the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR 19 SUB-MARKETS IN THE CENTRAL OKANAGAN
published October 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 October 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
hammering toward construction highs Despite one of the slowest years for sales activity in recent memory, Kelowna has quietly been outperforming its peer markets on new housing starts. Through nine months, the region has already blown past its previous record from 2017.
housing starts in these two markets are up by a more modest 8% and 21%, respectively. Elevated financing and construction costs (and a suite of additional hurdles) have not only challenged construction activity in Vancouver and Victoria, but across Canada more broadly. Kelowna’s ability to so far circumvent these challenges is promising news for future housing supply in the region. Whether this is enough to absorb future demand as affordability conditions continue to improve (most big banks are projecting between 125 and 200 basis points in interest rate cuts from the Bank of Canada by mid-next year) or future population growth (Kelowna has been the fastest-growing CMA in Canada over the past decade) remains to be seen, but it is a promising development for a market that has been short on positive news in 2024.
In a year rife with challenges for housing market activity and affordability, the Central Okanagan has distinguished itself as perhaps the most challenged among major BC markets. MLS sales continued to fall in September and, at 243, marked a 20% drop from August and a 44% deficit when compared to the prior 10-year September average (of 431 sales). Though depressed sales have been a consistent trend this year across BC’s biggest markets, year-to-date activity in the Central Okanagan has been the most subdued. At 2,745 sales from January through September, this was 32% below the prior 10-year average (of 4,033 sales) versus 23% in Vancouver and 18% in Victoria. Where the Central Okanagan has been punching well above its weight, however, is on new housing construction. Behind all of the negative headlines and sentiment on
the region’s housing market, builders and developers have quietly been hammering away toward a record year for housing starts. Data from CMHC through the first nine months of the year shows that there have been 3,667 starts in the Kelowna census metropolitan area (CMA), up 72% from the same period last year (2,131 starts) and more than double the prior 10-year average (of 1,801 starts). Most notably, however, this already marks a new annual record for housing starts in the region, surpassing the previous annual high of 3,577 starts from 2017. In contrast, housing starts in both the Vancouver and Victoria CMAs have been on the decline this year (albeit from record levels in 2023), down 19% and 3% through the first nine months of the year, respectively. Relative to their prior 10-year averages,
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 October 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.
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
OKANAGAN LIFE $3,990,000 | PEACHLAND 5142 Robinson Place 6 BED | 5 BATH | 5,850 SF
Stunning waterfront home with private dock, 6 beds, 5 baths, and breathtaking lake and mountain views. Features include a custom kitchen, vaulted ceilings, luxurious primary suite, multiple decks, BBQ area, wine cellar, sauna, and gym.
HUNTERS HILL HOME $2,185.000 | SUMMERLAND 17579 Sanborn Street 5 BED | 4 BATH | 3,370 SF Rob Breckwoldt PERSONAL REAL ESTATE CORPORATION 604.459.7778 rbreckwoldt@rennie.com rennie.com/robbreckwoldt
Move right in to enjoy the high-end finishes, appliance package, and custom touches from a master builder. Privacy abounds from the 700 SF lake view deck. The 1,971 SF main floor includes 2 beds, 2 baths, and open-concept kitchen, dining, and living area with easy deck access. The basement features 3 beds, 2 baths, a wine room, storage, and space for a home theater, golf simulator, or gym.
Patrick Murphy REAL ESTATE ADVISOR 250.486.2529 pmurphy@rennie.com rennie.com/patrickmurphy
CENTRAL OKANAGAN LIVING $899,900 | UPPER MISSION 606 South Crest Drive 4 BED | 4 BATH | 2,478 SF
This updated home on a 5,070 SqFt lot features 4 beds, 4 baths, and 2,478 SqFt. Basement offers potential for a suite. $25,000 in updates: new paint, trim, carpet, and backyard sod. Sun-drenched backyard with peek-a-boo lake view. Close to wineries, beaches, parks, and Mission Village with Save- On-Foods, Shoppers, and more.
