Central Okanagan / Kelowna Real Estate Market Update: October 2024

Stay informed with the latest Central Okanagan / Kelowna real estate trends for October 2024. This comprehensive market report provides key insights into single-family homes, townhomes, and condos in the Central Okanagan / Kelowna real estate market.

Single-Family Homes:

• Sales: The sales of single-family homes in Kelowna increased by 60% in October 2024 compared to October 2023, with 179 homes sold versus 112 in the previous year.
• New Listings: New single-family home listings dropped by 6%, with 328 new listings in October 2024, down from 349 in October 2023.
• Average Price: The average price of a single-family home increased by 6%, reaching $1,086,399 in October 2024, compared to $1,021,128 in October 2023.
• Days on Market (DOM): Homes spent 27% more time on the market, averaging 61 days in October 2024 compared to 48 days in October 2023.

Townhomes:

• Sales: Sales of Kelowna townhomes increased by 32% year-over-year, with 58 townhomes sold in October 2024 compared to 44 in October 2023.
• New Listings: New townhome listings increased by 24%, with 124 new listings in October 2024, up from 100 in October 2023.
• Average Price: The average price for a townhome fell by 3% to $715,513 in October 2024, down from $735,715 in October 2023.
• Days on Market (DOM): The DOM for townhomes rose by 31%, with properties selling in an average of 63 days in October 2024, compared to 48 days in October 2023.

Condos:

• Sales: Condo sales in Kelowna saw a 22% year-over-year increase, with 93 units sold in October 2024, up from 76 in October 2023.
• New Listings: New condo listings increased by 29%, with 255 listings in October 2024, compared to 197 in October 2023.
• Average Price: The average condo price dropped by 6% to $489,042 in October 2024, down from $522,410 in October 2023.
• Days on Market (DOM): The DOM for condos increased by 27%, with properties staying on the market for an average of 66 days in October 2024, compared to 52 days in October 2023.

For personalized real estate advice or more information on the Central Okanagan / Kelowna real estate market, contact Jeff Creamer at Royal LePage Kelowna. Call 250-575-7112 or email jeff@shopkelownahomes.com today!

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

Source: Association of Interior Realtors

Central Okanagan / Kelowna Real Estate Market Update: September 2024

Stay up to date with the latest Central Okanagan / Kelowna real estate trends for September 2024. This comprehensive market report provides key insights into single-family homes, townhomes, and condos in the Central Okanagan / Kelowna real estate market.

Single-Family Homes

• Sales: The sale of single-family homes in the Central Okanagan decreased slightly by 0.9% in September 2024 compared to September 2023, with 117 homes sold versus 116 in the previous year.
• New Listings: New single-family home listings dropped by 7%, with 452 new listings in September 2024, down from 487 in September 2023.
• Average Price: The average price of a single-family home declined by 4%, reaching $1,050,830 in September 2024, compared to $1,093,325 in September 2023.
• Days on Market (DOM): Homes spent 4% less time on the market, averaging 56 days in September 2024 compared to 60 days in September 2023.

Townhomes

• Sales: Sales of Central Okanagan townhomes increased by 5% year-over-year, with 39 townhomes sold in September 2024 compared to 37 in September 2023.
• New Listings: New townhome listings decreased by 11%, with 135 new listings in September 2024, down from 151 in September 2023.
• Average Price: The average price for a townhome fell by 7% to $673,235 in September 2024, compared to $720,503 in September 2023.
• Days on Market (DOM): The DOM for townhomes rose by 19%, with properties selling in an average of 63 days in September 2024, compared to 53 days in September 2023.

Condos

• Sales: Condo sales in the Central Okanagan saw a 14% year-over-year increase, with 82 units sold in September 2024, up from 72 in September 2023.
• New Listings: New condo listings fell by 17%, with 182 listings in September 2024, compared to 218 in September 2023.
• Average Price: The average condo price dropped by 13% to $460,764 in September 2024, down from $531,634 in September 2023.
• Days on Market (DOM): The DOM for condos decreased slightly by 2%, with properties staying on the market for an average of 57 days in September 2024, compared to 58 days in September 2023.

For personalized real estate advice or more information on the Central Okanagan / Kelowna real estate market, contact Jeff Creamer at Royal LePage Kelowna. Call 250-575-7112 or email jeff@shopkelownahomes.com today!

