the kelowna rennie review | March 2024

the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR CENTRAL OKANAGAN HOUSING MARKET

published March 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 LISTINGS

05 CENTRAL OKANAGAN

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

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

08 CITY OF KELOWNA

11 DOWNTOWN KELOWNA

14 WEST KELOWNA

17 AREA MAP

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 March 7, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

Kelowna’s slow start to 2024 sends it slumping into spring February may have brought a directional change to sales counts in the Central Okanagan, but the market stagnation that began in 2023 extended into the first two months of 2024. Inventory, meanwhile, has expanded to a nine-year high.

count, the region’s supply and demand dynamics yielded a sixth consecutive month of conditions that favoured buyers in February, with the overall months-of- inventory (MOI) measure sitting at 9.6. (Note that an MOI of less than 5 reflects conditions more favourable to sellers; 5-8 MOI reflects balanced conditions; and an MOI over 8 reflects a buyers’ market.) As March, and the green shoots of a spring market, are now upon us, Kelowna’s housing market is likely due for an uptick in buying activity—although based on the early returns of 2024, any uptick is likely to be modest at best. That said, with inflation now back inside the Bank of Canada’s target range of 1-3% (at 2.9% as of January), all eyes will be on the February inflation data release, followed by the April 10th Bank of Canada rate announcement. If the Bank opts to hold its policy rate again in April, expect these trends to continue a little longer; if they decide to cut, however, the pace of sales activity will pick up as spring rolls on.

After a challenging 2023, in which housing markets were ground to a virtual halt by generationally-high interest rates, activity has remained muted in the Central Okanagan early in 2024. Potential homebuyers continue to pace on the sidelines, even as anticipation around interest rate cuts grows and other markets in BC have experienced an uptick in transaction counts, yielding atypically-low sales and high listings last month. Home sales in the Central Okanagan counts did, in fact, rise between January and February, but only to 211 MLS transactions; this may have been a 22% month-over-month increase, but it’s substantially lower than the typical January-to-February increase of 48%. What’s more, last month’s total was 17% below that of February 2023, 42% below the past 10-year February average, and the lowest total for the month since 2013.

On the new listings front, February’s total was 806, which was a 48% increase from January and double the typical January-to- February growth of 24%. Last month’s new listings count was also 21% less than the past 10-year February average and 27% higher than the same month last year. Those depressed sales counts and elevated new listings conspired to expand total inventory last month, with there being 2,020 homes available for sale in the Central Okanagan at the end of February. That represented an expansion of 13% from January, which outpaced the typical seasonal increase of 8%. Inventory was also 22% higher than one year ago, 21% above the past-decade February average, and the highest total for the month since 2015.

Unsurprisingly given the historically-low sales total and historically-high listings

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 March 7, 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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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 March 7, 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 - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 10.4 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 19% VS 2023

▼ 9% VS 2023

▼ 2% VS 2023

▼ 22% VS 2023

There were 1,070 detached listings in the Central Okanagan in February, 11% above January and 19% higher than February 2023. February detached home sales increased by 20% month-over-month, to 103, and were 22% below February 2023. The months of inventory for detached in the Central Okanagan, at 10.4, re'ected a buyers' market.

THIS MONTH No. $1,050,322 $965,000 10.4 103 1,070

PREVIOUS MONTH No.

PREVIOUS YEAR

No. 132 900

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

-9% -2% 52% -22% 19%

$1,053,260 $880,000 11.2 86 967

20% 11%

The detached median price in February was $965,000, a 10% increase from January and 2% below February 2023.

-0.3% 10% -8%

$1,160,200 $986,250 682%

The average sold price was $1,050,322, 0.3% below last month and down 9% to February 2023.

