Residential real estate market sales activity continues trending on average as the summer slowdown kicks in, reports the Association of Interior REALTORS® (the Association). 

A total of 1,656 residential unit sales were recorded across the Association region in June, representing a 10.7% increase in sales compared to the same month last year, but down compared to May’s 1,662 unit sales. 

New residential listings saw a decrease for another consecutive month, down 7.1% compared to June 2022 with 3,045 new listings recorded, yet up from May 2023’s 2,910 new listings. The total number of active listings saw an increase of 13.8% of total inventory compared to June last year with 7,347 total residential listings recorded across the Association region. The highest percentage increase in active listings was recorded in the South Okanagan with a total increase of 32.3% compared to the same month last year.  

“After a long supply drought, it is encouraging to see that inventory has slowly been creeping up the last few months. However, there is still a segment of the market that is not available to meet certain buyer’s needs due to the high cost of lending, in particular affordable housing,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “demand for affordable housing is at an all-time high.” 

The benchmark price for single-family homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions all saw decreases in year-over-year comparisons for another consecutive month, with the highest percentage decrease for single-family homes recorded in the South Okanagan region; down 3.2% coming in at $783,600. The townhome and condominium housing categories saw increases in the Central Okanagan, North Okanagan and Shuswap regions, while the South Okanagan saw decreases in the benchmark price for townhomes and condominiums.  

“Competitively priced homes and those in the mid-range price points are moving at a more even pace than those that are priced at the higher end,” says Mann, adding “that the costs of carrying mortgages could impact sales activity as interest rate sensitive buyers can no longer afford what they could have a year or so ago.” 

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals. 

The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,500 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops, and Kootenay regions, as well as the South Peace River region.  

Residential real estate activity in May showed signs of heading into a balanced market as inventory climbs, reports the Association of Interior REALTORS® (the Association).

A total of 1,512 residential unit sales were recorded across the Association region in May coming in above April’s 1,282 units yet 10.7% below May 2023’s units sold.

“Market activity last month has risen compared to the month before. However, it's not surprising that this year's May activity is lower than last year's, considering the market was fairly heated a year ago,” says the Association of Interior REALTORS® President Kaytee Sharun, adding that “this is a pretty typical level of market activity that one would expect to see in the Spring months.”

“There seems to be a return of consumer confidence with the gap between buyers’ and seller’s expectations narrowing that has helped ramp up market activity after a muted first quarter,” notes Sharun.

New residential listings saw a healthy increase of 15.8% compared to May 2023 with 3,618 new listings recorded last month. The total number of active listings saw an uptick of 43.2% of total inventory compared to May 2023 with 9,683 recorded across the Association region. The highest percentage increase in active listings was in the Central Okanagan region with a total increase of 58% compared to May 2023.  

“With a healthy dose of inventory, we are seeing more balanced market conditions after years of the pendulum mostly swinging in the direction of a sellers’ market,” adds Sharun.

The benchmark price for single-family homes saw decreases in the Central and North Okanagan regions in year-over-year comparisons, while the South Okanagan and Shuswap/Revelstoke regions saw modest increases of 0.1% and 1.8%, coming in at $783,500 and $729,100 respectively. Benchmark pricing in the townhome housing category saw decreases in the Central and South Okanagan regions compared to May 2023 while the North Okanagan and Shuswap/Revelstoke regions saw mild increases of 1.1% and 0.4%. In the condominium housing category, all regions, with the exception of the South Okanagan, saw consecutive decreases in the benchmark price for May 2024 compared to the same month last year.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals.

KELOWNA, B.C. – April 4th, 2024. Residential real estate market activity in March cooled during spring break and Easter vacations, reports the Association of Interior REALTORS® (the Association).

A total of 977 residential unit sales were recorded across the Association region in March coming in above February’s 810 units sold yet down 22% in sales compared to March 2023. 

“Despite a relatively strong start in March, sales activity tapered off about mid-way through as spring break and Easter plans likely had buyers and sellers preoccupied,” says the Association of Interior REALTORS® President Kaytee Sharun, adding that “it isn’t surprising given that March is typically a staggered month when it comes to market activity.”

“Although seemingly lukewarm in terms of real estate transactions, it is a more normalized spring market, moving at a more normal pace.”

