the Kelowna rennie review - July 2023

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

published July 2023

table of contents

Welcome to the latest edition of the rennie review, which provides a detailed look at the Central Okanagan’s housing market. In this report, we examine the most recent MLS data for the region, including city- and neighbourhood-level stats.

02 INTRO

03 WHAT YOU NEED TO KNOW

04 FEATURED LISTINGS

05 CENTRAL OKANAGAN

Ryan Berlin 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 ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of July 14, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.

kelowna ’ s sellers ’ market will be short-lived Sales counts slowed in the Central Okanagan in June after a spring surge, while supply grew. With the arrival of summer and the Bank of Canada raising interest rates once again, balanced conditions are likely already here.

room on your calculator to confirm as much. Considered on a home-type basis, the detached segment was fully balanced in June (with an MOI of 5.4), while condos and townhomes were firmly in sellers’ market territory (with MOIs of 3.5 and 4.0, respectively). Given this backdrop of market conditions, home values in June responded as one would expect, which is that prices increased for the home types that are considered sellers’ markets, but not for the balanced detached market. To wit, the median sold price of detached homes was down 7% versus May (to $971,520), while condo prices were up 0.2% (to $463,500) and townhomes were 0.7% higher (to $709,750). As summer progresses, expect further declines in overall sales counts as the market transitions to more balanced conditions. How long those conditions persist will be influenced by future Bank of Canada rate decisions, with buyers (especially of the first-time variety) continuing to navigate the highest interest rate environment in more than two decades.

Housing market activity in Kelowna typically starts to slow in June, with sales counts in the Central Okanagan usually reaching their apex in May before receding in the summer months. This year was no exception, with regional home-buying activity declining from May into June, which has, in turn, given inventory a chance to expand. And as a result, this changing supply-demand dynamic has nudged market conditions away from sellers and toward more balanced conditions. To put some context around the aforementioned slowing sales counts, there were 520 MLS transactions in the Okanagan in June, which was down 9% from May, but represented the second highest monthly total since May 2022. It was 33% more than last June 2022—which ended up being a sluggish period of activity during the early days of the Bank of Canada’s rate-hiking program—but still depressed when looking at the longer term, as it was 11% below the past 10-year June average.

With fewer sales in the month of June, inventory was able to grow—by a lot, in fact. The total number of homes available for sale at the end of the month reached 2,590, which was an 11% increase over May. And while this may have been 10% less than the past-decade June average, it was still 13% more than last June, and the highest total of any month going back to September 2020. With sales counts wilting as listings bloomed, there was almost 5 months of inventory (or MOI) in June (with an MOI of less than 5 reflecting a sellers’ market; 5-8 MOI reflecting balanced conditions; and an MOI over 8 reflecting a buyers’ market). We emphasize the word “almost” because you need to go to 2 decimal places to see that the region’s MOI is actually below 5 (it sits at 4.98). Needless to say, if either sales counts decline or inventory grows even marginally in July, the market will tip fully into balanced territory without you needing extra

3 Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of July 14, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.

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Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of May 23, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 4

centralokanagan DETACHED|JUNE2023

TOTAL LISTINGS ▲ 5% VS 202

MONTHS OF INVENTORY 5.4 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 5% VS 202

▼ 7% VS 202

▲ 41% VS 202

Therew ere1,314 detached listingsin theCentral Okanagan in June,12% higherthan M ayand 5% aboveJune 2022. Junedetached hom esalesdecreased by 7% m onth-over-m onth,to244,and were41% aboveJune 2022.

THISMONTH No. $1,173,393 $971,250 5.4 244 1,314

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere5.4m onthsofinventoryfordetached hom esin June,reflecting balanced m arketconditions.

$1,196,874 $1,045,000 4.5 263 1,178

-2% -7% 20% -7% 11.5%

$1,238,392 $1,039,000 7.3 173 1,254

-5% -7% -26% 41% 5%

Thedetachedm edian pricein Junewas$971,250,a7% decreasefrom M ayand 7% below June2022.

