April 2, 2024

Central Okanagan / Kelowna Real Estate Market Statistics: March 2024

Central Okanagan / Kelowna Real Estate Market Statistics Snapshot: March 2024Central Okanagan / Kelowna Real Estate Market Report: March 2024

Stay updated on the latest Central Okanagan / Kelowna real estate trends for March 2024. Here's a comprehensive overview of the market dynamics concerning single-family homes, townhomes, and condos:

Single-Family Homes:

  • Sales experienced a 28% decline in March 2024 versus March 2023, with 131 homes sold in March 2024, compared to 182 in March 2023.
  • New listings increased by 29%, reaching 583 in March 2024, up from 452 in March 2023.
  • The average price saw a 9% decrease to $989,282 in March 2024, compared to $1,082,232 in March 2023.
  • Average days on market (DOM) increased by 13% to 63 days in March 2024, up from 56 days in March 2023.

Townhomes:

  • Sales increased by 7% in March 2024 compared to March 2023, with 60 townhomes sold in March 2024 versus 56 in March 2023.
  • New townhome listings rose by 38% year-over-year, with 163 in March 2024 compared to 118 in March 2023.
  • The average price rose by 3% to $702,899 in March 2024, from $679,828 in March 2023.
  • Average DOM for townhomes increased by 15% to 46 days in March 2024, up from 40 days in March 2023.

Condos:

  • Sales experienced a 38% decrease, with 81 condos sold in March 2024, compared to 130 in March 2023.
  • New condo listings increased by 28%, totaling 294 in March 2024, down from 229 in March 2023.
  • The average condo price slightly rose by 0.4% to $480,482 in March 2024, from $478,830 in March 2023.
  • Average DOM for condos decreased by 2% to 56 days in March 2024, down from 57 days in March 2023.

For additional details, reach out to Jeff Creamer, your local Kelowna Realtor at Royal LePage Kelowna, at 250-575-7112 or via email at jeff@shopkelownahomes.com.

Source: Association of Interior Realtors

Posted in Market Reports
Feb. 7, 2024

Central Okanagan / Kelowna Real Estate Market Statistics: January 2024

Central Okanagan / Kelowna Real Estate Market Statistics Snapshot: January 2024Central Okanagan / Kelowna Real Estate Market Report: January 2024

Keep up with the latest trends in Central Okanagan / Kelowna real estate for January 2024. Here's a breakdown of the market statistics for single-family homes, townhomes, and condos:

Single-Family Homes:

  • Sales increased by 23% compared to January 2023, with 79 homes sold in January 2024, up from 64 in January 2023.
  • New listings rose by 3%, reaching 261 in January 2024 compared to 253 in January 2023.
  • The average price climbed by 8% to $1,020,297 in January 2024, from $949,293 in January 2023.
  • Average days on market (DOM) decreased by 8% to 76 days in January 2024, down from 83 days in January 2023.

Townhomes:

  • Sales dropped by 20% from January 2023, with 28 townhomes sold in January 2024, down from 35 in January 2023.
  • New townhome listings remained steady, with 89 in January 2024 compared to 90 in January 2023.
  • The average price decreased by 3% to $687,136 in January 2024, from $710,610 in January 2023.
  • Average DOM for townhomes increased by 39% to 72 days in January 2024, up from 52 days in January 2023.

Condos:

  • Sales increased by 10%, with 57 condos sold in January 2024, compared to 52 in January 2023.
  • New condo listings decreased by 9%, with 166 in January 2024, down from 183 in January 2023.
  • The average condo price rose by 10% to $517,264 in January 2024, from $470,173 in January 2023.
  • Average DOM for condos decreased by 8% to 60 days in January 2024, down from 65 days in January 2023.

For further information, contact Jeff Creamer, your local Kelowna Realtor at Royal LePage Kelowna, at 250-575-7112 or via email at jeff@shopkelownahomes.com.