Rob Breckwoldt PERSONAL REAL ESTATE CORPORATION 604.459.7778 rbreckwoldt@rennie.com rennie.com/robbreckwoldt
Celeste Ziegler REAL ESTATE ADVISOR 604.861.6672 cziegler@rennie.com rennie.com/celesteziegler
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 14.6 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 30% VS 2023
▼ 4% VS 2023
▼ 4% VS 2023
There were 1,829 detached listings in the Central Okanagan in September, 1.3% above August and 30% higher than September 2023. September detached home sales decreased by 24% month-over-month, to 125, and were 4% below September 2023. The months of inventory for detached in the Central Okanagan, at 14.6, re*ected a buyers' market.
THIS MONTH No. $1,077,309 $960,000 14.6 125 1,829
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,124,138 $926,025 10.9 130 1,412
-4% 4% 35% -4% 30%
$1,072,311 $925,000 10.9 165 1,805
0.5% 4% 34% -24% 1.3%
The detached median price in September was $960,000, a 4% increase from August and 4% above September 2023.
The average sold price was $1,077,309, 0.5% above last month and down 4% to September 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
51
1,829
1,851
1,836
1,805
49
1,539
1,688
1,372
1,345
1,412
1,241
1,073
35
1,014
970
195
200
190
165
150
120
106
106
88
86
130
125
198
$990K
$993K
$988K
$964K
$968K
$964K
$953K
$960K
$947K
$926K
$925K
$925K
$880K
Sep-23
Aug-24
Sep-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
350
24+
24+
24+
24+
24+
300
18.9
250
200
11.1
150
9.0
8.8
7.6
100
50
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 1 n/a
6 54 9.0
21 160 7.6
40 351 8.8
29 321 11.1
15 284 18.9
6 169 28.2
4 154 38.5
2 131 65.5
1 78 78.0
1 126 126.0
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 11.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 28% VS 2023
▲ 14% VS 2023
▼ 4% VS 2023
▼ 0.2% VS 2023
There were 453 townhome listings in the Central Okanagan in September, 2% above August and 28% higher than September 2023. September townhome sales decreased by 25% month-over-month, to 40, and were 14% above September 2023. The months of inventory for townhomes in the Central Okanagan, at 11.3, re*ected a buyers' market. The townhome median price in September was $655,000, a 7% decrease from August and 0.2% below September 2023. The average sold price was $702,324, 1.0% below last month; the average PSF sale price was $449, up 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
$449 $702,324 $655,000 11.3 40 453
$437 $734,874 $656,000 10.1 35 354
12% 14% 28%
$430 $709,608 $704,667 8.4 53 443
4% -1% -7% 35% -25% 2%
3% -4% -0.2%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
453
50
458
454
443
372
46
416
340
392
354
335
332
308
295
36
77
74
65
59
53
49
37
30
28
40
35
60
46
$715K
$718K
$700K
$705K
$705K
$679K
$670K
$676K
$662K
$656K
$660K
$660K
$655K
Sep-23
Aug-24
Sep-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.
100
24+
4
23.0
4+ bdrms
80
73
60
22
3 bdrms
228
12.0
40
10.5
7.8
13
6.3
2 bdrms
20
146
0
1
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 7 84 12.0 3 75 25.0 2 46 23.0 4 42 10.5 0 14 n/a 0 24 n/a 12 75 6.3 12 93 7.8
<2 bdrms
6
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 9.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 26% VS 2023
▼ 10% VS 2023
▼ 3% VS 2023
0.0% VS 2023
There were 687 condo listings in the Central Okanagan in September, 7% below August and 26% higher than September 2023. September condo sales decreased by 11% month-over-month, to 76, and were the same in September 2023. The months of inventory for condos in the Central Okanagan, at 9.0, re*ected a buyers' market. The condo median price in September was $452,100, a 5% increase from August and 3% below September 2023. The average sold price was $464,847, 2% above last month; the average PSF sale price was $483, up 3% 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 $464,847 $452,100 9.0 76 687
$501 $514,008 $463,725 7.2 76 545
-4% -10% -3% 26% 0% 26%
$468 $454,122 $430,000 8.7 85 741
3% 2% 5% 4% -11% -7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
741
50
49
795
680
758
750
687
707
578
40
545
584
543
497
490
125
113
109
74
65
62
55
43
76
76
98
85
85
$500K
$491K
$475K
$464K
$450K
$450K
$448K
$449K
$452K
$439K
$430K
$430K
$410K
Sep-23
Aug-24
Sep-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.