Theaveragesold pricein Junewas$1,173,393fordetached hom es,a2% decreasefrom lastm onth and 5% below last year. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

1,334

1,302

1,314

1,234

1,254

1,216

1,178

1,087

1,055

1,033

918

852 859

263

244

194

192

126

173 133 176 163 134 127

90 70

$1,039,000

$975,000 $949,500

$971,250

$960,000

$932,500

$900,000

Jun-2022 M ay-2023 Jun-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

500

12.2

400

300

7.4

200

5.0

3.6

2.6 2.3 2.5 2.5

100

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

5 13 2.6

16 36 2.3

33 82 2.5

43 106 2.5

33 119 3.6

43 213 5.0

30 222 7.4

41 500 12.2

M onthsofInv. Inventory Sales

Copyright© 2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpark,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJuly 14,2023.Aldatafrom As ociationofInteriorRealtors& rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom panies doesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation. Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym ay bewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

centralokanagan TOWNHOME|JUNE2023

TOTAL LISTINGS ▲ 0.9% VS 202

MONTHS OF INVENTORY 4.0 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 2% VS 202

▲ 5% VS 202

Therewere349townhom elistingsin theCentral Okanagan in June,16% higherthan M ayand 0.9% above June2022.

Junetownhom esalesdecreased by29% m onth-over-m onth,to88,and were5% above June2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.0m onthsofinventoryfortownhom esin June,reflecting selers'm arketconditions.

$740,178 $709,750 4.0 88 349

124 301

1.4% 0.7% 63% -29% 16%

$722,490 $692,450 4.1 84 346

2% 2% -4% 5% 0.9%

$730,065 $705,000 2.4

Thetownhom em edian pricein Junewas$709,750,a0.7% increasefrom M ayand 2% aboveJune2022.

Theaveragesold pricein Junewas$740,178for townhom es,a1.4% increasefrom lastm onth and 2% above lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

350

352

367

349

346 342

342

341

312

301

286

258 273

124

58 62

36 38 38

$720,000 $700,000 $709,750

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

Jun-2022 M ay-2023 Jun-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

21.0

6.0

4.2

3.9 3.6

3.5

2.5 2.3

0.8

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

4 3 0.8

6 21 3.5

12 30 2.5

21 48 2.3

17 72 4.2

11 66 6.0

7 27 3.9

9 32 3.6

1 21 21.0

M onthsofInv. Inventory Sales

●

centralokanagan CONDO |JUNE2023

TOTAL LISTINGS ▲ 22% VS 202

MONTHS OF INVENTORY 3.5 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 3% VS 202

▲ 2% VS 202

▲ 39% VS 202

Therewere502 condolistingsin theCentralO kanagan in June,3% higherthan M ayand 22% aboveJune2022.

Junecondosalesdecreased by0.7% m onth-over-m onth,to 142,and were39% aboveJune2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere3.5m onthsofinventoryforcondosin June, reflecting selers'm arketconditions.

142 502

143 487

-6% 0.2% 4% -0.7% 3%

102 411

-3% 2% -12% 39% 22%

$492,425 $463,500 3.5

$524,882 $462,500 3.4

$505,412 $453,500 4.0

Thecondom edian pricein Junewas$463,500,a0.2% increasefrom M ayand 2% aboveJune2022.

Theaveragesold pricein Junewas$492,425forcondos,a 6% decreasefrom lastm onth and 3% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

499

497

479 487

502

468 496

463

462

446

428

411

373

143 142

130

134

126

101 94

102 85

47 52

$453,500 $488,500 $470,000 $471,675 $433,750 $449,375 $463,500

Jun-2022 M ay-2023 Jun-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

11.0

100

10.0

9.0

5.5

4.5

3.5

3.2 3.1

2.9

2.3

1.8

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

5 9 1.8

13 42 3.2

21 65 3.1

47 106 2.3

28 80 2.9

15 53 3.5

3 30 10.0

3 27 9.0

2 11 5.5

3 33 11.0

2 9 4.5

M onthsofInv. Inventory Sales

●

cityofkelowna DETACHED|JUNE2023

TOTAL LISTINGS ▲ 2% VS 202

MONTHS OF INVENTORY 5.3 BALANCED MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 10% VS 202

▼ 3% VS 202

▲ 34% VS 202

Therewere757 detachedlistingsin theCityofKelownain June,13% higherthan M ayand 2% aboveJune2022.

Junedetached hom esalesdecreased by 8% m onth-over-m onth,to143,and were34% aboveJune 2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

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

143 757

155 671

1.9% 0.9% 22% -8% 13%

107 739

-10% -3% -23% 34% 2%

$1,200,373 $1,075,000 5.3

$1,178,311 $1,065,000 4.3

$1,329,980 $1,109,000 6.9

Thedetachedm edian pricein Junewas$1,075,000,a0.9% increasefrom M ayand 3% below June2022.