New residential listings saw a healthy increase of 20.3% compared to March 2023 with 3,086 new listings recorded last month. The total number of active listings saw an increase of 34.1% of total inventory compared to March 2023 with 7,730 recorded across the Association region. The highest percentage increase in active listings was in the South Okanagan for another consecutive month with a total increase of 56.1% compared to March 2023.

“The gradual ramp-up in listings should make for a busy summer season,” notes Sharun, adding “the upward trajectory of inventory could be contributed to various factors, such as previously reluctant sellers being ready to take the plunge with interest rates no longer at its peak, vacation home dwellers looking to unload ahead of government policy changes coming into effect, or simply due to seasonality. With the lack of inventory plaguing the real estate market for months, this will be a welcomed relief to buyers who are looking for more options.”

The benchmark price for single-family homes saw decreases in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions in year-over-year comparisons, while the South Okanagan region saw an increase of 5.6%, coming in at $758,500. Benchmark pricing in the townhome housing category saw decreases compared to March 2023 across all regions except for the Central Okanagan which saw an increase in benchmark pricing in year-over-year comparison. In the condominium housing category, all regions, with the exception of the South Okanagan, saw increases in the benchmark price for March 2024 compared to the same month last year.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals. 

KELOWNA, B.C. – March 5th, 2024. Residential real estate market activity heating up heading into the typically bustling spring and summer market, reports the Association of Interior REALTORS® (the Association).

A total of 810 residential unit sales were recorded across the Association region in February coming in above January’s 603 units sold yet down a moderate 3.7% in sales compared to February 2023.

New residential listings saw a healthy uptick of 29.5% compared to February 2023 with 2,328 new listings recorded last month. The total number of active listings saw an increase of 26% of total inventory compared to February 2023 with 6,567 recorded across the Association region. The highest percentage increase in active listings continues in the South Okanagan with a total increase of 43.3% compared to February 2023.

“It is refreshing to see overall market activity starting to pick up ahead of spring which is typically a busier season for real estate transactions,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “with more potential interest rate improvements on the horizon, we are seeing more sellers who were previously hesitant to list gearing to jump in before the general real estate market spring rush.”

“With an influx of inventory, it would seem that we may be in a transitioning period of recovery heading towards more balanced market conditions, which also comes as a relief to buyers looking for more options in their homebuying journeys,” says Mann.

The benchmark price for single-family homes saw increases in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions in year-over-year comparisons, while the South Okanagan region saw a decrease of 3.3%. Benchmark pricing in the townhome housing category saw decreases across all regions compared to February 2023 with the highest decrease of 12.4% in benchmark pricing seen in the South Okanagan coming in at $483,600. In the condominium housing category, all regions, with the exception of the South Okanagan, saw increases in the benchmark price for February 2024 compared to the same month last year.

The average number of days to sell a home, always a good barometer to watch, decreased to 90 days compared to January’s 94 days. It’s important to note that the average number of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals. 

The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,500 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops, and Kootenay regions, as well as the South Peace River region.

Kelowna city council voted 4-3, with two councillors having to sit out because they own and operate short-term rental properties. By Wayne Moore/Castanet | January 16, 2024, 9:15am

Kelowna city council has voted to eliminate most short-term rentals, such as those listed on Airbnb, across the city with some small exceptions.  Council was asked by city staff to endorse sweeping changes to the city's short-term rentals bylaw, far exceeding restrictions being introduced by the province.

Council heard the potential hardship from those utilizing short-term rentals as a way to afford making monthly mortgage payment during a recent public hearing while also hearing from staff that short-term rentals are having an adverse affect on the city's long-term rental stock.

Coun. Rick Webber told his colleagues the decision for him came down to what would benefit the community as a whole and not individual landowners.

"Listening to the discussion today the argument seems to be will this get more people into homes or force a lot of people out of their homes," said Webber.

"Well, that's a hell of a question to answer, and there is no obvious answer to this."

Webber sided with the majority saying if the province's legislation and the city's restrictive bylaw works as intended, it will make more homes available for more people.

Provincial legislation set to come into effect May 1 would allow short-term rentals in principal residences only.