Check out Last Month's Central Okanagan / Kelowna Real Estate Market Statistics

Source: Association of Interior Realtors

Stay up-to-date on the changing real estate market in Central Okanagan. For in-depth insights and personalized advice, connect with Jeff Creamer

Posted in Market Reports
Jan. 30, 2024

Key 2024 Canadian and BC Housing Legislation Updates: A Guide for Home Buyers and Sellers

Title image that reads Key 2024 Canadian and BC Housing Legislation Updates: A Guide for Home Buyers and Sellers

Canadians can anticipate significant changes in housing legislation across federal, provincial, and local levels in 2024. These updates come in response to the pressing shortage of housing supply in both resale and rental markets, impacting homebuyers and sellers alike. Let's delve into the key policies that will shape the real estate landscape this year.

Canadian Federal Housing Legislation Updates:

  1. Short-term Rental Restrictions: In November 2023, the Government of Canada introduced measures to incentivize short-term rental operators to contribute to the long-term housing market. Non-compliance with licensing, permitting, or registration requirements will result in denied income tax deductions for expenses incurred on or after January 1st, 2024.
  2. Pre-approved Home Design Catalogue: To streamline new home construction, the federal government plans to reintroduce a post-Second World War housing policy featuring standardized, pre-approved home designs. This move aims to facilitate quicker and more straightforward property development. Consultations for the home catalogue are set to begin in January 2024.

British Columbia Housing Legislation Updates:

  1. New Short-term Rental Housing By-laws: In late 2023, British Columbia implemented the Short-Term Rental Accommodations Act, enforcing stricter regulations on short-term rental housing. Starting May 1st, 2024, hosts will be required to display a valid business license number, and rentals will be limited to the host's principal residence, plus one additional unit in select communities. Read more about short-term rental rules specific to BC and cities in the Okanagan in this recent blog article.
  2. Expanded Speculation and Vacancy Tax: The speculation and vacancy tax laws in British Columbia have expanded to cover 13 new communities, requiring homeowners to declare property usage for the first time in January 2025.
  3. Updated Zoning Rules: Proposed new zoning laws aim to promote small-scale, multi-unit housing across the province. Secondary suites, laneway homes, and adjustments to by-laws allowing three to four units in certain areas are all part of the plan. Municipalities are also required to update community plans and zoning by-laws regularly throughout 2024.

Stay informed about these critical housing policy changes as they unfold in 2024, as they will undoubtedly influence the real estate market throughout the year. For a deeper understanding of these updates and their potential impact on your real estate journey, visit our blog regularly for updates. Alternatively, feel free to reach out to Jeff Creamer, your Kelowna Realtor at Royal LePage Kelowna. We're here to assist you in navigating the evolving real estate landscape.

Source: Royal LePage Blog

Posted in Buyers, Sellers
Jan. 16, 2024

2024 Canadian Real Estate Outlook: Navigating the Market Amid Changing Interest Rates

Title image that reads 2024 Canadian Real Estate Outlook: Navigating the Market Amid Changing Interest Rates

The Canadian real estate market has experienced a slowdown in the past six months due to high-interest rates, causing both buyers and sellers to put their plans on hold. However, as Canadians adapt to increased borrowing costs and anticipate a potential rate cut by the Bank of Canada, experts predict a brisk spring market on the horizon. 

According to the recently released Royal LePage House Price Survey, the aggregate home price in Canada increased by 4.3% year-over-year to $789,500 in the fourth quarter of 2023. Despite a slight quarter-over-quarter decrease of 1.7%, the survey forecasts a 5.5% increase in the aggregate home price for the fourth quarter of 2024.

Bank of Canada, having held its key lending rate steady at 5.0%, hints at the possibility of modest rate cuts later in the year. The challenge lies in balancing lower interest rates without stimulating spending and causing inflation to rise.

Royal LePage's 2024 Market Survey Forecast projects varying regional market performances. Notable highlights include gains in the greater regions of Toronto, Montreal, and Vancouver, while Calgary stands out with the highest year-over-year price appreciation at 10.7%. Despite quarterly declines in 81% of regional markets, Calgary is the only major region to post quarterly gains.

Looking ahead, the real estate market could experience a surge in activity with potential rate cuts, releasing pent-up demand. The report also notes that about 2.2 million mortgages in Canada are set to renew over the next two years, most at higher interest rates, adding another layer of complexity to the market dynamics.