Theaveragesold pricein Junewas$1,200,373fordetached hom es,a1.9% increasefrom lastm onth and 10% below last year. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

739

772

750

749

757

715

671

642

610

591

552

508 514

155

143

121

111

107 77 101 90 82 80

53 38

$1,109,000

$1,075,000

$1,042,500

$982,500 $990,000

$968,000

$880,000

Jun-2022 M ay-2023 Jun-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

300

12.1

200

6.8

4.4

100

3.0

2.7 2.7

1.7 2.1

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

2 6 3.0

6 10 1.7

16 34 2.1

21 57 2.7

22 59 2.7

30 133 4.4

20 135 6.8

26 315 12.1

M onthsofInv. Inventory Sales

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

●

cityofkelowna TOWNHOME|JUNE2023

TOTAL LISTINGS ▲ 1.5% VS 202

MONTHS OF INVENTORY 3.2 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

- VS 202

▼ 2.5% VS 202

▲ 2% VS 202

Therewere203townhom elistingsin theCityofKelowna in June,9% higherthan M ayand 1.5% aboveJune2022.

Junetownhom esalesdecreased by25% m onth-over-m onth,to63,and were1.6% aboveJune2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere3.2m onthsofinventoryfortownhom esin June,reflecting selers'm arketconditions.

$725,808 $675,000 3.2 63 203

$751,179 $717,500 2.2 84 186

-3% -6% 46% -25% 9%

$725,994 $692,450 3.2 62 200

0% -3% -0.3% 1.6% 1.5%

Thetownhom em edian pricein Junewas$675,000,a6% decreasefrom M ayand 3% below June2022.

Theaveragesold pricein Junewas$725,808for townhom es,a3% decreasefrom lastm onth and 0% about the sam e aslastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

200

197

204

200

202

200

203

192

186

164

155

151 146

42 39 39

31 32

22 25

$715,000 $698,150 $675,000

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

Jun-2022 M ay-2023 Jun-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

7.3

3.8

3.6

3.0

2.4

1.8 1.5

1.5

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

2 3 1.5

5 15 3.0

9 16 1.8

18 27 1.5

11 42 3.8

6 44 7.3

5 18 3.6

7 17 2.4

M onthsofInv. Inventory Sales

●

cityofkelowna CONDO |JUNE2023

TOTAL LISTINGS ▲ 13% VS 202

MONTHS OF INVENTORY 3.2 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 5% VS 202

▲ 3% VS 202

▲ 35% VS 202

Therewere352condolistingsin theCityofKelownain June,6% higherthan M ayand 13% aboveJune2022.

Junecondosalesincreased by4% m onth-over-m onth,to 111,and were35% aboveJune2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere3.2m onthsofinventoryforcondosin June, reflecting selers'm arketconditions.

111 352

107 331

3% 4% 6%

$513,262 $449,500 3.8 82 311

-5% 3% -16% 35% 13%

$490,000 $465,000 3.2

$545,047 $475,000 3.1

Thecondom edian pricein Junewas$465,000,a2% about thesam easM ayand 3% aboveJune2022.

-10% -2%

Theaveragesold pricein Junewas$490,000forcondos,a 10% decreasefrom lastm onth and 5% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

381

379

356

352

351

333

331

323 319

314

311

292

270

107

111

102 107

78 71

82 63

35 42

$449,500 $480,000

$436,500 $475,000

$432,450 $454,500 $465,000

Jun-2022 M ay-2023 Jun-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

25.0

8.7

7.3

4.5

4.0

2.9 3.1

2.7 1.8

0 10

1.4 2.2

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

5 7 1.4

12 26 2.2

15 40 2.7

36 65 1.8

18 53 2.9

14 44 3.1

3 22 7.3

3 26 8.7

2 8 4.0

1 25 25.0

2 9 4.5

M onthsofInv. Inventory Sales

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

●

downtown kelowna DETACHED|JUNE2023

TOTAL LISTINGS ▼ 27% VS 202

MONTHS OF INVENTORY 4.7 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 6% VS 202

▼ 10% VS 202

▲ 100% VS 202

Therewere113detachedlistingsin D owntown Kelownain June,0.9% higherthan M ayand 27% below June2022.

Junedetached hom esalesincreased by71% m onth-over-m onth,to24,and were100% aboveJune 2022.

THISMONTH No. $1,278,188 $1,037,500 4.7 24 113

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.7m onthsofinventoryfordetached hom esin June,reflecting selers'm arketconditions.