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,349

1,412

68

1,282

1,240

1,372

1,320

1,011

1,154

1,070

1,054

1,012

900

967

52

37

258

246

192

130

120

106

88

86

132

218

200

103

166

$1.03M

$986K

$971K

$975K

$964K

$968K

$965K

$960K

$950K

$947K

$947K

$926K

$880K

Feb-23

Jan-24

Feb-24

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

200

24+

24+

23.3

20.6

150

17.8

15.0

100

7.0

50

5.7

3.9

0

<$600K

$600-799K

$800-999K

$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M

$3M+

MOI INVENTORY SALES

2 30 15.0

22 85 3.9

32 182 5.7

25 174 7.0

11 196 17.8

5 103 20.6

3 70 23.3

2 78 39.0

1 47 47.0

0 105 n/a

Copyright © March 7, 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 March 7, 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 - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 7.8 BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 1.8% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 33% VS 2023

▲ 7% VS 2023

▼ 10% VS 2023

▼ 7% VS 2023

There were 367 townhome listings in the Central Okanagan in February, 13% above January and 33% higher than February 2023. February townhome sales increased by 47% month-over-month, to 47, and were 7% above February 2023. The months of inventory for townhomes in the Central Okanagan, at 7.8, re'ected a balanced market. The townhome median price in February was $658,000, a 3% decrease from January and 7% below February 2023. The average sold price was $667,083, 6% below last month; the average PSF sale price was $416, down 8% 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

$416 $667,083 $658,000 7.8 47 367

$423 $742,952 $707,500 627% 44 276

-1.8% -10% -7% 24% 7% 33%

$450 $710,041 $679,000 10.2 32 325

-8% -6% -3% -23% 47% 13%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

404

379

56

361

367

379

325

360

338

325

325

307

276

294

35

107

75

64

54

27

88

31

32

78

71

47

44

38

42

$720K

$708K

$710K

$700K

$695K

$687K

$685K

$679K

$665K

$663K

$658K

$653K

$635K

Feb-23

Jan-24

Feb-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.

80

4

24+

4+ bdrms

71

60

24

3 bdrms

13.7

193

40

9.1

8.3

19

2 bdrms

20

5.3

100

3.5

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 82 13.7 7 64 9.1 3 25 8.3 1 26 26.0 0 16 n/a 0 22 n/a 15 53 3.5 15 79 5.3

3

Copyright © March 7, 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 March 7, 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 - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 9.3 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 15% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 0.4% VS 2023

▲ 4% VS 2023

▲ 23% VS 2023

▼ 18% VS 2023

There were 584 condo listings in the Central Okanagan in February, 19% above January and 23% higher than February 2023. February condo sales increased by 15% month-over-month, to 63, and were 18% below February 2023. The months of inventory for condos in the Central Okanagan, at 9.3, re'ected a buyers' market. The condo median price in February was $452,000, a 10% decrease from January and 4% above February 2023. The average sold price was $473,205, 13% below last month; the average PSF sale price was $530, up 8% 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

$530 $473,205 $452,000 9.3 63 584

$460 $471,463 $435,000 617% 77 475

15% 0.4% 4% 50% -18% 23%

$490 $541,514 $500,000 8.9 55 490

8% -13% -10% 4% 15% 19%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

578

584

546

61

535

500

543

475

511

507

497

490

485

481

50

42

145

139

129

127

74

135

61

55

77

43

63

94

76

$500K

$491K

$471K

$461K

$464K

$464K

$460K

$450K

$451K

$452K

$435K

$430K

$405K

Feb-23

Jan-24

Feb-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

1

24+

4+ bdrms

22.8

200

4

150

4

3 bdrms

73

100

37

7.0

6.8

6.5

2 bdrms

50

360

0

21

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 11 n/a 19 124 6.5 35 238 6.8 5 114 22.8 2 56 28.0 2 14 7.0 0 6 n/a 0 21 n/a

<2 bdrms

147

Copyright © March 7, 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 March 7, 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 - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 9.7 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 0.2% VS 2023

▲ 17% VS 2023

▼ 7% VS 2023

▼ 15% VS 2023

There were 623 detached listings in the City of Kelowna in February, 12% above January and 17% higher than February 2023. February detached home sales increased by 19% month-over-month, to 64, and were 15% below February 2023. The months of inventory for detached in the City of Kelowna, at 9.7, re(ected a buyers' market.

THIS MONTH No. $1,084,543 $1,000,000 9.7 64 623

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,165,098 $998,000 712% 75 534

-7% 0.2% 37% -15% 17%

$1,080,649 $907,500 10.3 54 555

0.4% 10% -5% 19% 12%

The detached median price in February was $1,000,000, a 10% increase from January and 0.2% above February 2023.

The average sold price was $1,084,543, 0.4% above last month and down 7% to February 2023.