For a more detailed overview, you can read Royal LePage's fourth-quarter releases for national and regional insights.

Source: Royal LePage Blog

Posted in Market Reports
Jan. 9, 2024

Central Okanagan / Kelowna Real Estate Market Statistics: December 2023

Central Okanagan / Kelowna Real Estate Market Statistics Snapshot: December 2023Central Okanagan / Kelowna Real Estate Market Summary: December 2023

Discover the latest trends in Central Okanagan / Kelowna real estate for December 2023. Here's a comprehensive breakdown of the market statistics for single-family homes, townhomes, and condos:

Single-Family Residential Homes:

  • Sales declined by 4% compared to December 2022, with 82 homes sold in December 2023 versus 85 in December 2022.
  • New listings decreased by 3%, totaling 123 new residential listings in December 2023 compared to 127 in December 2022.
  • The average price experienced a slight 1% decrease, dropping to $1,005,010 in December 2023 from $1,017,202 in December 2022.
  • The average days on market (DOM) remained steady at 62 days for both December 2023 and December 2022.

Townhomes:

  • Sales of townhomes dropped by 19% from December 2022, with 29 townhomes sold in December 2023 against 36 sold in December 2022.
  • New townhome listings surged by 55%, reaching 62 new listings in December 2023 compared to 40 in December 2022.
  • The average price of townhomes decreased by 3%, settling at $697,324 in December 2023 versus $718,229 in December 2022.
  • The average days on market (DOM) for townhomes decreased by 18% to 52 days in December 2023 compared to 63 days in December 2022.

Condos:

  • Condo sales dipped by 4%, with 45 condos sold in December 2023 versus 47 sold in December 2022.
  • New condo listings saw a notable increase of 36%, reaching 87 new listings in December 2023 compared to 64 in December 2022.
  • The average price of condos decreased by 8% to $484,254 in December 2023 from $525,740 in December 2022.
  • The average days on market (DOM) for condos rose by 7% to 53 days in December 2023 compared to 57 days in December 2022.

For more information or inquiries, get in touch with Jeff Creamer, your trusted Kelowna Realtor at Royal LePage Kelowna. Contact Jeff at 250-575-7112 or via email at jeff@shopkelownahomes.com.

View Last Month's Central Okanagan / Kelowna Real Estate Market Statistics

Source: Association of Interior Realtors

Stay informed about the evolving real estate landscape in Central Okanagan. For detailed insights and personalized guidance, reach out to Jeff Creamer, ensuring your real estate decisions are backed by expertise and local knowledge.

Posted in Market Reports
Dec. 8, 2023

Short Term Rental Rules for the Central Okanagan

No Short Term Rentals

Understanding the Recent Changes to Short-Term Rental Regulations in the Central Okanagan

The provincial government has recently unveiled detailed regulations under the Short-Term Rental Accommodations Act, shedding light on various aspects applicable to short-term rentals. Key points from the regulations include exemptions for specific property types, such as strata hotels, fractional ownership properties, licensed bed and breakfasts, time share properties, and more.

Exemptions - Property Types: The legislation provides exemptions for certain property types, including strata hotels, fractional ownership properties, licensed bed and breakfasts with resident owner operators, time share properties, home exchanges, lodges for outdoor recreational activities, and living accommodations primarily for students or educational staff. The regulations also cover exemptions for strata corporation guest suites intended for resident visitors and properties with assessed Class 9 farmland.

Exemptions - Mountain Resorts & Ski Hills: Several mountain resorts and ski hills are exempt from the regulations, supplementing the 14 prescribed municipalities already exempted by the legislation. Notably, these mountain resorts cannot opt-in to the restrictions, even if the municipality or regional district chooses to opt-in to the principal residence requirements.

Definitions, Enforcement, and Clarifications: The regulations specify that the provincial legislation applies to rentals lasting 90 days or less, allowing municipalities to define a different time period (e.g., 30 days) for their bylaws. Enforcement responsibilities are divided, with the provincial government overseeing the Short-Term Rental Accommodations Act, while municipalities enforce their own bylaws. Municipalities can apply for exemptions to the principal residence rule if they meet specific vacancy rate criteria. Additionally, they can choose to opt-in or request exemptions, provided they give appropriate notice.

