the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR THE CENTRAL OKANAGAN HOUSING MARKET
published September 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 September 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
short on visitors BC’s new short-term rental restrictions have attracted a lot of criticism due to low visitor counts in the Okanagan this summer. With this in mind, a timely study by Statistics Canada provides the most comprehensive data yet on the size of the short-term rental market in BC and the Okanagan.
actually be viable as long-term housing. The results were quite interesting: only about a third of short-term rentals in BC could be considered suitable long-term dwellings, equivalent to 1.4% of the province’s housing stock (or 29,643 homes). In Peachland, the number was 3.1%, in Lake Country 1.8%, in West Kelowna 1.5%, and in Kelowna 1.2%. This translated to 1,133 homes across the Central Okanagan, equivalent to about four months of housing starts (the three-year moving average for annual starts in the region is 3,206). In the midst of a housing supply and affordability crisis, the short-term rental restrictions were well-intended policy—to return homes being used as short-term rentals back to the long-term housing market. But even with certain exclusions—such as a complete exemption in West Kelowna and the primary residence exemption—the policy has had a considerable impact on the availability of accommodation. In regions heavily reliant on tourism, such as the Central Okanagan, this could have negative consequences for the local economy. In an effort to inject a few months of housing supply into the province, perhaps the government would be better off placing even more attention on new policies aimed at ramping up the construction of new homes. Unfortunately for the Okanagan economy, a course correction at this point won’t do anything to save this past summer.
We’ve commented extensively in past rennie reviews on the provincial government’s new short-term rental restrictions, which came into effect on May 1st, and how they have led to more listings in the Central Okanagan. At the end of August, active listings in the region were at 3,014—their highest level since 2013, and up 37% year-over-year and 39% relative to the prior 10-year August average. For the rest of the Okanagan economy, however, it appears the restrictions led to less and fewer this summer (or at least they’ve been criticized for such)—fewer visitors, less foot traffic, fewer bookings, and fewer home sales. All those would-be visitors who were hoping to enjoy the Okanagan this summer couldn’t necessarily find suitable accommodations— especially of the reasonably priced variety—so they stayed home or went somewhere else. In a rather timely manner, Statistics Canada recently released one of the most comprehensive studies to-date on Canada’s
short-term rental market. In 2023, 83,457 homes were used as short-term rentals in BC, equivalent to 3.9% of the total housing stock. At the community level, the scale of short- term rentals was quite diverse. For example, short-term rentals were much more prevalent in tourist towns, reaching as high as 65% in Sun Peaks, 60% in Whistler, and 42% in Tofino. In contrast, the figures in larger markets like Vancouver (2.8%), Burnaby (2.0%), and Surrey (0.9%) were considerably lower. In the Central Okanagan, where tourism is a significant part of the local economy, 6.7% of homes in Peachland were short-term rentals, 5.8% in Lake Country, 4.7% in West Kelowna, and 4.1% in Kelowna. In absolute terms, there were 3,773 short-term rentals in the Central Okanagan, equivalent to about 84% of the region’s hotel stock (estimated at 4,500, courtesy of Tourism Kelowna ). What was most unique about the study, however, was that it went beyond just tabulating the number of short-term rentals and estimated the number of these that might
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 September 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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Rob Breckwoldt Personal Real Estate Corporation
604.459.7778 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 September 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 11.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 37% VS 2023
▼ 1.9% VS 2023
▼ 5% VS 2023
▼ 1.2% VS 2023
There were 1,807 detached listings in the Central Okanagan in August, 1.6% below July and 37% higher than August 2023. August detached home sales decreased by 14% month-over-month, to 164, and were 1.2% below August 2023. The months of inventory for detached in the Central Okanagan, at 11.0, re(ected a buyers' market.
THIS MONTH No. $1,073,789 $927,000 11.0 164 1,807
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,094,583 $974,500 8.0 166 1,320
-1.9% -5% 39% -1.2% 37%
$1,133,404 $952,500 9.7 190 1,836
-5% -3% 14% -14% -1.6%
The detached median price in August was $927,000, a 3% decrease from July and 5% below August 2023.