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

80

737

800 798

702

779

753

623

572

658

588

588

534

555

60

156

141

124

110

80

58

56

36

54

75

123

110

64

77

$1.06M $1.00M $1.05M $1.05M $990K $1.02M $990K $996K

$998K

$1000K

$983K $1.00M

$908K

Feb-23

Jan-24

Feb-24

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

120

24+

24+

22.5

100

22.0

80

14.9

60

11.0

40

6.6

5.3

20

2.6

0

<$600K

$600-799K

$800-999K

$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M

$3M+

MOI INVENTORY SALES

1 11 11.0

13 34 2.6

18 95 5.3

17 113 6.6

8 119 14.9

2 68 34.0

2 50 25.0

2 45 22.5

1 22 22.0

0 66 n/a

Copyright © March 7, 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 March 7, 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 - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 6.8 BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 5% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 64% VS 2023

▲ 21% VS 2023

▼ 9% VS 2023

▼ 9% VS 2023

There were 239 townhome listings in the City of Kelowna in February, 11% above January and 64% higher than February 2023. February townhome sales increased by 75% month-over-month, to 35, and were 21% above February 2023. The months of inventory for townhomes in the City of Kelowna, at 6.8, re(ected a balanced market. The townhome median price in February was $645,000, a 9% decrease from January and 9% below February 2023. The average sold price was $652,883, 13% below last month; the average PSF sale price was $415, down 9% 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

$415 $652,883 $645,000 6.8 35 239

$437 $718,810 $705,000 503% 29 146

-5% -9% -9% 36% 21% 64%

$458 $748,945 $707,500 10.8 20 215

-9% -13% -9% -36% 75% 11%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

245

57

239

217

244

232

230

225

188

215

193

184

163

146

35

73

63

45

45

35

20

20

35

49

29

44

24

31

25

$715K

$718K

$710K

$709K

$708K

$705K

$690K

$690K

$670K

$672K

$656K

$650K

$645K

Feb-23

Jan-24

Feb-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.

50

3

13.3

4+ bdrms

43

12.3

40

17

30

3 bdrms

130

20

5.0

4.1

15

3.2

2 bdrms

64

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 4 49 12.3 3 40 13.3 3 15 5.0 0 18 n/a 0 12 n/a 0 15 n/a 13 41 3.2 12 49 4.1

2

Copyright © March 7, 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 March 7, 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 - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 8.7 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 20% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 5% VS 2023

▲ 28% VS 2023

▼ 1.1% VS 2023

▼ 16% VS 2023

There were 416 condo listings in the City of Kelowna in February, 18% above January and 28% higher than February 2023. February condo sales increased by 30% month-over-month, to 48, and were 16% below February 2023. The months of inventory for condos in the City of Kelowna, at 8.7, re(ected a buyers' market. The condo median price in February was $450,950, a 16% decrease from January and 5% above February 2023. The average sold price was $477,415, 17% below last month; the average PSF sale price was $551, up 11% 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

$551 $477,415 $450,950 8.7 48 416

$460 $482,792 $429,900 572% 57 326

20% -1.1% 5% 52% -16% 28%

$495 $575,305 $537,000 9.6 37 354

11% -17% -16% -9% 30% 18%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

414

416

64

385

383

359

377

323

368

356

354

326

329

317

49

110

107

107

35

79

55

104

92

39

37

31

48

57

56

$537K

$488K

$478K

$462K

$465K

$460K

$455K

$454K

$450K

$451K

$440K

$430K

$393K

Feb-23

Jan-24

Feb-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+

24+

4+ bdrms

150

3

100

3 bdrms

44

28

50

6.1

2 bdrms

5.6

5.5

267

0

17

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 5 n/a 13 73 5.6 29 176 6.1 3 90 30.0 1 36 36.0 2 11 5.5 0 6 n/a 0 19 n/a

<2 bdrms

105

Copyright © March 7, 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 March 7, 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 ●

downtown kelowna DETACHED - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 34.3 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 8% VS 2023

▲ 32% VS 2023

▼ 3% VS 2023

▼ 73% VS 2023

There were 103 detached listings in Downtown Kelowna in February, 24% above January and 32% higher than February 2023. February detached home sales increased by 200% month-over-month, to 3, and were 73% below February 2023. The months of inventory for detached in Downtown Kelowna, at 34.3, reflected 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

$935,000 $920,000 34.3 3 103

11 78

384% -73% 32%

$727,800 $727,800 83.0 1 83

28% 26% -59% 200% 24%

The detached median price in February was $920,000, a 26% increase from January and 8% above February 2023.