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

Source: Association of Interior Realtors

Central Okanagan / Kelowna Real Estate Market Report: August 2024

Stay informed with the latest Kelowna real estate market trends for August 2024. Discover key insights into single-family homes, townhomes, and condos in the Central Okanagan real estate market:

Single-Family Homes

• Sales: Sales of single-family homes dropped by 8% in August 2024 compared to August 2023, with 152 homes sold versus 165 in the previous year.
• New Listings: New single-family home listings increased by 10%, reaching 425 in August 2024, up from 388 in August 2023.
• Average Price: The average home price fell by 4% to $1,031,685 in August 2024, down from $1,068,701 in August 2023.
• Days on Market (DOM): Homes stayed on the market 27% longer, with an average of 57 days in August 2024 compared to 45 days in August 2023.

Townhomes

• Sales: Sales of townhomes decreased by 24%, with 45 townhomes sold in August 2024, compared to 59 in August 2023.
• New Listings: New townhome listings grew by 14%, reaching 126 in August 2024, compared to 111 in August 2023.
• Average Price: The average townhome price slightly decreased by 0.6% to $717,399 in August 2024, down from $721,636 in August 2023.
• Days on Market (DOM): The average DOM for townhomes decreased by 6%, with properties selling in an average of 45 days in August 2024, down from 48 days in August 2023.

Condos

• Sales: Condo sales dropped by 23%, with 77 units sold in August 2024, down from 100 in August 2023.
• New Listings: New condo listings rose by 14%, totaling 210 in August 2024, compared to 185 in August 2023.
• Average Price: The average condo price increased by 3%, reaching $460,565 in August 2024, up from $447,950 in August 2023.
• Days on Market (DOM): The average DOM for condos increased by 18%, with properties staying on the market for an average of 59 days in August 2024, compared to 50 days in August 2023.

For more information or guidance on Kelowna real estate, contact Jeff Creamer, your local Kelowna Realtor at Royal LePage Kelowna. Call 250-575-7112 or email jeff@shopkelownahomes.com for personalized real estate advice. 

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

Source: Association of Interior Realtors

Central Okanagan / Kelowna Real Estate Market Report: July 2024

Stay updated with the latest real estate trends in Central Okanagan / Kelowna for July 2024. Here's an in-depth analysis of the market dynamics for single-family homes, townhomes, and condos:

Single-Family Homes:

• Sales: Sales of single family homes decreased slightly by 2% in July 2024 compared to July 2023, with 185 homes sold in July 2024, down from 188 in July 2023.
• New Listings: New listings rose by 7%, totaling 490 in July 2024, up from 458 in July 2023.
• Average Price: The average price dropped by 5% to $1,032,064 in July 2024, compared to $1,089,120 in July 2023.
• Days on Market (DOM): The average DOM increased by 24% to 51 days in July 2024, up from 41 days in July 2023.

Townhomes

• Sales: Townhome sales increased by 4% in July 2024 compared to July 2023, with 63 townhomes sold in July 2024 versus 61 in July 2023.
• New Listings: New townhome listings dropped by 5% year-over-year, reaching 148 in July 2024 compared to 155 in July 2023.
• Average Price: The average price of townhomes increased by 2% to $729,059 in July 2024, up from $711,728 in July 2023.
• Days on Market (DOM): The average DOM for townhomes increased by 18% to 46 days in July 2024, up from 39 days in July 2023.

Condos

• Sales: Condo sales experienced a 6% decrease, with 117 condos sold in July 2024, down from 124 in July 2023.
• New Listings: New condo listings decreased by 3%, totaling 233 in July 2024, down from 241 in July 2023.
• Average Price: The average condo price decreased by 5% to $476,224 in July 2024, down from $502,793 in July 2023.
• Days on Market (DOM): The average DOM for condos increased by 15% to 53 days in July 2024, up from 46 days in July 2023.

For more 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

Central Okanagan / Kelowna Real Estate Market Report: June 2024

Stay informed on the latest real estate trends in Central Okanagan / Kelowna for June 2024. Here’s a detailed analysis of the market dynamics for single-family homes, townhomes, and condos:

Single-Family Homes:

• Sales: Sales decreased by 19% in June 2024 compared to June 2023, with 190 homes sold in June 2024, down from 234 in June 2023.
• New Listings: New listings fell by 2%, totaling 605 in June 2024, down from 617 in June 2023.
• Average Price: The average price dropped by 2% to $1,062,616 in June 2024, compared to $1,081,665 in June 2023.
• Days on Market (DOM): The average DOM increased by 16% to 51 days in June 2024, up from 44 days in June 2023.

