the Kelowna rennie review - May 2023

the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KELOWNA’S HOUSING MARKET

published May 2023

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 LISTINGS

05 CENTRAL OKANAGAN

Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com

Ryan Wyse SENIOR ANALYST rwyse@rennie.com

08 CITY OF KELOWNA

11 DOWNTOWN KELOWNA

14 WEST KELOWNA

17 AREA MAP

2 Copyright ©️ 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 May 23, 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 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

a spring in the step of kelowna’s housing market Ren ewed confidence has shifted the favour of market conditions in Kelowna towards sellers, which in turn is now supporting home prices after a year of declines.

(a months-of-inventory ratio, or MOI, of less than 5 reflects sellers’ conditions; 5-8 MOI reflects balanced conditions; and an MOI over 8 conditions favours buyers). To the extent that MOI remains at the lower end of the spectrum in the coming months, we can expect further price appreciation to be seen. Of course, the trajectory for Kelowna’s housing market, as elsewhere, depends to a large degree on the nature of the macroeconomic environment in which buyers and homeowners operate. While we continue to see current interest rates (including both fixed mortgage rates and the Bank of Canada’s policy rate) as representing peak levels when viewed through the balance of this year and into early next, upcoming data on inflation, the jobs market, and broader economic activity will inform and mould this perspective over the coming months. As we said earlier, we’re excited—for both what the new data will tell us about how our world is evolving, and for the opportunity to bring to you new perspectives and insights into Kelowna’s housing market in the months and years ahead.

Well, this is exciting.

as 31% into early 2022, before being dragged down by rapidly tightening monetary policy. Indeed, after peaking in the spring of 2022 the median sold price of each home type marched downward into the beginning of 2023, with the most recent (3-month average) price of detached homes sitting 16% below last year’s (3-month average) peak, while that of both townhomes and condos is down 11%. That prices have been stabilizing in recent months reflects a degree of buyer confidence that has re-entered the market, despite still- high interest rates: the 435 transactions in April, for example, were 1.6% more than in March, 1.6 times more than in January, and the highest sales count since May 2022 (when 567 homes changed hands). With inventory still constrained—the 2,262 active listings in May were 15% fewer than the past-decade average for the month—market conditions are inching towards favouring sellers, with the region as a whole boasting only 5.2 months of inventory

After many years of producing analyses of, and commentary on, the housing market in Metro Vancouver, rennie intelligence is proud to introduce this first edition of the Kelowna rennie review—a monthly report that presents MLS data for detached homes, townhomes, and condos in the Central Okanagan region, the City of Kelowna, Downtown Kelowna, and West Kelowna. We’ll produce this report and (if you choose) send it right to your inbox each and every month going forward. As with the Vancouver rennie review, we hope you find it to be a consistently useful tool for gauging how the Okanagan’s housing market is evolving each month. And evolve it has. As with virtually all housing markets in North America (and around the globe), Kelowna’s market has been on a wild ride, with year-over-year median sold prices in the Central Okanagan surging by as much

3 Copyright ©️ 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 May 23, 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 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.

featured listing SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM

HOUSE $1,299,900 | KELOWNA 1806 Grey Owl Court

4 Bed, 1,960 SF Exclusive Listing

LAKE + MOUNTAIN | Nestled in the McKinley Beach Hilltown District, a premier community of the Okanagan Valley. 4 bedroom, 4 bathroom, 1960 sq ft home with unobstructed lake and mountain views for under $1.3 million. This home (built in 2022) has amazing rental potential, a short walk to all amenities: beach front, tennis courts, hiking + biking trails & a private marina. Community centre which will feature: indoor pool, hot tub & gym coming in 2023. A short drive to: downtown Kelowna, UBCO and the expanding Kelowna International Airport (YLW).

Rob Breckwoldt Personal Real Estate Corporation

604.459.7778 rbreckwoldt@rennie.com rennie.com/robbreckwoldt

Copyright ©️ 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 May 23, 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 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

centralokanagan DETACHED |APRIL2023

TOTAL LISTINGS ▲ 30% VS 202

MONTHS OF INVENTORY 5.6 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 15% VS 202

▼ 14% VS 202

▼ 26% VS 202

Therew ere1,082 detached listingsin theCentral O kanagan in April,5% higherthan M arch and 30% above April2022. Aprildetached hom esalesdecreased by 1.0% m onth-over-m onth,to192,and were26% below April 2022.

THISMONTH No. $1,105,849 $949,500 5.6 192 1,082

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere5.6m onthsofinventoryfordetached hom esin April,reflecting balanced m arketconditions.

