew ere229 M LS salesin theCentralO kanagan in January,a32% increaserelativeto January 2024.Thiswasthefourth consecutivem onth wheresaleswerehigherthan thesam em onth in the prioryear. • Townhom esaleswereup them ostrelativetothepriorJanuary(+43%,to43),folowed by detached hom esales(+38%,to119)and condosales(+18%,to65). • Totalsaleswerejust4% below theprior10-yearJanuaryaverageof239.Thiswastheclosestthat saleshavebeen to theirm onthlyaveragesinceApril2022.D etached hom esaleswereclosestto theirlong-run m onthlyaverage(-1.2%),folowed bytownhom es(-4%)and condos(-10%).

CENTRALOKANAGAN THERENNIEADVANCE sales

JANUARY2025

500

+ 38% vsJan 2024

400

300

120 10 yr Jan Avg

200

DETACHED sales

100

119

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 1.2% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 43% vsJan 2024

200

150

45 10 yr Jan Avg

100

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 4% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 18% vsJan 2024

300

250

200

73 10 yr Jan Avg

150

100

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 10% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

Copyright© 2025renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary5,2025.Aldatafrom As ociationofInteriorREALTORS® & Ren ie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipient m ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieandas ociatesadvisor.Alinform ationissubjectto changeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • N ew M LS listingsactivitystarted theyearstronglywith 822 hom escom ing to m arketin January in theCentralO kanagan.Thiswasthem ostforthem onth ofJanuarysince2010 (845 listings). • N ew listingswere56% abovetheprior10-yearJanuaryaverageof526.N ew townhom elistings werethefurthestabovetheirlong-run Januaryaverage(+76%,to159),folowed bycondos(+54%, to241)and detached hom es(+52%,to417). • O n ayear-over-yearbasis,new listingswere49% higherthan January2024.Townhom elistings wereup them ost(+62%),folowed bydetached hom es(+49%)and condos(+43%).

CENTRALOKANAGAN THERENNIEADVANCE new listings

JANUARY2025

800

+ 49% vsJan 2024

700

600

500

400

275 10 yr Jan Avg

417

300

200

DETACHED new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

+ 52% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 62% vsJan 2024

300

250

200

90 10 yr Jan Avg

150

159

100

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 76% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 43% vsJan 2024

300

250

241

200

157 10 yr Jan Avg

150

100

CONDO new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 54% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

highlights • Elevated new listingsactivity pushed inventory higherin January.Therew ere2,115 active listings,up 19% from January2024and them ostforthem onth ofJanuarysince2014(2,323 listings). • Totalinventorywas42% aboveitsprior10-yearJanuaryaverageof1,485.Condoinventorywas up them ost(+51%,to604),folowed bytownhom es(+47%,to342)and detached hom es(+37%,to 1,146). • Therewere9.2 m onthsofinventory(M O I)acros theregion in January,higherthan theprior 10-yearJanuaryaverageof7.2.Al hom etypeswerein buyers’m arkets:detached hom es(M O Iof 9.6),condos(9.3),and townhom es(8.0).

CENTRALOKANAGAN THERENNIEADVANCE inventory

JANUARY2025

+ 18% vsJan 2024

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

835 10 yr Jan Avg

1,146

250 500 750

DETACHED inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 37% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

600

+ 16% vsJan 2024

500

400

300

233 10 yr Jan Avg

342

200

TOWNHOME inventory

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 47% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

800

+ 23% vsJan 2024

700

600

604

500

400

400 10 yr Jan Avg

300

200

CONDO inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

+ 51% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

highlights • O n ayear-over-yearbasis,m edian sold pricesin theCentralO kanagan (averaged acros hom e types)wereup 0.1%.Them edian sold pricefordetached hom eswasup them ostat9% (to$960k), folowed bya3% increasefortownhom es(to$680k).In contrast,m edian condopricesfel by12% (to$440k).N otethatm edian sold pricesfordetached hom esand condoswereoutliersin January 2024,which hasskewed theyear-over-yearchange. • O n am onth-over-m onth basis,m edian sold priceswereup 1.6% (averaged acros hom etypes). M edian condopriceswereup 1.9%,townhom epriceswereup 5%,and detached hom epriceswere down1.5%. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

JANUARY2025

$1,200,000

Central Okanagan

$1,000,000

$960,000

$800,000

$600,000

+ 9% vsJan 2024

$400,000

DETACHED median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● January

$1,000,000

Central Okanagan

$800,000

$680,000

$600,000

$400,000

+ 3% vsJan 2024

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● January

$600,000

Central Okanagan

$500,000

$440,000

$400,000

$300,000

- 12% vsJan 2024

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● January

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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