$936,286 $945,000 8.0 14 112

37% 10% -41% 71% 0.9%

$1,356,042 $1,147,500 12.8 12 154

-6% -10% -63% 100% -27%

Thedetachedm edian pricein Junewas$1,037,500,a10% increasefrom M ayand 10% below June2022.

Theaveragesold pricein Junewas$1,278,188fordetached hom es,a37% increasefrom lastm onth and 6% below last year. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

154

150

126

117

118

112 113

102

75 79

16 13

11 14

11 12

12 6

7 4

$1,147,500

$1,037,500

$980,000

$906,000

$890,000

$880,000 $825,000

Jun-2022 M ay-2023 Jun-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

24.0

8.0

5.8

5.5

4.5

1.0 0.7

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

2 2 1.0

6 4 0.7

2 11 5.5

1 8 8.0

6 35 5.8

1 24 24.0

6 27 4.5

M onthsofInv. Inventory Sales

●

downtown kelowna TOWNHOME|JUNE2023

TOTAL LISTINGS ▲ 20% VS 202

MONTHS OF INVENTORY 9.0 BUYERS'MARKET'

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 1.9% VS 202

▲ 26% VS 202

- VS 202

Therewere54townhom elistingsin D owntown Kelownain June,15% higherthan M ayand 20.0% aboveJune2022.

Junetownhom esalesdecreased by67% m onth-over-m onth,to6,and were 0% aboutthesam eas June 2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere9.0m onthsofinventoryfortownhom esin June,reflecting buyers'm arketconditions.

$856,150 $799,950 9.0 6 54

18 47

1.9% 6% 245% -67% 15%

$872,750 $632,500 7.5 6 45

-1.9% 26% 20% 0% 20%

$840,439 $757,450 2.6

Thetownhom em edian pricein Junewas$799,950,a6% increasefrom M ayand 26% aboveJune2022.

Theaveragesold pricein Junewas$856,150for townhom es,a1.9% increasefrom lastm onth and 1.9% below lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

53 52

4 4 4

$975,000

$757,500

$760,000 $799,950

$651,500 $665,000

$632,500

Jun-2022 M ay-2023 Jun-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

14.0

11.0

6.0

4.0

2.0

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

1 4 4.0

2 4 2.0

1 14 14.0

1 11 11.0

1 6 6.0

M onthsofInv. Inventory Sales

●

downtown kelowna CONDO |JUNE2023

TOTAL LISTINGS ▲ 25% VS 202

MONTHS OF INVENTORY 4.2 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 20% VS 202

▲ 1% VS 202

▲ 54% VS 202

Therewere179condolistingsin D owntown Kelownain June,5% higherthan M ayand 25% aboveJune2022.

Junecondosalesdecreased by7% m onth-over-m onth,to 43,and were54% aboveJune2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.2m onthsofinventoryforcondosin June, reflecting selers'm arketconditions.

$520,169 $510,000 4.2 43 179

$624,573 $527,500 3.7 46 171

-17% -3% 12% -7% 5%

$647,071 $502,500 5.1 28 143

-20% 1.5% -19% 54% 25%

Thecondom edian pricein Junewas$510,000,a3% about thesam easM ayand 1.5% aboveJune2022.

Theaveragesold pricein Junewas$520,169forcondos,a 17% decreasefrom lastm onth and 20% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

167

171

179

166

162

153 158

155 155

148

149

143

122

32 33

22 23

28 25

13 13

$563,150

$541,500 $510,000

$502,500

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

Jun-2022 M ay-2023 Jun-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

22.0

10.5

9.0

6.0

4.5

3.1 2.5

2.1

1.4 1.6

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

5 7 1.4

5 8 1.6

2 9 4.5

8 17 2.1

7 22 3.1

8 20 2.5

3 18 6.0

2 21 10.5

1 6 6.0

1 22 22.0

1 9 9.0

M onthsofInv. Inventory Sales

●

westkelowna DETACHED|JUNE2023

TOTAL LISTINGS ▲ 7% VS 202

MONTHS OF INVENTORY 4.7 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 10% VS 202

▲ 8% VS 202

▲ 50% VS 202

Therewere297 detachedlistingsin W estKelownain June, 10% higherthan M ayand 7% aboveJune2022.

Junedetached hom esalesdecreased by 7% m onth-over-m onth,to63,and were50% aboveJune2022.

THISMONTH No. $1,120,036 $945,000 4.7 63 297

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.7m onthsofinventoryfordetached hom esin June,reflecting selers'm arketconditions.