The average sold price was $1,073,789, 5% below last month and down 1.9% to August 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
51
1,807
1,851 1,836
1,539
1,688
1,412 1,372
1,345
1,241
1,320
39
1,073
1,014
970
32
195
200
190
150
130
120
106
106
88
86
166
164
199
$990K
$993K
$985K
$975K
$964K
$968K
$964K
$953K
$947K
$926K
$925K
$927K
$880K
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
600
24+
24+
21.7
500
16.2
400
14.3
300
200
5.4
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
98 525 5.4
43 615 14.3
11 324 29.5
6 130 21.7
5 81 16.2
1 32 32.0
0 29 n/a
0 28 n/a
0 13 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 September 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 8.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.0% VS 2023
▲ 6% VS 2023
▲ 37% VS 2023
▼ 9% VS 2023
There were 441 townhome listings in the Central Okanagan in August, 2% below July and 37% higher than August 2023. August townhome sales decreased by 12% month-over-month, to 52, and were 9% below August 2023. The months of inventory for townhomes in the Central Okanagan, at 8.5, re(ected a buyers' market. The townhome median price in August was $707,334, a 1.5% decrease from July and 6% above August 2023. The average sold price was $712,966, 6% below last month; the average PSF sale price was $432, up 1.7% 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
$432 $712,966 $707,334 8.5 52 441
$448 $706,096 $670,000 5.6 57 322
-4% 1% 6% 50% -9% 37%
$425 $758,488 $718,000 7.7 59 452
1.7% -6% -1.5% 11% -12% -2%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
42
441
456 452
372
415
354
340
335
392
37
35
322
332
308
295
77
74
65
59
49
37
35
30
57
28
52
60
46
$715K
$718K
$707K
$700K
$705K
$679K
$670K
$670K
$676K
$662K
$656K
$660K
$660K
Aug-23
Jul-24
Aug-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+
5
80
4+ bdrms
68
60
28
3 bdrms
13.5
12.5
231
40
19
6.5
5.8
2 bdrms
4.6
20
134
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 6 81 13.5 4 50 12.5 1 43 43.0 0 18 n/a 0 21 n/a 11 64 5.8 13 85 6.5 17 79 4.6
8
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 September 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 8.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 46% VS 2023
▼ 9% VS 2023
▼ 5% VS 2023
▼ 10% VS 2023
There were 741 condo listings in the Central Okanagan in August, 2% below July and 46% higher than August 2023.
August condo sales decreased by 25% month-over-month, to 85, and were 10% below August 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No. 113 758
% Change
The months of inventory for condos in the Central Okanagan, at 8.7, re(ected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$468 $454,122 $430,000 8.7 85 741
$511 $498,872 $451,000 5.4 94 507
-8% -9% -5% 62% -10% 46%
-9% -5% -4% 30% -25% -2%
The condo median price in August was $430,000, a 4% decrease from July and 5% below August 2023. The average sold price was $454,122, 5% below last month; the average PSF sale price was $468, down 9% to last month.
$515 $475,534 $449,000 6.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
49
795
741
680
758
749
45
707
578
545
584
507
543
497
490
34
125
113
109
74
65
62
55
94
43
85
98
76
85
$500K
$491K
$475K
$464K
$451K
$450K
$450K
$448K
$449K
$439K
$430K
$430K
$410K
Aug-23
Jul-24
Aug-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+
300
23.0
4+ bdrms
22.0
9
250
18.0
200
5
3 bdrms
92
150
7.2
100
6.8
63
2 bdrms
454
50
2.8
0
17
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 4 11 2.8 29 197 6.8 43 310 7.2 5 115 23.0 2 56 28.0 1 18 18.0 0 12 n/a 1 22 22.0
<2 bdrms
186
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 September 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 11.1 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 37% VS 2023
▼ 4% VS 2023
▼ 3% VS 2023
▼ 15% VS 2023
There were 1,051 detached listings in the City of Kelowna in August, 1.6% below July and 37% higher than August 2023. August detached home sales decreased by 5% month-over-month, to 95, and were 15% below August 2023. The months of inventory for detached in the City of Kelowna, at 11.1, re'ected a buyers' market.