The provincial requirements act as a baseline, overriding municipal rules if they fall below the provincial standards.

While municipalities can enact bylaws more restrictive than provincial rules, they cannot be less restrictive.

This update is part of a broader set of regulations that include small-scale residential zoning and transit-oriented development, with further details expected next week.

You can read the complete Provincial and current local Municipal rules at the links below: 

Provincial Rules

Kelowna

West Kelowna

Lake Country

Peachland

Summerland

Posted in Buyers
Dec. 7, 2023

Central Okanagan / Kelowna Real Estate Market Statistics: November 2023

Central Okanagan / Kelowna Real Estate Market Statistics Snapshot: November 2023Central Okanagan / Kelowna Real Estate Market Summary: November 2023

Residential real estate sales in the Central Okanagan / Kelowna area of single-family homes and condos continued to fall in November 2023 year-over-year, while townhome sales slightly increased. The number of new listings for single-family homes and condos rose while dropping for townhomes. Average prices decreased year-over-year across all housing types, with townhomes experiencing the largest percentage decrease in price. Average days on market (DOM) fell slightly for single-family homes and townhomes while increasing slightly for condos.

Single-Family Residential Homes

Residential real estate sales of single-family residential homes in the Central Okanagan fell 11% in November 2023 compared to November of 2022, with 108 homes sold in November 2023 set against November of 2022's 121.

The number of new listings of single-family homes in the Central Okanagan rose 19% in November 2023, with 258 new residential listings this November compared to last November's 217 new listings.

The average price of single-family homes in the Central Okanagan in November 2023 experienced a slight decrease of 2% since November of last year, coming to $1,051,620 in November of 2023 compared to November of 2022's $1,070,484. 

The average days on market (DOM) of single-family homes in the Central Okanagan this November remained mostly on par with November of last year, with 58 DOM this November compared to last November's 57 DOM.

Townhomes

Sales of Central Okanagan townhomes in November 2023 remained mostly on par with November of 2022, with 34 townhomes sold this November versus 33 townhomes sold last November. 

The number of new townhome listings in the Central Okanagan dropped 38% this November since November of 2022, with 104 new listings this November compared to last November's 168.

The average price of townhomes in the Central Okanagan fell 13% this November compared to November of last year, coming to $674,871 in November of 2023 versus November of 2022's $778,162. 

The average days on market (DOM) of townhomes in the Central Okanagan decreased 2% this November since November of last year, with 51 DOM in November of 2023 compared to 52 DOM in 2022.

Condos

Condo sales in the Central Okanagan fell 14% in November of 2023 compared to November of 2022, with 62 condos sold this November compared to last November's 72 condos sold. 

The number of new condo listings in the Central Okanagan increased 42% in November 2023 since November of last year, with 208 new condo listings this November versus 147 new listings last November.

The average price of Central Okanagan condos decreased 10% this November since November of 2022, amounting to $483,043 in November of 2023 compared to last November's $537,024.

The average days on market (DOM) of condos in the Central Okanagan rose 4% in November 2023 compared to November of last year, with 53 DOM in November of 2023 balanced against November of 2022's 51 DOM.

Questions? Contact Jeff Creamer, Kelowna Realtor with Royal LePage Kelowna, by phone at 250-575-7112 or by email at jeff@shopkelownahomes.com.

View Last Month's Central Okanagan / Kelowna Real Estate Market Statistics

Source: Association of Interior Realtors

Posted in Market Reports
Nov. 3, 2023

Central Okanagan / Kelowna Real Estate Market Statistics: October 2023

Central Okanagan / Kelowna Real Estate Market Statistics Snapshot: October 2023Central Okanagan / Kelowna Real Estate Market Summary: October 2023

Central Okanagan / Kelowna area residential real estate sales fell in October 2023 year-over-year for single-family homes and condos, while townhome sales remained on par with October of last year. The number of new listings fell for single-family homes and townhomes, while increasing for condos. Average prices fell slightly for single-family homes and condos, while the average prices of townhomes rose 10%. Average days on market (DOM) increased for single-family homes, whereas DOM decreased for both townhomes and condos.