Townhomes:

• Sales: Townhome sales declined by 27% in June 2024 compared to June 2023, with 58 townhomes sold in June 2024 versus 79 in June 2023.
• New Listings: New townhome listings rose by 27% year-over-year, reaching 172 in June 2024 compared to 135 in June 2023.
• Average Price: The average price of townhomes decreased by 5% to $701,298 in June 2024, down from $734,401 in June 2023.
• Days on Market (DOM): The average DOM for townhomes decreased by 12% to 44 days in June 2024, down from 50 days in June 2023.

Condos:

• Sales: Condo sales experienced a 31% decrease, with 98 condos sold in June 2024, down from 141 in June 2023.
• New Listings: New condo listings increased by 5%, totaling 273 in June 2024, up from 261 in June 2023.
• Average Price: The average condo price decreased by 8% to $452,513 in June 2024, down from $493,400 in June 2023.
• Days on Market (DOM): The average DOM for condos increased by 22% to 55 days in June 2024, up from 45 days in June 2023.

For more 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

Central Okanagan / Kelowna Real Estate Market Report: May 2024

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

Single-Family Homes:

• Sales Decline: There was a 26% decline in sales in May 2024 compared to May 2023, with 189 homes sold in May 2024, down from 255 in May 2023.
• New Listings: New listings increased by 14%, reaching 594 in May 2024, up from 522 in May 2023.
• Average Price: The average price decreased by 3% to $1,057,934 in May 2024, compared to $1,094,315 in May 2023.
• Days on Market (DOM): The average DOM for single-family homes remained steady at 46 days in both May 2024 and May 2023.

Townhomes:

• Sales Decrease: Sales decreased by 7% in May 2024 compared to May 2023, with 81 townhomes sold in May 2024 versus 87 in May 2023.
• New Listings: New townhome listings rose by 36% year-over-year, with 182 in May 2024 compared to 134 in May 2023.
• Average Price: The average price decreased by 0.4% to $700,205 in May 2024, from $703,098 in May 2023.
• Days on Market (DOM): The average DOM for townhomes increased by 10% to 46 days in May 2024, up from 42 days in May 2023.

Condos:

• Sales Decrease: Sales experienced a 13% decrease, with 124 condos sold in May 2024, down from 143 in May 2023.
• New Listings: New condo listings increased by 24%, totaling 311 in May 2024, up from 252 in May 2023.
• Average Price: The average condo price decreased by 8% to $483,880 in May 2024, from $524,882 in May 2023.
• Days on Market (DOM): The average DOM for condos decreased by 2% to 51 days in May 2024, down from 52 days in May 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.

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

Source: Association of Interior Realtors

Central Okanagan / Kelowna Real Estate Market Report: April 2024

Discover the latest insights into the Central Okanagan / Kelowna real estate scene with our April 2024 Market Report. Get a comprehensive overview of the market trends for single-family homes, townhomes, and condos:

Single-Family Homes:

• Sales dipped by 3% in April 2024 compared to April 2023, with 189 homes sold, down from 194.
• New listings surged by 40%, hitting 548 in April 2024, up from 394 in April 2023.
• The average price showed a 4% decrease to $1,026,478 in April 2024, compared to $1,068,239 in April 2023.
• Average days on market (DOM) decreased by 12% to 46 days in April 2024, down from 52 days in April 2023.

Townhomes:

• Sales rose by 13% in April 2024 compared to April 2023, with 71 townhomes sold, up from 63.
• New townhome listings increased by 19% year-over-year, reaching 152 in April 2024 compared to 128 in April 2023.
• The average price climbed by 4% to $717,629 in April 2024, from $692,140 in April 2023.
• Average DOM for townhomes increased by 24% to 63 days in April 2024, up from 51 days in April 2023.

Condos:

• Sales saw an 18% decrease, with 110 condos sold in April 2024, compared to 134 in April 2023.
• New condo listings jumped by 30%, totaling 261 in April 2024, up from 201 in April 2023.
• The average condo price slightly increased by 4% to $511,379 in April 2024, from $491,197 in April 2023.
• Average DOM for condos remained steady with 49 days in April 2024, matching April 2023.

For deeper insights and personalized guidance, connect with Jeff Creamer, your trusted Kelowna Realtor at Royal LePage Kelowna. Reach out 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

Central 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

Central 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. 

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