THIS MONTH No. $1,107,943 $995,000 11.1 95 1,051
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 112 765
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
-4% -3% 62% -15% 37%
$1,169,448 $963,750 10.7 100 1,068
-5% 3% 4% -5% -1.6%
The detached median price in August was $995,000, a 3% increase from July and 3% below August 2023.
$1,152,525 $1,024,500 6.8
The average sold price was $1,107,943, 5% below last month and down 4% to August 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
53
1,051
1,076 1,068
906
977
809
808
791
712
765
39
636
599
567
32
125
115
97
81
79
67
58
56
54
112
95
109
100
$1.06M $1.05M $1.00M
$1.02M $990K $996K $985K $1.00M
$1.00M
$995K
$964K
$950K
$908K
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
400
24+
24+
24+
23.0
300
200
11.1
100
4.8
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
50 239 4.8
34 377 11.1
6 224 37.3
2 75 37.5
2 49 24.5
1 23 23.0
0 17 n/a
0 18 n/a
0 11 n/a
0 18 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 September 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 7.4 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 4% VS 2023
▲ 38% VS 2023
▼ 5% VS 2023
There were 282 townhome listings in the City of Kelowna in August, 3% below July and 38% higher than August 2023. August townhome sales decreased by 10% month-over-month, to 38, and were 5% below August 2023. The months of inventory for townhomes in the City of Kelowna, at 7.4, re'ected a balanced market. The townhome median price in August was $688,950, a 3% decrease from July and 4% above August 2023. The average sold price was $700,837, 6% below last month; the average PSF sale price was $433, down 0.0% 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
$433 $700,837 $688,950 7.4 38 282
$448 $675,878 $665,000 5.1 40 205
-3% 4% 4% 45% -5% 38%
$433 $745,569 $708,500 6.9 42 290
0% -6% -3% 7% -10% -3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
39
264
282
292 290
247
265
224
220
210
33
205
32
217
208
195
60
59
42
34
32
40
23
20
38
18
45
42
28
$722K
$709K
$708K
$700K
$709K
$689K
$675K
$665K
$671K
$672K
$664K
$673K
$652K
Aug-23
Jul-24
Aug-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.
60
24+
24+
4
4+ bdrms
50
45
40
20
3 bdrms
30
153
9.0
20
14
2 bdrms
5.1
4.7
79
3.5
10
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 50 25.0 4 36 9.0 1 31 31.0 0 15 n/a 0 12 n/a 10 35 3.5 10 47 4.7 11 56 5.1
5
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 September 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 8.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 55% VS 2023
▼ 8% VS 2023
▼ 4% VS 2023
▼ 13% VS 2023
There were 570 condo listings in the City of Kelowna in August, 1.9% below July and 55% higher than August 2023. August condo sales decreased by 22% month-over-month, to 69, and were 13% below August 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the City of Kelowna, at 8.3, re'ected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$471 $459,523 $430,000 8.3 69 570
$519 $500,763 $450,000 4.7 79 368
-9% -8% -4% 77% -13% 55%
$541 $485,703 $455,000 6.6 88 581
-13% -5% -5% 25% -22% -1.9%
The condo median price in August was $430,000, a 5% decrease from July and 4% below August 2023. The average sold price was $459,523, 5% below last month; the average PSF sale price was $471, down 13% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
53
570
601
512
581
563
526
416
385
417
368
40
379
358
356
32
103
91
88
55
50
79
40
37
69
31
75
56
65
$537K
$488K
$475K
$465K
$458K
$455K
$450K
$450K
$442K
$440K
$434K
$430K
$395K
Aug-23
Jul-24
Aug-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.
250
20.0
19.0
4+ bdrms
17.4
3
200
14.0
5
150
3 bdrms
63
100
7.5
6.4
51
2 bdrms
50
354
1.5
0
13
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 4 6 1.5 23 147 6.4 33 248 7.5 5 87 17.4 2 38 19.0 1 14 14.0 0 10 n/a 1 20 20.0
<2 bdrms
150
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 September 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 8.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2023
▲ 34% VS 2023
▲ 42% VS 2023
▼ 4% VS 2023
There were 390 detached listings in the City of West Kelowna in August, 6% below July and 34% higher than August 2023. August detached home sales decreased by 22% month-over-month, to 47, and were 42% above August 2023. The months of inventory for detached in the City of West Kelowna, at 8.3, re(ected a buyers' market.