300
16.2
1
4+ bdrms
250
7
200
4
9.8
9.5
9.0
3 bdrms
150
91
6.1
100
52
3.3
2 bdrms
50
421
0
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 3 10 3.3 29 178 6.1 31 294 9.5 6 97 16.2 5 49 9.8 2 18 9.0 0 10 n/a 0 31 n/a
19
<2 bdrms
168
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 14.6 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 34% VS 2023
▼ 4% VS 2023
▼ 6% VS 2023
There were 1,081 detached listings in the City of Kelowna in September, 3% above August and 34% higher than September 2023. September detached home sales decreased by 22% month-over-month, to 74, and were 6% below September 2023. The months of inventory for detached in the City of Kelowna, at 14.6, re(ected a buyers' market.
THIS MONTH No. $1,102,593 $1,025,000 14.6 74 1,081
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,145,214 $990,000 10.2 79 809
-4% 4% 43% -6% 34%
$1,107,943 $995,000 11.1 95 1,051
-0.5% 3% 32% -22% 3%
The detached median price in September was $1,025,000, a 3% increase from August and 4% above September 2023.
The average sold price was $1,102,593, 0.5% below last month and down 4% to September 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,081
53
1,076
1,068
1,051
906
977
808
791
809
712
636
599
567
35
34
124
115
100
97
95
81
67
58
56
54
79
74
109
$1.06M
$1.05M $1.00M
$1.00M
$990K $996K $985K $1.00M
$964K $995K $1.02M
$950K
$908K
Sep-23
Aug-24
Sep-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+
24+
23.0
150
16.1
100
10.7
8.2
6.9
50
5.0
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 1 n/a
3 15 5.0
9 62 6.9
24 196 8.2
17 182 10.7
12 193 16.1
5 115 23.0
2 104 52.0
1 80 80.0
0 50 n/a
1 83 83.0
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 10.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2023
▲ 29% VS 2023
▼ 9% VS 2023
▼ 4% VS 2023
There were 284 townhome listings in the City of Kelowna in September, 0.7% above August and 29% higher than September 2023. September townhome sales decreased by 31% month-over-month, to 27, and were 4% below September 2023. The months of inventory for townhomes in the City of Kelowna, at 10.5, re(ected a buyers' market. The townhome median price in September was $689,000, a 1.6% increase from August and 3% above September 2023. The average sold price was $715,515, 3% above last month; the average PSF sale price was $439, 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
$439 $715,515 $689,000 10.5 27 284
$443 $782,379 $670,500 7.9 28 220
-0.9% -9% 3% 34% -4% 29%
$431 $696,585 $678,000 7.2 39 282
2% 3% 1.6% 45% -31% 0.7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
50
284
264
292
290
247
282
264
224
210
220
217
208
39
195
36
60
59
39
34
32
23
20
18
28
45
27
42
42
$722K
$709K
$708K
$700K
$709K
$689K
$675K
$678K
$671K
$672K
$664K
$673K
$652K
Sep-23
Aug-24
Sep-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+
3
22.5
4+ bdrms
50
45
40
14
3 bdrms
151
30
11.4
9.3
20
7.5
9
2 bdrms
4.4
84
10
0
1
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 9 40 4.4 5 57 11.4 6 56 9.3 2 45 22.5 1 30 30.0 4 30 7.5 0 11 n/a 0 15 n/a
4
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 9.1 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 34% VS 2023
▲ 1.8% VS 2023
▼ 12% VS 2023
▼ 11% VS 2023
There were 516 condo listings in the City of Kelowna in September, 9% below August and 34% higher than September 2023. September condo sales decreased by 17% month-over-month, to 57, and were 1.8% above September 2023. The months of inventory for condos in the City of Kelowna, at 9.1, re(ected a buyers' market. The condo median price in September was $416,000, a 3% decrease from August and 11% below September 2023. The average sold price was $462,678, 0.7% above last month; the average PSF sale price was $484, up 3% 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
$484 $462,678 $416,000 9.1 57 516
$510 $524,574 $465,000 6.9 56 385
-5% -12% -11% 32% 1.8% 34%
$471 $459,523 $430,000 8.3 69 570
3% 0.7% -3% 10% -17% -9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
570
564
53
601
512
581
516
526
46
416
43
385
417
379
358
356
103
91
88
55
50
40
37
31
56
57
75
69
65
$537K
$488K
$475K
$465K
$458K
$455K
$450K
$442K
$440K
$434K
$430K
$416K
$395K
Sep-23
Aug-24
Sep-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
15.0
4+ bdrms
13.2
200
2
11.0
10.2
150
2
3 bdrms
62
100
5.0
41
2 bdrms
50
324
0
14
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 0 6 n/a 25 125 5.0 23 234 10.2 5 66 13.2 3 33 11.0 1 15 15.0 0 8 n/a 0 29 n/a
<2 bdrms
128
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 13.4 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 17% VS 2023
▲ 10% VS 2023
▲ 24% VS 2023
▼ 6% VS 2023
There were 388 detached listings in the City of West Kelowna in September, no change to August and 24% higher than September 2023. September detached home sales decreased by 38% month-over-month, to 29, and were 6% below September 2023. The months of inventory for detached in the City of West Kelowna, at 13.4, re)ected a buyers' market.