$963,318 $850,000 709%

The average sold price was $935,000, 28% above last month and down 3% to February 2023.

-3% 8%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

111

105

118

103

116

100

114

114

109

93

89

84

83

78

76

20

17

12

10

9

7

7

6

11

17

1

15

3

31

$1.27M

$1.05M

$1.04M

$1.03M $1.02M

$920K

$901K

$865K

$850K

$825K

$799K

$728K

$650K

Feb-23

Jan-24

Feb-24

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

25

24.0

20

15

10

7.5

5

0

<$600K

$600-799K

$800-999K

$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M

$3M+

MOI INVENTORY SALES

0 8 n/a

2 15 7.5

1 24 24.0

0 20 n/a

0 9 n/a

0 11 n/a

0 4 n/a

0 4 n/a

0 8 n/a

Copyright © March 7, 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 March 7, 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 ●

downtown kelowna TOWNHOME - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 16.8 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 4% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 168% VS 2023

▼ 23% VS 2023

▼ 28% VS 2023

▼ 33% VS 2023

There were 67 townhome listings in Downtown Kelowna in February, 22% above January and 168% higher than February 2023. February townhome sales increased by 33% month-over-month, to 4, and were 33% below February 2023. The months of inventory for townhomes in Downtown Kelowna, at 16.8, reflected a buyers' market. The townhome median price in February was $713,000, a 25% decrease from January and 28% below February 2023. The average sold price was $702,875, 31% below last month; the average PSF sale price was $483, down 4% 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

$483 $702,875 $713,000 16.8 4 67

$502 $915,667 $984,500 417% 6 25

-4% -23% -28% 302% -33% 168%

$503 $1,012,833 $950,000 18.3 3 55

-4% -31% -25% -9% 33% 22%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

77

42

71

69

67

64

64

67

49

55

52

47

27

30

25

15

20

7

6

6

4

4

3

3

3

2

6

9

4

$985K

$950K

$925K

$900K

$890K

$855K

$825K

$812K

$800K

$742K

$715K

$713K

$700K

Feb-23

Jan-24

Feb-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.

16.0

4+ bdrms

15

12

3

10

3 bdrms

36

6.0

1

5

2 bdrms

19

2.0

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 16 16.0 1 6 6.0 0 5 n/a 0 6 n/a 0 8 n/a 2 4 2.0 0 5 n/a 0 17 n/a

Copyright © March 7, 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 March 7, 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 ●

downtown kelowna CONDO - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 11.5 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 16% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 42% VS 2023

▼ 8% VS 2023

▼ 7% VS 2023

▼ 21% VS 2023

There were 219 condo listings in Downtown Kelowna in February, 24% above January and 42% higher than February 2023. February condo sales increased by 27% month-over-month, to 19, and were 21% below February 2023. The months of inventory for condos in Downtown Kelowna, at 11.5, reflected a buyers' market. The condo median price in February was $463,000, a 20% decrease from January and 7% below February 2023. The average sold price was $512,368, 20% below last month; the average PSF sale price was $611, up 6% 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

$611 $512,368 $463,000 11.5 19 219

$527 $559,154 $497,500 642% 24 154

16% -8% -7% 80% -21% 42%

$578 $641,400 $578,000 11.7 15 176

27% 24%

6% -20% -20% -1.8%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

223

210

55

219

220

211

205

161

48

184

182

176

171

154

165

42

43

43

42

29

21

19

15

24

37

10

19

25

21

$580K

$578K

$550K

$520K

$525K

$515K

$498K

$491K

$496K

$480K

$463K

$452K

$390K

Feb-23

Jan-24

Feb-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.

80

70

24+

4+ bdrms

60

50

3

3 bdrms

40

25

30

7

20

6.7

6.0

2 bdrms

4.5

126

10

0

9

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 5 n/a 5 30 6.0 11 74 6.7 1 51 51.0 0 31 n/a 2 9 4.5 0 4 n/a 0 15 n/a

<2 bdrms

68

Copyright © March 7, 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 March 7, 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 ●

west kelowna DETACHED - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 9.6 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 24% VS 2023

▼ 17% VS 2023

▼ 9% VS 2023

▼ 29% VS 2023

There were 231 detached listings in West Kelowna in February, 12% above January and 24% higher than February 2023. February detached home sales increased by 33% month-over-month, to 24, and were 29% below February 2023. The months of inventory for detached in West Kelowna, at 9.6, 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

$945,808 $860,000 9.6 24 231

$1,141,804 $945,000 547% 34 186

-17% -9% 76% -29% 24%

$871,656 $815,000 11.4 18 206

9% 6% -16% 33% 12%

The detached median price in February was $860,000, a 6% increase from January and 9% below February 2023.