THIS MONTH No. $1,052,039 $850,000 8.3 47 390
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$955,203 $885,000 8.8 33 292
10% -4% -6% 42% 34%
$1,082,935 $910,405 6.9 60 415
-3% -7% 20% -22% -6%
The detached median price in August was $850,000, a 7% decrease from July and 4% below August 2023.
The average sold price was $1,052,039, 3% below last month and up 10% to August 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
428
53
390
415
344
384
313
293
269
292
41
288
38
230
205
205
61
60
45
36
31
31
27
25
21
47
18
33
52
$950K
$932K
$910K
$893K
$885K
$870K
$875K
$859K
$850K
$850K
$820K
$815K
$800K
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
160
21.9
140
120
100
12.5
11.5
80
60
40
5.0
4.3
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
32 136 4.3
7 153 21.9
4 50 12.5
2 23 11.5
2 10 5.0
0 4 n/a
0 6 n/a
0 3 n/a
0 1 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 September 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 8.1 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2023
▲ 17% VS 2023
▲ 38% VS 2023
▼ 27% VS 2023
There were 65 townhome listings in the City of West Kelowna in August, 3% below July and 38% higher than August 2023. August townhome sales remained the same month-over-month, at 8, and were 27% below August 2023. The months of inventory for townhomes in the City of West Kelowna, at 8.1, re(ected a buyers' market. The townhome median price in August was $759,500, a 16% increase from July and 17% above August 2023. The average sold price was $756,188, 13% above last month; the average PSF sale price was $428, up 18% 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
$428 $756,188 $759,500 8.1 8 65
11 47
17% 90% -27% 38%
$363 $666,875 $655,000 8.4 8 67
18% 13% 16% -3% 0% -3%
$415 $691,682 $650,000 4.3
3% 9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
59
65
68
59
67
67
53
56
45
47
47
47
43
42
39
8
8
8
29
11
6
6
4
4
4
4
8
7
7
$816K
$765K
$760K
$742K
$723K
$714K
$709K
$699K
$684K
$650K
$655K
$635K
$604K
Aug-23
Jul-24
Aug-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.
17.0
4+ bdrms
15
8
11.0
4
10
3 bdrms
32
6.0
4
5
2 bdrms
2.8
23
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 11 11.0 1 17 17.0 4 11 2.8 2 12 6.0 0 6 n/a 0 4 n/a 0 4 n/a
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 September 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 9.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2023
▲ 30% VS 2023
▲ 29% VS 2023
▼ 1.1% VS 2023
There were 83 condo listings in the City of West Kelowna in August, 4% above July and 30% higher than August 2023. August condo sales decreased by 55% month-over-month, to 9, and were 29% above August 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the City of West Kelowna, at 9.2, re(ected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$460 $442,267 $455,000 9.2 9 83
$431 $429,484 $460,000 9.1 7 64
29% 30%
20 80
10% 1.8% 3% 131% -55% 4%
The condo median price in August was $455,000, a 3% increase from July and 1.1% below August 2023. The average sold price was $442,267, 1.8% above last month; the average PSF sale price was $460, up 10% to last month.
7% 3% -1.1% 0.9%
$418 $434,520 $440,000 4.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
90
63
97
97
81
79
77
77
83
56
80
80
68
49
66
64
20
16
11
9
8
7
7
7
5
9
7
13
11
$582K
$467K
$460K
$460K
$458K
$455K
$439K
$440K
$430K
$433K
$410K
$400K
$350K
Aug-23
Jul-24
Aug-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.