Single-Family Residential Homes

Residential real estate sales of single-family residential homes in the Central Okanagan decreased 12% in October 2023 compared to October of 2022, with 111 homes sold in October 2023 versus October of 2022's 126.

The number of new listings of single-family homes in the Central Okanagan decreased 7% in October 2023,  with 345 new residential listings this October compared to last October's 371 new listings.

The average price of single-family homes in the Central Okanagan in October 2023 decreased 6% since October of last year, coming to $1,021,985 in October of 2023 versus October of 2022's $1,091,603. 

The average days on market (DOM) of single-family homes in the Central Okanagan increased 4% this October compared to October of last year, with 48 DOM this October compared to last October's 46 DOM.

Townhomes

Sales of Central Okanagan townhomes in October 2023 remained on par with October of 2022, with 45 townhomes sold in October of 2023 and October of 2022. 

The number of new townhome listings in the Central Okanagan fell 14% this October since October of 2022, with 105 new listings this October set against last October's 122.

The average price of townhomes in the Central Okanagan increased 10% this October compared to October of last year, coming to $739,943 in October of 2023 versus October of 2022's $671,290. 

The average days on market (DOM) of townhomes in the Central Okanagan decreased by 11% this October since October of last year, with 47 DOM in October of 2023 compared to 53 DOM in 2022.

Condos

Condo sales in the Central Okanagan dropped 19% in October of 2023 compared to October of 2022, with 76 condos sold this October compared to last October's 94 condos sold. 

The number of new condo listings in the Central Okanagan increased 18% in October 2023 since this time last year, with 196 new condo listings this October versus 166 new listings last October.

The average price of Central Okanagan condos decreased slightly by .5% this October compared to October of 2022, coming in at $522,410 in October of 2023 compared to last October's $524,988.

The average days on market (DOM) of condos in the Central Okanagan fell 4% in October 2023 since October of last year, with 52 DOM in October of 2023 set against last October's 54 DOM.

Questions? Contact Jeff Creamer, Kelowna Realtor with Royal LePage Kelowna, by phone at 250-575-7112 or by email at jeff@shopkelownahomes.com.

View Last Month's Central Okanagan / Kelowna Real Estate Market Statistics

Source: Association of Interior Realtors

Posted in Market Reports
Oct. 4, 2023

Central Okanagan / Kelowna Real Estate Market Statistics: September 2023

Central Okanagan / Kelowna Real Estate Market Statistics Snapshot: September 2023Central Okanagan / Kelowna Real Estate Market Summary: September 2023

Central Okanagan / Kelowna area residential real estate sales dipped in September 2023 year-over-year across all housing types, with the largest declines in single-family homes and condo sales. Conversely, the number of new listings rose in all housing categories, with the largest increases in townhomes and single-family homes. Average prices remained on par year-over-year for single family homes while declining for townhomes and condos. Average days on market (DOM) rose for all housing types, with condos seeing the greatest increase in DOM. 

Single-Family Residential Homes

Residential real estate sales of single-family residential homes in the Central Okanagan fell 25% in September 2023 compared to September of 2022, with 154 homes sold in September 2023 versus September of 2022's 116.

The number of new listings of single-family homes in the Central Okanagan rose 20% in September 2023,  with 480 new residential listings this September compared to last September's 399 new listings.

The average price of single-family homes in the Central Okanagan in September 2023 remained mostly on par with September of last year, coming to $1,093,992 in September of 2023 set against September of 2022's $1,093,296. 

The average days on market (DOM) of single-family homes in the Central Okanagan increased 25% this September compared to September of last year, with 60 DOM this September versus last September's 48 DOM.

Townhomes

Sales of Central Okanagan townhomes declined by 11% in September 2023 since September of 2022, with 42 townhomes sold in September of 2023 compared to September of 2022's 47. 

The number of new townhome listings in the Central Okanagan increased 29% this September since September of 2022, with 157 new listings this September set against last September's 122.