The average sold price was $945,808, 9% above last month and down 17% to February 2023.

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

298

314

295

71

270

292

289

266

222

61

231

243

206

206

186

64

63

62

56

35

31

27

21

18

34

43

24

33

31

$970K

$945K

$945K

$950K

$900K

$891K

$885K

$860K

$855K

$850K

$820K

$815K

$800K

Feb-23

Jan-24

Feb-24

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

50

13.0

40

11.0

30

8.2

20

4.7

3.7

10

0

<$600K

$600-799K

$800-999K

$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M

$3M+

MOI INVENTORY SALES

0 6 n/a

7 26 3.7

10 47 4.7

5 41 8.2

0 48 n/a

1 13 13.0

1 11 11.0

0 18 n/a

0 7 n/a

0 14 n/a

Copyright © March 7, 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 March 7, 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 ●

west kelowna TOWNHOME - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 12.8 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 1.0% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 25% VS 2023

▲ 21% VS 2023

▼ 1.9% VS 2023

▼ 56% VS 2023

There were 51 townhome listings in West Kelowna in February, 9% above January and 1.9% lower than February 2023. February townhome sales remained the same month-over-month, at 4, and were 56% below February 2023. The months of inventory for townhomes in West Kelowna, at 12.8, re&ected a buyers' market. The townhome median price in February was $815,750, a 13% increase from January and 21% above February 2023. The average sold price was $797,625, 18% above last month; the average PSF sale price was $362, down 5% 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

$362 $797,625 $815,750 12.8 4 51

$358 $636,056 $675,000 578% 9 52

121% -56% -1.9%

$381 $675,000 $722,500 11.8 4 47

9% 0% 9%

-5% 18% 13%

1% 25% 21%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 73 58

98

63

59

65

63

61

52

51

53

50

47

43

24

21

12

9

8

16

14

9

4

4

10

4

7

39

36

$850K

$816K

$788K

$723K

$709K

$698K

$687K

$680K

$675K

$663K

$659K

$643K

$572K

Feb-23

Jan-24

Feb-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.

20

20.0

4+ bdrms

10

15

4

3 bdrms

22

10

2 bdrms

5

4.0

19

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 20 20.0 3 12 4.0 0 1 n/a 0 2 n/a 0 3 n/a 0 13 n/a

Copyright © March 7, 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 March 7, 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 ●

west kelowna CONDO - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 11.0 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 12% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 26% VS 2023

▼ 19% VS 2023

▼ 4% VS 2023

▼ 13% VS 2023

There were 77 condo listings in West Kelowna in February, 17% above January and 26% higher than February 2023. February condo sales remained the same month-over-month, at 7, and were 13% below February 2023. The months of inventory for condos in West Kelowna, at 11.0, re&ected a buyers' market. The condo median price in February was $430,000, a 23% increase from January and 4% below February 2023. The average sold price was $394,786, 2% below last month; the average PSF sale price was $371, down 17% 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

$371 $394,786 $430,000 11.0 7 77

$422 $489,063 $447,500 763% 8 61

-12% -19% -4% 44% -13% 26%

$447 $403,286 $350,000 9.4 7 66

-17% -2% 23% 17% 0% 17%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

77

77

106

73

81

69

79

62

68

66

64

61

61

59

23

19

11

19

9

18

7

7

7

5

8

46

7

11

39

$490K

$478K

$465K

$460K

$460K

$458K

$448K

$448K

$438K

$430K

$430K

$410K

$350K

Feb-23

Jan-24

Feb-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.

40

9.5

4+ bdrms

30

7.7

3 bdrms

20

7

6

10

2 bdrms

54

0

1

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 3 23 7.7 4 38 9.5 0 9 n/a 0 6 n/a 0 1 n/a

<2 bdrms

16

Copyright © March 7, 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 March 7, 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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