$1,186,439 $972,500 5.3 194 1,028

-7% -2% 6% -1.0% 5%

259 832

-15% -14% 76% -26% 30%

$1,303,920 $1,100,000 3.2

Thedetachedm edian pricein Aprilwas$949,500,a2% decreasefrom M arch and 14% below April2022.

Theaveragesold pricein Aprilwas$1,105,849 for detached hom es,a7% decreasefrom lastm onth and 15% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

1,333

1,301

1,233

1,254

1,214

1,082

1,035

1,052

1,028

915

849 856

832

259 251

194

192

127

173 133 176 163 134 127

90 70

$1,100,000 $1,039,000

$975,000 $949,500

$960,000

$932,500

$900,000

Apr-2022 M ar-2023 Apr-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

400

17.2

300

200

6.2

5.5

100

3.5 2.9

3.0

2.8

1.9

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 3 3.0

14 39 2.8

34 66 1.9

31 107 3.5

30 88 2.9

30 164 5.5

28 173 6.2

24 412 17.2

M onthsofInv. Inventory Sales

Copyright© 2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpark,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMay 23,2023.Aldatafrom As ociationofInteriorRealtors& rennie.W hiletheinform ationand datacontained hereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom panies doesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation. Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym ay bewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

centralokanagan TOW NHOME|APRIL2023

TOTAL LISTINGS ▲ 64% VS 202

MONTHS OF INVENTORY 4.3 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 12% VS 202

▼ 10% VS 202

▼ 30% VS 202

Therewere342townhom elistingsin theCentral O kanagan in April,9% higherthan M arch and 64% above April2022.

Apriltownhom esalesincreased by14% m onth-over-m onth,to80,and were30% below April2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.3m onthsofinventoryfortownhom esin A pril,reflecting selers'm arketconditions.

$695,051 $700,000 4.3 80 342

$682,924 $652,500 4.5 70 313

1.8% 7% -4% 14% 9%

115 209

-12% -10% 135% -30% 64%

$791,717 $779,000 1.8

Thetownhom em edian pricein Aprilwas$700,000,a7% increasefrom M arch and 10% below April2022.

Theaveragesold pricein Aprilwas$695,051 for townhom es,a1.8% increasefrom lastm onth and 12% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

350

352

367

346 342

342

313

286

258 273

259

209

115

105

58 62

36 38 38

$779,000

$720,000 $700,000

$692,450 $685,000 $664,575 $642,500

Apr-2022 M ar-2023 Apr-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

29.0

25.0

5.5

3.8

3.5 3.5 4.1

2.3

1.0 1.4

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 1 1.0

5 7 1.4

5 19 3.8

11 25 2.3

17 60 3.5

20 69 3.5

15 62 4.1

4 22 5.5

1 29 29.0

1 25 25.0

M onthsofInv. Inventory Sales

●

centralokanagan CONDO |APRIL2023

TOTAL LISTINGS ▲ 69% VS 202

MONTHS OF INVENTORY 3.6 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 11% VS 202

▼ 9% VS 202

▼ 21% VS 202

Therewere479 condolistingsin theCentralO kanagan in April,3% lowerthan M arch and 69% aboveApril2022.

Aprilcondo salesincreased by2% m onth-over-m onth,to 133,and were21% below April2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere3.6m onthsofinventoryforcondosin April, reflecting selers'm arketconditions.

133 479

130 496

2% -2% -6% 2% -3%

168 284

-11% -9% 113% -21% 69%

$490,683 $448,750 3.6

$478,830 $460,000 3.8

$548,560 $493,750 1.7

Thecondom edian pricein Aprilwas$448,750,a2% decreasefrom M arch and 9% below April2022.

Theaveragesold pricein Aprilwas$490,683 forcondos,a 2% increasefrom lastm onth and 11% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

479

499

497

468 496

463

462

446

428

411

373

305

284

168 164

130

133

126

101 94

102 85

47 52

$493,750 $453,500 $488,500 $470,000 $471,675

$433,750 $448,750

Apr-2022 M ar-2023 Apr-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

120

26.0

100

10.0

8.7 8.0

6.1 6.2

4.0 3.1

2.9 2.4 2.8

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

2 8 4.0

12 37 3.1

27 79 2.9

45 108 2.4

27 76 2.8

7 43 6.1

5 31 6.2

3 26 8.7

2 16 8.0

1 26 26.0

2 20 10.0

M onthsofInv. Inventory Sales

●

cityofkelowna DETACHED |APRIL2023

TOTAL LISTINGS ▲ 24% VS 202

MONTHS OF INVENTORY 5.5 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 18% VS 202

▼ 17% VS 202

▼ 24% VS 202

Therewere608 detachedlistingsin theCityofKelownain April,3% higherthan M arch and 24% aboveApril2022.