The city's changes approved Monday will eliminate short-term rentals across the city regardless of residential distinction, except for 498 that have valid business licences that will be grandfathered.

Webber joined councillors Luke Stack and Mohini Singh and Mayor Tom Dyas in endorsing those changes.

Councillors Ron Cannan, Gord Lovegrove and Charlie Hodge voted against the changes.

Councillors Maxine DeHart and Loyal Wooldridge, who have valid short-term operating licences recused themselves from the discussion.

Stack, who had one of the loudest voices in favour of the changes, reminded council one of the main reasons they are looking at these sweeping changes is to protect the city's housing stock.

"We are suffering in this city with the need for long-term housing. I know many have said I don't care what happens I am never going back into long-term rental housing, fine, they don't need to,"said Stack.

"But if we pass this bylaw today future investors in our city will be looking at bringing long-term housing. We can't change somebody who doesn't want to be a landlord but there will be those who want to come into our city and make investments."

While he agreed the city and the country are facing a housing affordability crisis, the bigger issue is the lack of new homes being built.

He says he supports the provincial legislation that would allow short-term rentals within principal residences and would suggest staff monitor the situation before moving ahead with even more restrictive bylaws.

"It was a tough decision," admitted Dyas, "but initially when we looked at the number of licences we originally had outside of this principal residence, it was sitting at about 1,100 that we were aware of.

"We were also aware we had about 2,400 units being rented out. The bulk of those were within towers and apartments, those are outside the purview of what we decided today anyway.

"When we are looking at about 500 that are sitting in principal residences that are using them as short-term rentals."

Council also unanimously endorsed a motion to ask the province to exempt other specific properties such as those on Sunset Drive, Playa Del Sol and the Aqua development.

Communities do have the ability to ask the province to opt out of its legislation if they have a vacancy rate above three per cent for two consecutive years.

The last time Kelowna's vacancy rate sat above three per cent was 2012.

 KELOWNA, B.C. – December 6th, 2023. Residential real estate market sales activity hit its seasonal slowdown ahead of the holiday season, reports the Association of Interior REALTORS® (the Association). 

A total of 813 residential unit sales were recorded across the Association region in November coming in below October’s 977 units sold and representing a 5.9% decrease in sales compared to November 2022. 

New residential listings increased 7% compared to November 2022 with 1,577 new listings recorded last month. The total number of active listings saw an increase of 19.9% of total inventory compared to November last year with 7,102 recorded across the Association region. The highest percentage increase in active listings continues to be dominated in the South Okanagan with a total increase of 38.8% compared to the same month last year.  

“Seasonally, it is not unusual for market activity to soften as we head into the December holidays,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “buyers and sellers are still feeling frustrated and constrained by high mortgage rates.”  

“The cost of borrowing is creating a disconnect between what is currently achievable for buyers in terms of what they can afford given the interest rate pinch versus what may be their desired expectations, which makes it challenging for some given the lack of affordable supply in many regions,” says Mann. 

The benchmark price for single-family homes in the South Okanagan, North Okanagan and Shuswap/Revelstoke regions all saw increases in year-over-year comparisons, while the Central Okanagan region saw a marginal decrease of 1.6% in single-family homes, coming in at $991,700. Benchmark price in the townhome housing category saw decreases across all regions compared to November 2022. In the condominium housing category, all regions, with the exception of the South Okanagan, saw decreases in the benchmark price for November 2023 compared to the same month last year. 

The average number of days to sell a home, always a good barometer to watch, decreased to 69 days compared to the previous month’s 73 days. It’s important to note that the average number of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and subregion. 

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals. 

KELOWNA, B.C. – December 6th, 2023. Residential real estate market sales activity hit its seasonal slowdown ahead of the holiday season, reports the Association of Interior REALTORS® (the Association). 

A total of 813 residential unit sales were recorded across the Association region in November coming in below October’s 977 units sold and representing a 5.9% decrease in sales compared to November 2022. 

New residential listings increased 7% compared to November 2022 with 1,577 new listings recorded last month. The total number of active listings saw an increase of 19.9% of total inventory compared to November last year with 7,102 recorded across the Association region. The highest percentage increase in active listings continues to be dominated in the South Okanagan with a total increase of 38.8% compared to the same month last year.  