THIS MONTH No. $1,020,183 $880,000 13.4 29 388
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$870,985 $799,999 10.1 31 313
17% 10% 33% -6% 24%
$1,052,039 $850,000 8.3 47 388
-3% 4% 62% -38% 0%
The detached median price in September was $880,000, a 4% increase from August and 10% above September 2023.
The average sold price was $1,020,183, 3% below last month and up 17% to September 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
53
428
415
388
49
344
388
384
293
313
269
288
38
230
205
205
61
60
47
45
36
31
27
25
21
18
31
29
52
$950K
$932K
$910K
$893K
$880K
$870K
$875K
$859K
$850K
$850K
$820K
$815K
$800K
Sep-23
Aug-24
Sep-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
24+
24+
80
19.0
60
14.0
12.4
40
8.4
6.7
20
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
1 14 14.0
7 47 6.7
10 84 8.4
7 87 12.4
2 54 27.0
0 27 n/a
1 30 30.0
1 19 19.0
0 10 n/a
0 16 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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 23.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 0.6% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▲ 32% VS 2023
▼ 5% VS 2023
▼ 25% VS 2023
There were 70 townhome listings in the City of West Kelowna in September, 6% above August and 32% higher than September 2023. September townhome sales decreased by 63% month-over-month, to 3, and were 25% below September 2023. The months of inventory for townhomes in the City of West Kelowna, at 23.3, re)ected a buyers' market. The townhome median price in September was $673,000, a 11% decrease from August and 5% below September 2023. The average sold price was $671,000, 11% below last month; the average PSF sale price was $463, 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
$463 $671,000 $673,000 23.3 3 70
$460 $621,250 $708,750 13.3 4 53
0.6% 8% -5% 76% -25% 32%
$428 $756,188 $759,500 8.3 8 66
8% -11% -11% 183% -63% 6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
70
81
69
68
68
59
66
53
56
45
47
47
43
39
53
8
8
8
8
6
6
4
4
4
4
7
7
3
29
$816K
$765K
$760K
$742K
$723K
$714K
$709K
$699K
$684K
$673K
$655K
$635K
$604K
Sep-23
Aug-24
Sep-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.
5.7
4+ bdrms
15
10
3
10
3 bdrms
31
5
2 bdrms
28
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 12 n/a 3 17 5.7 0 14 n/a 0 13 n/a 0 6 n/a 0 4 n/a 0 4 n/a
1
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 8.9 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 11% VS 2023
▲ 1.1% VS 2023
▲ 4% VS 2023
0.0% VS 2023
There were 80 condo listings in the City of West Kelowna in September, 4% below August and 4% higher than September 2023. September condo sales remained the same month-over-month, at 9, and were the same in September 2023. The months of inventory for condos in the City of West Kelowna, at 8.9, re)ected a buyers' market. The condo median price in September was $465,000, a 2% increase from August and 1.1% above September 2023. The average sold price was $520,689, 18% above last month; the average PSF sale price was $429, down 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
$429 $520,689 $465,000 8.9 9 80
$438 $467,389 $460,000 8.6 9 77
4% 0% 4%
$460 $442,267 $455,000 9.2 9 83
-7% 18% 2% -4% 0% -4%
-2% 11% 1.1%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
90
49
97
97
83
81
79
77
80
77
43
80
80
68
66
37
20
16
11
8
7
7
7
5
9
9
13
11
9
$582K
$467K
$465K
$460K
$458K
$455K
$439K
$440K
$430K
$433K
$410K
$400K
$350K
Sep-23
Aug-24
Sep-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
13.0
4+ bdrms
30
3 bdrms
6.8
5
20
9
10
2 bdrms
60
0
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 2 26 13.0 6 41 6.8 0 10 n/a 0 3 n/a 1 0 n/a
<2 bdrms
15
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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 27.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 50% VS 2023
▼ 21% VS 2023
▼ 40% VS 2023
There were 81 detached listings in Peachland in September, 8% above August and 50% higher than September 2023. September detached home sales decreased by 50% month-over-month, to 3, and were 40% below September 2023. The months of inventory for detached in the Peachland, at 27.0, 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
$953,333 $900,000 27.0 3 81
$1,200,000 $855,000 10.8 5 54
-21% 5% 150% -40% 50%
$749,000 $817,500 12.5 6 75
27% 10% 116% -50% 8%
The detached median price in September was $900,000, a 10% increase from August and 5% above September 2023.