8.6
40
4+ bdrms
6.3
30
3 bdrms
6
20
6
2 bdrms
10
64
0
3
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 4 25 6.3 5 43 8.6 0 9 n/a 0 5 n/a 0 1 n/a
<2 bdrms
13
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 September 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 12.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 50% VS 2023
▼ 10% VS 2023
▼ 8% VS 2023
▼ 14% VS 2023
There were 75 detached listings in Peachland in August, 3% above July and 50% higher than August 2023. August detached home sales decreased by 40% month-over-month, to 6, and were 14% below August 2023. The months of inventory for detached in the Peachland, at 12.5, re&ected a buyers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$749,000 $817,500 12.5 6 75
$833,571 $890,000 7.1 7 50
-10% -8% 75% -14% 50%
10 73
-28% -8% 71% -40% 3%
The detached median price in August was $817,500, a 8% decrease from July and 8% below August 2023.
$1,046,250 $887,500 7.3
The average sold price was $749,000, 28% below last month and down 10% to August 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
75
70
41
75
73
54
48
50
44
53
32
31
34
39
33
33
10
7
6
5
5
5
3
3
7
2
6
1
1
$3.53M
$2.70M
$1.15M
$1.09M $1.03M $1.23M
$890K
$888K
$855K
$850K
$835K
$818K
$780K
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
17.0
25
20
15
5.8
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
5 29 5.8
1 17 17.0
0 13 n/a
0 9 n/a
0 4 n/a
0 1 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 September 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 15.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 29% VS 2023
▼ 8% VS 2023
▼ 18% VS 2023
0.0% VS 2023
There were 186 detached listings in Lake Country in August, 3% above July and 29% higher than August 2023. August detached home sales decreased by 20% month-over-month, to 12, and were the same in August 2023. The months of inventory for detached in the Lake Country, at 15.5, re(ected a buyers' market.
THIS MONTH No. $1,073,075 $791,900 15.5 12 186
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,163,852 $965,000 12.0 12 144
-8% -18% 29% 0% 29%
$1,288,993 $1,150,000 12.1 15 181
-17% -31% 28% -20% 3%
The detached median price in August was $791,900, a 31% decrease from July and 18% below August 2023.
The average sold price was $1,073,075, 17% below last month and down 8% to August 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
175
186
49
165
162
181
145
143
144
42
152
150
114
110
34
104
22
18
14
15
13
9
9
8
8
7
7
12
12
$1.48M
$1.23M
$1.16M
$1.16M $1.15M
$1.00M
$995K
$995K
$975K
$965K
$926K
$811K
$792K
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
60
24+
24+
50
17.0
40
16.0
30
20
5.3
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
8 42 5.3
1 61 61.0
1 32 32.0
1 17 17.0
1 16 16.0
0 4 n/a
0 3 n/a
0 5 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 September 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 - AUGUST 2 0 2 4
MONTHS OF INVENTORY 11.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 14% VS 2023
▼ 26% VS 2023
▼ 34% VS 2023
0.0% VS 2023
There were 33 townhome listings in Lake Country in August, 3% above July and 14% higher than August 2023. August townhome sales remained the same month-over-month, at 3, and were the same in August 2023. The months of inventory for townhomes in the Lake Country, at 11.0, re(ected a buyers' market. The townhome median price in August was $704,667, a 9% decrease from July and 34% below August 2023. The average sold price was $730,982, 5% below last month; the average PSF sale price was $456, 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
$456 $730,982 $704,667 11.0 3 33
$469 $981,633 $1,065,000 9.7 3 29
-3% -26% -34% 14% 0% 14%
$447 $768,967 $776,000 10.7 3 32
3% 0% 3%
2% -5% -9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
36
34
44
33
29
32
32
26
29
37
28
35
25
25
23
18
11
8
6
6
7
6
3
2
3
3
5
5
$1.07M
$789K
$776K
$719K
$705K
$658K
$640K
$641K
$630K
$615K
$545K
$468K
Aug-23
Jul-24
Aug-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.
14
13.0
12
4+ bdrms
6
10
8.0
3
8
3 bdrms
22
6
4.0
4
2 bdrms
5
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 0 2 n/a 1 13 13.0 1 4 4.0 1 8 8.0 0 1 n/a 0 2 n/a 0 3 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 September 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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