Aprildetached hom esalesdecreased by 8% m onth-over-m onth,to111,and were24% below April 2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere5.5m onthsofinventoryfordetached hom esin April,reflecting balanced m arketconditions.

111 608

121 589

-12% -9% 13% -8% 3%

146 489

-18% -17% 64% -24% 24%

$1,144,576 $990,000 5.5

$1,298,144 $1,090,000 4.9

$1,399,319 $1,190,500 3.4

Thedetachedm edian pricein Aprilwas$990,000,a9% decreasefrom M arch and 17% below April2022.

Theaveragesold pricein Aprilwas$1,144,576 for detached hom es,a12% decreasefrom lastm onth and 18% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

739

771

749

748

714

641

611

608

589

551

507 513

489

146 138

121

111

107 77 101 90 82 80

53 38

$1,190,500 $1,109,000

$1,042,500

$978,750 $990,000

$968,000

$880,000

Apr-2022 M ar-2023 Apr-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

250

19.0

200

150

100

6.1

4.4

2.6 3.1

1.7 1.7

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

7 12 1.7

17 29 1.7

19 50 2.6

14 44 3.1

19 116 6.1

22 97 4.4

13 247 19.0

M onthsofInv. Inventory Sales

●

cityofkelowna TOW NHOME|APRIL2023

TOTAL LISTINGS ▲ 31% VS 202

MONTHS OF INVENTORY 4.8 SEL ERS'MARKET

▶ MARKETSUMMARY Therewere193townhom elistingsin theCityofKelowna in April,17% higherthan M arch and 31% aboveApril 2022.

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 17% VS 202

▼ 11% VS 202

▼ 55% VS 202

Apriltownhom esalesdecreased by9% m onth-over-m onth, to40,and were55% below April2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.8m onthsofinventoryfortownhom esin A pril,reflecting selers'm arketconditions.

$677,585 $698,150 4.8 40 193

$679,902 $645,000 3.8 44 165

-0.3% 8% 29% -9% 17%

$811,719 $785,000 1.7 89 147

-17% -11% 193% -55% 31%

Thetownhom em edian pricein Aprilwas$698,150,a8% increasefrom M arch and 11% below April2022.

Theaveragesold pricein Aprilwas$677,585 for townhom es,a0.3% decreasefrom lastm onth and 17% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

200

197

204

200

202

200

193

171

165

155

151 146

147

44 40

42 39 39

31 32

22 25

$785,000

$715,000 $698,150

$692,450 $675,000 $640,000 $645,000

Apr-2022 M ar-2023 Apr-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

20.0

17.0

6.4

3.7 3.6 4.3

2.5

2.0

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

3 6 2.0

3 11 3.7

5 18 3.6

9 39 4.3

13 33 2.5

5 32 6.4

1 17 17.0

1 20 20.0

M onthsofInv. Inventory Sales

●

cityofkelowna CONDO |APRIL2023

TOTAL LISTINGS ▲ 61% VS 202

MONTHS OF INVENTORY 3.1 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 11% VS 202

▼ 7% VS 202

▼ 20% VS 202

Therewere314condolistingsin theCityofKelownain April,1.6% lowerthan M arch and 61% aboveApril2022.

Aprilcondo salesdecreased by6% m onth-over-m onth,to 101,and were20% below April2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere3.1m onthsofinventoryforcondosin April, reflecting selers'm arketconditions.

101 314

107 319

0.8% -1.3% 4% -6% -1.6%

126 195

-11% -7% 101% -20% 61%

$491,900 $454,000 3.1

$488,225 $460,000 3.0

$551,487 $487,500 1.6

Thecondom edian pricein Aprilwas$454,000,a1.3% decreasefrom M arch and 7% below April2022.

Theaveragesold pricein Aprilwas$491,900 forcondos,a 0.8% increasefrom lastm onth and 11% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

379

356 381

351

333

323 319

314

311

292

270

217

195

126 126

107

101

78 71

82 63

35 42

$487,500 $449,500 $480,000

$436,500 $475,000

$432,450 $454,000

Apr-2022 M ar-2023 Apr-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

60 70

23.0

19.0

7.3

7.0

5.3

5.0

3.0 2.3 2.4

0 10

2.1 1.9

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 3 3.0

12 27 2.3

20 47 2.4

30 62 2.1

23 43 1.9

4 28 7.0

4 21 5.3

3 22 7.3

2 10 5.0

1 23 23.0

1 19 19.0

M onthsofInv. Inventory Sales

●

downtown kelowna DETACHED |APRIL2023

TOTAL LISTINGS ▲ 2% VS 202

MONTHS OF INVENTORY 8.3 BUYERS'MARKET'

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 26% VS 202

▼ 30% VS 202

▼ 48% VS 202

Therewere91 detached listingsin D owntown Kelownain April,5% lowerthan M arch and 2% aboveApril2022.