“Seasonally, it is not unusual for market activity to soften as we head into the December holidays,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “buyers and sellers are still feeling frustrated and constrained by high mortgage rates.”  

“The cost of borrowing is creating a disconnect between what is currently achievable for buyers in terms of what they can afford given the interest rate pinch versus what may be their desired expectations, which makes it challenging for some given the lack of affordable supply in many regions,” says Mann. 

The benchmark price for single-family homes in the South Okanagan, North Okanagan and Shuswap/Revelstoke regions all saw increases in year-over-year comparisons, while the Central Okanagan region saw a marginal decrease of 1.6% in single-family homes, coming in at $991,700. Benchmark price in the townhome housing category saw decreases across all regions compared to November 2022. In the condominium housing category, all regions, with the exception of the South Okanagan, saw decreases in the benchmark price for November 2023 compared to the same month last year. 

The average number of days to sell a home, always a good barometer to watch, decreased to 69 days compared to the previous month’s 73 days. It’s important to note that the average number of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and subregion.

KELOWNA, B.C. – November 3rd, 2023. Residential real estate market sales are below average for October as high interest rates continue to dampen market activity, reports the Association of Interior REALTORS® (the Association). 

A total of 977 residential unit sales were recorded across the Association region in October marking a slight increase over September’s 977 units sold and representing a modest 1.8% decrease in sales compared to October 2022.   

New residential listings increased 8.6% compared to October 2022 with 1,971 new listings recorded. The total number of active listings saw an increase of 17.1% of total inventory compared to October last year with 7,399 recorded across the Association region. The highest percentage increase in active listings continues to be in the South Okanagan with a total increase of 37.7% and followed closely behind in the North Okanagan with a 26.6% increase in active listings compared to the same month last year.  

“While we typically do see market activity ease up as the weather cools, the high cost of borrowing seems to be propelling a speedier seasonal slowdown than usual,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “buyers and sellers are left waiting in the wings despite high demand with the hope of seeing some interest rate relief on the horizon.”  

“The impact of qualifying for mortgages seems particularly impeding to rate-sensitive buyers as they struggle to secure financing. It is more important now than ever that buyers get pre-approved ahead of their house hunting efforts to ensure their expectations can align with their needs,” says Mann. 

The benchmark price for single-family homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions all saw slight increases in year-over-year comparisons, while the South Okanagan region saw a marginal decrease of 0.5% in single-family homes, coming in at $741,800. Benchmark price in the townhome housing category saw decreases in the Central and South Okanagan, while the North Okanagan and Shuswap regions saw increases compared to October 2022. In the condominium housing category, all regions, with the exception of the South Okanagan, saw increases in the benchmark price for October 2023 compared to the same month last year. 

The average number of days to sell a home, always a good barometer to watch, increased to 73 days compared to the previous month’s 71 days. It’s important to note that the average number of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and subregion. 

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals. 

The Okanagan’s real estate market cooled somewhat during July, with benchmark prices down across the board.

The number of sales across the entire Association of Interior Realtors region was down last month as well, according to the organization’s monthly report released Friday.

“Seasonally, it is characteristic to see sales activity cool during the hot summer months, which given the slight dip from activity in June, isn’t surprising,” AIR president Chelsea Mann said in a press release. “It is promising to see some typical market activity despite high interest rate hikes creating a challenging climate for buyers and sellers.”

The benchmark prices for single-family homes, townhouses and condominiums all dropped in the Central and North Okanagan regions. The single-family mark in the Central Okanagan was down just $100, however, checking in at $1,063,700 last month. The townhouse price fell 2.2% to $768,500, while the condo mark dropped 3.4% to $514,900 when compared to the prior month.The inventories increased in all three categories last month.

The benchmark price for a single-family home in the North Okanagan dipped from $785,800 to $778,300, and the townhouse figure fell just $2,100 to $598,300.

There were 1,337 residential sales across the AIR region in July, which was down from the 1,656 that were sold in June.

“While inventory is gaining momentum, low supply is still an issue and a primary factor driving price growth,” Mann said. “With consumers feeling pinched by high mortgage rates, some buyers have gravitated towards eyeing other geographical regions with more affordable options.”