The average price of townhomes in the Central Okanagan fell 9% this September compared to September of last year, coming to $710,740 in September of 2023 versus September of 2022's $778,794. 

The average days on market (DOM) of townhomes in the Central Okanagan increased by 26% this September since September of last year, with 54 DOM in September of 2023 compared to 43 DOM in 2022.

Condos

Condo sales in the Central Okanagan fell 29% in September of 2023 compared to September of 2022, with 72 condos sold this September compared to last September's 101. 

The number of new condo listings in the Central Okanagan increased 10% in September 2023 since this time last year, with 218 new condo listings this September set against 198 new listings last September.

The average price of Central Okanagan condos decreased 10% this September compared to September of 2022, coming in at $531,634 in September of 2023 compared to last September's $588,830.

The average days on market (DOM) of condos in the Central Okanagan rose 38% in September 2023 since September of last year, with 58 DOM in September of 2023 compared to last September's 42 DOM.

Questions? Contact Jeff Creamer, Kelowna Realtor with Royal LePage Kelowna, by phone at 250-575-7112 or by email at jeff@shopkelownahomes.com.

View Last Month's Central Okanagan / Kelowna Real Estate Market Statistics

Source: Association of Interior Realtors

Posted in Market Reports
Sept. 8, 2023

Central Okanagan / Kelowna Real Estate Market Statistics: August 2023

Central Okanagan / Kelowna Real Estate Market Statistics Snapshot: August 2023Central Okanagan / Kelowna Real Estate Market Summary: August 2023

Residential sales and the number of new listings in the Central Okanagan / Kelowna area declined year-over-year in August 2023 for single family homes and condos, while increasing for townhomes. Average prices rose for single family homes while declining for townhomes and condos. Average days on market (DOM) continued to rise for single family homes and condos while decreasing for townhomes. Although showing some slight declines in sales and listings, real estate activity overall has remained mostly steady despite wildfire activity within the region.

Single-Family Residential Homes

Residential real estate sales of single-family residential homes in the Central Okanagan declined 7% in August 2023 compared to August of 2022, with 157 homes sold in August 2023 compared to August of 2022's 168.

The number of new listings of single-family homes in the Central Okanagan also declined in August 2023, decreasing 6%, with 390 new residential listings this August compared to last August's 427 new listings.

The average price of single-family homes in the Central Okanagan increased 5% in August 2023 since August of last year, coming to $1,088,641 in August of 2023 set against August of 2022's $1,041,452. 

The average days on market (DOM) of single-family homes in the Central Okanagan increased 9% this August compared to August of last year, with 47 DOM this August compared to last August's 43 DOM.

Townhomes

Sales of Central Okanagan townhomes rose 24% in August 2023 since August of 2022, with 67 townhomes sold in August of 2023 versus August of 2022's 54. 

The number of new townhome listings in the Central Okanagan increased 6% this August since August of 2022, with 118 new listings this August compared to last August's 111.

The average price of townhomes in the Central Okanagan fell 4% this August compared to August of last year, coming to $716,351 in August of 2023 set against August of 2022's $746,631. 

The average days on market (DOM) of townhomes in the Central Okanagan declined by 4% this August since August of last year, with 45 DOM in August of 2023 compared to 47 DOM in 2022.

Condos

Condo sales in the Central Okanagan decreased 21% in August of 2023 since August of 2022, with 100 condos sold this August set against last August's 126. 

The number of new condo listings in the Central Okanagan decreased 16% in August 2023 since this time last year, with 186 new condo listings this August versus 220 new listings last August.

The average price of Central Okanagan condos fell 28% this August compared to August of 2022, coming in at $493,395 in August of 2023 compared to last August's $682,653.

The average days on market (DOM) of condos in the Central Okanagan increased by 50% in August 2023 since August of last year, with 50 DOM in August of 2023 compared to last August's 40 DOM.

Questions? Contact Jeff Creamer, Kelowna Realtor with Royal LePage Kelowna, by phone at 250-575-7112 or by email at jeff@shopkelownahomes.com.

View Last Month's Central Okanagan / Kelowna Real Estate Market Statistics

Source: Association of Interior Realtors

Posted in Market Reports