$1,282,575 $1,007,000 4.0 68 270

-13% -6% 19% -7% 10.0%

$1,016,880 $878,750 6.6 42 278

10% 8% -29% 50% 7%

Thedetachedm edian pricein Junewas$945,000,a6% aboutthesam easM ayand 8% aboveJune2022.

Theaveragesold pricein Junewas$1,120,036fordetached hom es,a13% decreasefrom lastm onth and 10% abovelast year. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

301

292

284

297

278

270

261

253

230

226

187

178

172

68 63

42 35 43 37 33 34

24 22

$945,000

$931,250 $896,000

$878,750

$878,000

$865,500

$810,000

Jun-2022 M ay-2023 Jun-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

9.4

7.5

5.1 5.1

3.1

2.1

2.0

1.5

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

1 2 2.0

8 12 1.5

10 31 3.1

11 23 2.1

7 36 5.1

9 46 5.1

8 60 7.5

9 85 9.4

M onthsofInv. Inventory Sales

●

westkelowna TOWNHOME|JUNE2023

TOTAL LISTINGS ▼ 8% VS 202

MONTHS OF INVENTORY 4.4 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▲ 5% VS 202

▼ 1.2% VS 202

▲ 23% VS 202

Therewere70townhom elistingsin W estKelownain June, 32% higherthan M ayand 8% below June2022.

Junetownhom esalesdecreased by45% m onth-over-m onth,to16,and were23% above June2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

Therewere4.4m onthsofinventoryfortownhom esin June,reflecting selers'm arketconditions.

16 70

29 53

139% -45% 32%

13 76

5% -1.2% -25% 23% -8%

$819,681 $787,500 4.4

$673,534 $685,000 1.8

$777,585 $797,000 5.9

Thetownhom em edian pricein Junewas$787,500,a15% increasefrom M ayand 1.2% below June2022.

22% 15%

Theaveragesold pricein Junewas$819,681for townhom es,a22% increasefrom lastm onth and 5% above lastyear. ▶ AVERAGEDAYSTO SEL

▶ RECENTTRENDS

● SALES ● INVENTORY ● MEDIAN PRICE

60 61

10 12

6 5 5

$797,000

$757,000 $787,500

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

Jun-2022 M ay-2023 Jun-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

14.0

11.0

5.0

3.5

2.3

2.0

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

1 11 11.0

1 14 14.0

4 14 3.5

4 9 2.3

1 5 5.0

2 7 3.5

1 2 2.0

M onthsofInv. Inventory Sales

●

westkelowna CONDO |JUNE2023

TOTAL LISTINGS ▲ 54% VS 202

MONTHS OF INVENTORY 3.6 SEL ERS'MARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

SALES

▼ 16% VS 202

▼ 8% VS 202

▲ 43% VS 202

Therewere71condolistingsin W estKelownain June, 1.4% higherthan M ayand 54% aboveJune2022.

Junecondosalesdecreased by9% m onth-over-m onth,to 20,and were43% aboveJune2022.

THISMONTH No.

PREVIOUSMONTH No.

PREVIOUSYEAR No.

% Change

TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE

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

20 71

22 70

-13% -3% 12% -9% 1.4%

14 46

-16% -8% 8% 43% 54%

$453,070 $448,000 3.6

$522,536 $460,000 3.2

$542,543 $485,950 3.3

Thecondom edian pricein Junewas$448,000,a3% decreasefrom M ayand 8% below June2022.

Theaveragesold pricein Junewas$453,070forcondos,a 13% decreasefrom lastm onth and 16% below lastyear.

▶ RECENTTRENDS

▶ AVERAGEDAYSTO SEL

● SALES ● INVENTORY ● MEDIAN PRICE

15 17

12 10

10 11

4 6

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

$448,000

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

Jun-2022 M ay-2023 Jun-2023

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET <5

BALANCED 5-8

BUYERS'MARKET 8+

● SALES ● INVENTORY ● MONTHSOFINVENTORY

8.0

3.3 3.5

1.6

0 5

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

1 8 8.0

3 10 3.3

8 28 3.5

8 13 1.6

M onthsofInv. Inventory Sales

●

kelownam arket AREAS*

● DOWNTOWN KELOWNA ● + ● CITYOFKELOWNA ● WESTKELOWNA

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

Copyright© 2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpark,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJuly 14,2023.Aldatafrom As ociationofInteriorRealtors& rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom panies doesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation. Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym ay bewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

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13 Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of July 14, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 18

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