Aprildetached hom esalesdecreased by 35% m onth-over-m onth,to11,and were48% below April2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere8.3m onthsofinventoryfordetached hom esin April,reflecting buyers'm arketconditions.

11 91

17 96

-29% -21% 46% -35% -5%

21 89

-26% -30% 95% -48% 2%

$937,727 $825,000 8.3

$1,311,524 $1,050,000 5.7

$1,268,895 $1,176,000 4.2

Thedetachedm edian pricein Aprilwas$825,000,a21% decreasefrom M arch and 30% below April2022.

Theaveragesold pricein Aprilwas$937,727 fordetached hom es,a29% decreasefrom lastm onth and 26% below last year. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

154

150

126

122

117

118

102

75 79

21 19

16 13

11 12

12 6

7 4

$1,176,000 $1,147,500

$980,000

$906,000

$890,000

$880,000 $825,000

Apr-2022 M ar-2023 Apr-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

5.0

4.7

2.3

2.0

0 5

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

3 7 2.3

1 2 2.0

2 10 5.0

2 4 2.0

3 14 4.7

M onthsofInv. Inventory Sales

●

downtown kelowna TOW NHOME|APRIL2023

TOTAL LISTINGS ▲ 40% VS 202

MONTHS OF INVENTORY 9.8 BUYERS'MARKET'

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 11% VS 202

▼ 9% VS 202

▼ 82% VS 202

Therewere49townhom elistingsin D owntown Kelownain April,48% higherthan M arch and 40% aboveApril2022.

Apriltownhom esaleswereaboutthesam e m onth-over-m onth,at5,and were82% below April2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere9.8m onthsofinventoryfortownhom esin April,reflecting buyers'm arketconditions.

$746,160 $760,000 9.8 5 49

$724,780 $735,000 6.6 5 33

3% 3% 48% 0% 48%

28 35

-11% -9% 684% -82% 40%

$837,186 $836,000 1.3

Thetownhom em edian pricein Aprilwas$760,000,a3% increasefrom M arch and 9% below April2022.

Theaveragesold pricein Aprilwas$746,160 for townhom es,a3% increasefrom lastm onth and 11% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

4 4 4

$975,000

$836,000

$757,500

$760,000

$651,500 $665,000

$632,500

Apr-2022 M ar-2023 Apr-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

10.0

8.0

3.5

1.0

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 1 1.0

1 8 8.0

2 7 3.5

1 10 10.0

M onthsofInv. Inventory Sales

●

downtown kelowna CONDO |APRIL2023

TOTAL LISTINGS ▲ 71% VS 202

MONTHS OF INVENTORY 5.7 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 7% VS 202

▼ 6% VS 202

▼ 29% VS 202

Therewere166condolistingsin D owntown Kelownain April,5% higherthan M arch and 71% aboveApril2022.

Aprilcondo salesdecreased by34% m onth-over-m onth,to 29,and were29% below April2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere5.7m onthsofinventoryforcondosin April, reflecting balanced m arketconditions.

$607,414 $540,000 5.7 29 166

$516,107 $509,000 3.6 44 158

18% 6% 59% -34% 5%

41 97

141% -29% 71%

$650,678 $574,000 2.4

Thecondom edian pricein Aprilwas$540,000,a6% increasefrom M arch and 6% below April2022.

-7% -6%

Theaveragesold pricein Aprilwas$607,414 forcondos,a 18% increasefrom lastm onth and 7% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

162

167

166

153 158

155 155

148

149

143

122

107

41 43

32 33

22 23

28 25

13 13

$574,000

$563,150

$540,000

$502,500

$491,500 $475,000 $480,000

Apr-2022 M ar-2023 Apr-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

19.0

15.0

9.0

8.0

6.0

5.7

3.0

2.5

2.0

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 3 3.0

1 9 9.0

6 15 2.5

3 17 5.7

9 18 2.0

1 19 19.0

3 18 6.0

2 18 9.0

1 8 8.0

1 19 19.0

1 15 15.0

M onthsofInv. Inventory Sales

●

westkelowna DETACHED |APRIL2023

TOTAL LISTINGS ▲ 50% VS 202

MONTHS OF INVENTORY 5.3 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 12% VS 202

▼ 33% VS 202

Therewere253 detachedlistingsin W estKelownain April, 10% higherthan M arch and 50% aboveApril2022.

