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

Central 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.

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

Central 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

Central 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

Central 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

Central 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

Central Okanagan / Kelowna Real Estate Market Summary: July 2023

Residential sales in Central Okanagan / Kelowna increased in July year-over-year across all housing types, with the largest increases in condo sales (46%) and single-family home sales (45%). The number of new listings increased year-over-year across all housing types, with the largest increase in townhome listings (61%). Average prices rose slightly for single-family homes (2%) and townhomes (4%) while decreasing slightly for condos (3%). Average days on market (DOM) continued to rise year-over-year for all housing types, with the greatest increase in condo DOM (28%).

Single-Family Residential Homes

Residential real estate sales of single-family residential homes in the Central Okanagan increased 45% in July 2023 compared to July of 2022, with 180 homes sold in July 2023 compared to July of 2022's 124.

The number of new listings of single-family homes in the Central Okanagan decreased 2% in July 2023 versus July of 2022, with 455 new residential listings this July set against last July's 466 new listings.

The average price of single-family homes in the Central Okanagan increased 2% in July 2023 since July of last year, coming to $1,103,313 in July of 2023 compared to July of 2022's $1,077,431. 

The average days on market (DOM) of single-family homes in the Central Okanagan increased 11% this July compared to July of last year, with 41 DOM this July versus last July's 37 DOM.

Townhomes

Sales of Central Okanagan townhomes increased 37% in July 2023 since July of 2022, with 70 townhomes sold in July of 2023 compared to July of 2022's 51. 

The number of new townhome listings in the Central Okanagan increased 61% this July since July of 2022, with 167 new listings this July set against last July's 104.

The average price of townhomes in the Central Okanagan rose 4% this July compared to July of last year, coming to $721,666 in July of 2023 versus July of 2022's $697,636. 

The average days on market (DOM) of townhomes in the Central Okanagan increased by 15% this July since July of last year, with 38 DOM in July of 2023 compared to 33 DOM in 2022.

Condos

Condo sales in the Central Okanagan increased 46% in July of 2023 compared to July of 2022, with 124 condos sold this July versus last July's 85. 

The number of new condo listings in the Central Okanagan increased 16% in July 2023 since this time last year, with 239 new condo listings this July set against 207 new listings last July.

The average price of Central Okanagan condos decreased 3% this July compared to July of 2022, coming in at $502,793 in July of 2023 compared to last July's $517,384.

The average days on market (DOM) of condos in the Central Okanagan rose by 28% in July 2023 since July of last year, with 46 DOM in July of 2023 compared to last July's 36 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

Central Okanagan / Kelowna Real Estate Market Summary: June 2023

Central Okanagan / Kelowna residential sales increased in June year-over-year across all housing types, with the largest increases in single-family home sales (46%) and condo sales (39%). The number of new listings fell across all housing types, with the largest decrease in townhome listings (25%). Average prices declined slightly for single-family homes (6%) and condos (3%) while increasing for townhomes (8%). Average days on market (DOM) continued to climb year-over-year for all housing types, with townhomes increasing most significantly (96%).

Single-Family Residential Homes

Residential real estate sales of single-family residential homes in the Central Okanagan increased 46% in June 2023 compared to June of 2022, with 231 homes sold in June 2023 versus June of 2022's 158.

The number of new listings of single-family homes in the Central Okanagan decreased 5% in June 2023 compared to June of 2022, with 601 new residential listings this June set against last June's 630 new listings.

The average price of single-family homes in the Central Okanagan declined 6% in June 2023 since June of last year, coming to $1,084,093 in June of 2023 compared to June of 2022's $1,153,114. 

The average days on market (DOM) of single-family homes in the Central Okanagan increased 47% this June compared to June of last year, with 44 DOM this June versus last June's 30 DOM.

Townhomes

Sales of Central Okanagan townhomes increased 8% in June 2023 since June of 2022, with 83 townhomes sold in June of 2023 compared to June of 2022's 77. 

The number of new townhome listings in the Central Okanagan declined 25% this June since June of 2022, with 154 new listings this June versus last June's 206.

The average price of townhomes in the Central Okanagan rose 8% this June compared to June of last year, coming to $741,828 in June of 2023 versus June of 2022's $694,794. 

The average days on market (DOM) of townhomes in the Central Okanagan significantly increased by 96% this June versus June of last year, with 49 DOM in June of 2023 balanced against 25 DOM in 2022.

Condos

Condo sales in the Central Okanagan increased 39% in June of 2023 compared to June of 2022, with 142 condos sold this June compared to last June's 102. 

The number of new condo listings in the Central Okanagan decreased 4% in June 2023 since this time last year, with 259 new condo listings this June versus 270 new listings last June.

The average price of Central Okanagan condos decreased 3% this June compared to June of 2022, coming in at $492,425 in June of 2023 balanced against last June's $505,412.

The average days on market (DOM) of condos in the Central Okanagan rose by 36% in June 2023 since June of last year, with 45 DOM in June of 2023 compared to last June's 33 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

Central Okanagan / Kelowna Real Estate Market Summary: May 2023

After experiencing declines in sales over the past several months, Central Okanagan / Kelowna residential sales of single-family homes and townhomes experienced a modest turn around in May 2023, increasing by 3% and 7%, respectively, compared to this time last year, while condo sales declined. The number of new listings fell since last May for single-family homes and townhomes while increasing only slightly for condos. Average prices continued to decline slightly for single-family homes and townhomes while increasing a bit for condos. Average days on market (DOM) continued to increase year-over-year across all housing types, with condos experiencing the most significant increase (108%).

Single-Family Residential Homes

Residential real estate sales of single-family residential homes in the Central Okanagan experienced a small increase of 3% in May 2023 compared to May of 2022, with 249 homes sold in May 2023 set against May of 2022's 243.

The number of new listings of single-family homes in the Central Okanagan decreased 18% in May 2023 compared to May of 2022, with 512 new residential listings this May versus last May's 625 new listings.

The average price of single-family homes in the Central Okanagan declined slightly by 2% in May 2023 since May of last year, coming in at $1,112,576 compared to May of 2022's $1,139,134. 

The average days on market (DOM) of single-family homes in the Central Okanagan increased by 81% in May 2023 since May of 2022, with 47 DOM this May versus last May's 26 DOM.

Townhomes

Sales of Central Okanagan townhomes increased 7% in May 2023 since May of 2022, with 97 townhomes sold this May compared to last May's 91. 

The number of new townhome listings in the Central Okanagan declined 19% this May since May of 2022, with 144 new listings this May versus last May's 178.

The average price of townhomes in the Central Okanagan decreased 8% this May compared to May of last year, coming to $705,962 in May of 2023 versus May of 2022's $768,155. 

The average days on market (DOM) of townhomes in the Central Okanagan increased 58% this May versus May of last year, with 41 DOM in May of 2023 balanced against 26 DOM in 2022.

Condos

Condo sales in the Central Okanagan fell 13% in May of 2023 compared to May of last year, with 143 condos sold this May compared to last May's 164. 

The number of new condo listings in the Central Okanagan experienced a slight 3% increase in May 2023 compared to this time last year, with 239 new condo listings this May versus 233 new listings last May.

The average price of Central Okanagan condos slightly increased by 1% this May compared to May of 2022, coming in at $524,882 in May of 2023 versus last May's $518,637.

The average days on market (DOM) of condos in the Central Okanagan substantially rose by 108% in May 2023 since May of last year, with 52 DOM in May of 2023 compared to last May's 25 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