The average sold price was $953,333, 27% above last month and down 21% to September 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
81
103
75
70
75
73
54
48
44
53
34
39
33
33
10
7
6
6
5
5
3
3
2
1
1
5
3
32
29
$3.53M
$2.70M
$1.15M
$1.09M $1.03M $1.23M
$888K
$900K
$855K
$850K
$835K
$818K
$780K
Sep-23
Aug-24
Sep-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
22.0
20
16.0
15
10
7.0
5
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 2 n/a
1 7 7.0
1 22 22.0
1 16 16.0
0 8 n/a
0 7 n/a
0 5 n/a
0 7 n/a
0 4 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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 12.9 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 11% VS 2023
▼ 27% VS 2023
▼ 34% VS 2023
0.0% VS 2023
There were 180 detached listings in Lake Country in September, 3% below August and 11% higher than September 2023. September detached home sales increased by 17% month-over-month, to 14, and were the same in September 2023. The months of inventory for detached in the Lake Country, at 12.9, re)ected a buyers' market. The detached median price in September was $972,750, a 23% increase from August and 34% below September 2023. The average sold price was $1,136,529, 6% above last month and down 27% to September 2023.
THIS MONTH No. $1,136,529 $972,750 12.9 14 180
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,566,429 $1,480,000 11.6 14 162
-27% -34% 11% 0% 11%
$1,073,075 $791,900 15.5 12 186
6% 23% -17% 17% -3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
175
63
180
165
186
181
162
145
143
152
150
114
110
104
42
42
22
18
15
13
12
9
9
8
8
7
7
14
14
$1.48M
$1.23M
$1.16M
$1.16M $1.15M
$1.00M
$995K
$995K
$975K
$973K
$926K
$811K
$792K
Sep-23
Aug-24
Sep-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
13.0
25
12.0
20
7.0
15
5.6
10
4.0
5
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 7 n/a
3 12 4.0
5 28 5.6
4 28 7.0
0 27 n/a
0 17 n/a
1 12 12.0
0 19 n/a
1 13 13.0
0 17 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 October 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 11.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 32% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 45% VS 2023
▲ 36% VS 2023
▲ 50% VS 2023
▼ 3% VS 2023
There were 35 townhome listings in Lake Country in September, 6% above August and 3% lower than September 2023. September townhome sales remained the same month-over-month, at 3, and were 50% above September 2023. The months of inventory for townhomes in the Lake Country, at 11.7, re)ected a buyers' market. The townhome median price in September was $635,000, a 10% decrease from August and 36% above September 2023. The average sold price was $676,167, 7% below last month; the average PSF sale price was $507, 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
$507 $676,167 $635,000 11.7 3 35
$383 $467,500 $467,500 18.0 2 36
32% 45% 36% -35% 50% -3%
$456 $730,982 $704,667 11.0 3 33
6% 0% 6%
11% -7% -10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
34
36
121
35
29
33
32
32
26
28
25
25
23
81
18
11
8
6
6
7
6
3
3
3
5
5
2
44
$789K
$776K
$719K
$705K
$658K
$640K
$641K
$630K
$635K
$615K
$545K
$468K
Sep-23
Aug-24
Sep-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
7.0
4+ bdrms
12
7
10
2
4.0
3 bdrms
8
23
6
1
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 3 n/a 2 14 7.0 1 4 4.0 0 7 n/a 0 1 n/a 0 3 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 October 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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