Aprildetached hom esalesincreased by 2% m onth-over-m onth,to48,and were33% below April2022.

THISMONTH No. $1,044,857 $896,000 5.3 48 253

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere5.3m onthsofinventoryfordetached hom esin April,reflecting balanced m arketconditions.

$1,059,550 $859,000 4.9 47 230

-1.4% 4% 8% 2% 10%

$1,183,060 $1,012,500 2.4 72 169

-12% -12% 124% -33% 50%

Thedetachedm edian pricein Aprilwas$896,000,a4% increasefrom M arch and 12% below April2022.

Theaveragesold pricein Aprilwas$1,044,857 for detached hom es,a1.4% decreasefrom lastm onth and 12% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

301

292

284

278

261

253

230

226

214

187

178

172

169

72 73

42 35 43 37 33 34

24 22

$1,012,500

$931,250 $896,000

$878,750

$878,000

$865,500

$810,000

Apr-2022 M ar-2023 Apr-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

17.3

13.8

4.6

3.4 2.9

3.0

1.6

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

5 15 3.0

11 18 1.6

8 27 3.4

10 29 2.9

5 23 4.6

3 52 17.3

6 83 13.8

M onthsofInv. Inventory Sales

●

westkelowna TOW NHOME|APRIL2023

TOTAL LISTINGS ▲ 132% VS 202

MONTHS OF INVENTORY 2.9 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 5% VS 202

▲ 9% VS 202

▲ 47% VS 202

Therewere72townhom elistingsin W estKelownain April,18% higherthan M arch and 132% aboveApril2022.

Apriltownhom esalesincreased by108% m onth-over-m onth,to25,and were47% aboveApril2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere2.9m onthsofinventoryfortownhom esin A pril,reflecting selers'm arketconditions.

25 72

12 61

-43% 108% 18%

17 31

58% 47% 132%

$724,832 $757,000 2.9

$656,750 $670,000 5.1

$688,753 $695,000 1.8

Thetownhom em edian pricein Aprilwas$757,000,a13% increasefrom M arch and 9% aboveApril2022.

10% 13%

5% 9%

Theaveragesold pricein Aprilwas$724,832 for townhom es,a10% increasefrom lastm onth and 5% above lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

60 61

17 13

10 12

6 5 5

$797,000

$757,000

$695,000

$676,000 $680,000 $700,000 $655,000

Apr-2022 M ar-2023 Apr-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

9.0

6.3

2.5

2.0

1.5

1.4

1.0 1.0

1.0

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

1 1 1.0

2 5 2.5

5 7 1.4

2 18 9.0

3 19 6.3

8 12 1.5

2 2 1.0

1 2 2.0

M onthsofInv. Inventory Sales

●

westkelowna CONDO |APRIL2023

TOTAL LISTINGS ▲ 103% VS 202

MONTHS OF INVENTORY 3.8 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 13% VS 202

▼ 17% VS 202

▼ 32% VS 202

Therewere79condolistingsin W estKelownain April,4% lowerthan M arch and 103% aboveApril2022.

Aprilcondo salesincreased by91% m onth-over-m onth,to 21,and were32% below April2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

% Change -13% -17% 198% -32% 103%

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere3.8m onthsofinventoryforcondosin April, reflecting selers'm arketconditions.

21 79

11 82

-0.4% -13% -50% 91% -4%

31 39

$433,138 $415,000 3.8

$435,045 $477,500 7.5

$496,152 $500,000 1.3

Thecondom edian pricein Aprilwas$415,000,a13% decreasefrom M arch and 17% below April2022.

Theaveragesold pricein Aprilwas$433,138 forcondos,a 0.4% decreasefrom lastm onth and 13% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

15 17

12 10

10 11

4 6

$500,000 $485,950 $490,000 $505,250

$397,500 $428,750 $415,000

Apr-2022 M ar-2023 Apr-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

7.5

4.0

2.8

2.0

0 5

<$199K $200-299K $300-399K $400-499K $500-599K $600-699K $700-799K $800-899K $900-999K $1.0-1.249M $1.25-1.49M $1.5M +

7 14 2.0

10 28 2.8

2 15 7.5

2 8 4.0

M onthsofInv. Inventory Sales

●

kelownam arket AREAS*

● DOWNTOWN KELOWNA ● + ● CITYOFKELOWNA ● WESTKELOWNA

* CityofKelownaand CityofW estKelowna,astheyappearon thism ap,arebased on m unicipalboundaries.

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●

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13 Copyright ©️ 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 May 23, 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 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. 18

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