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practised Realtor®.  Contact me to find out more about the real estate market and how I can help you achieve your real estate goals.

Residential real estate market sales activity continues trending on average as the summer slowdown kicks in, reports the Association of Interior REALTORS® (the Association). 

A total of 1,656 residential unit sales were recorded across the Association region in June, representing a 10.7% increase in sales compared to the same month last year, but down compared to May’s 1,662 unit sales. 

New residential listings saw a decrease for another consecutive month, down 7.1% compared to June 2022 with 3,045 new listings recorded, yet up from May 2023’s 2,910 new listings. The total number of active listings saw an increase of 13.8% of total inventory compared to June last year with 7,347 total residential listings recorded across the Association region. The highest percentage increase in active listings was recorded in the South Okanagan with a total increase of 32.3% compared to the same month last year.  

“After a long supply drought, it is encouraging to see that inventory has slowly been creeping up the last few months. However, there is still a segment of the market that is not available to meet certain buyer’s needs due to the high cost of lending, in particular affordable housing,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “demand for affordable housing is at an all-time high.” 

The benchmark price for single-family homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions all saw decreases in year-over-year comparisons for another consecutive month, with the highest percentage decrease for single-family homes recorded in the South Okanagan region; down 3.2% coming in at $783,600. The townhome and condominium housing categories saw increases in the Central Okanagan, North Okanagan and Shuswap regions, while the South Okanagan saw decreases in the benchmark price for townhomes and condominiums.  

“Competitively priced homes and those in the mid-range price points are moving at a more even pace than those that are priced at the higher end,” says Mann, adding “that the costs of carrying mortgages could impact sales activity as interest rate sensitive buyers can no longer afford what they could have a year or so ago.” 

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals. 

The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,500 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops, and Kootenay regions, as well as the South Peace River region.  

Residential real estate activity in May showed signs of heading into a balanced market as inventory climbs, reports the Association of Interior REALTORS® (the Association).

A total of 1,512 residential unit sales were recorded across the Association region in May coming in above April’s 1,282 units yet 10.7% below May 2023’s units sold.

“Market activity last month has risen compared to the month before. However, it's not surprising that this year's May activity is lower than last year's, considering the market was fairly heated a year ago,” says the Association of Interior REALTORS® President Kaytee Sharun, adding that “this is a pretty typical level of market activity that one would expect to see in the Spring months.”

“There seems to be a return of consumer confidence with the gap between buyers’ and seller’s expectations narrowing that has helped ramp up market activity after a muted first quarter,” notes Sharun.

New residential listings saw a healthy increase of 15.8% compared to May 2023 with 3,618 new listings recorded last month. The total number of active listings saw an uptick of 43.2% of total inventory compared to May 2023 with 9,683 recorded across the Association region. The highest percentage increase in active listings was in the Central Okanagan region with a total increase of 58% compared to May 2023.  

“With a healthy dose of inventory, we are seeing more balanced market conditions after years of the pendulum mostly swinging in the direction of a sellers’ market,” adds Sharun.

The benchmark price for single-family homes saw decreases in the Central and North Okanagan regions in year-over-year comparisons, while the South Okanagan and Shuswap/Revelstoke regions saw modest increases of 0.1% and 1.8%, coming in at $783,500 and $729,100 respectively. Benchmark pricing in the townhome housing category saw decreases in the Central and South Okanagan regions compared to May 2023 while the North Okanagan and Shuswap/Revelstoke regions saw mild increases of 1.1% and 0.4%. In the condominium housing category, all regions, with the exception of the South Okanagan, saw consecutive decreases in the benchmark price for May 2024 compared to the same month last year.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals.

KELOWNA, B.C. – April 4th, 2024. Residential real estate market activity in March cooled during spring break and Easter vacations, reports the Association of Interior REALTORS® (the Association).

A total of 977 residential unit sales were recorded across the Association region in March coming in above February’s 810 units sold yet down 22% in sales compared to March 2023. 

“Despite a relatively strong start in March, sales activity tapered off about mid-way through as spring break and Easter plans likely had buyers and sellers preoccupied,” says the Association of Interior REALTORS® President Kaytee Sharun, adding that “it isn’t surprising given that March is typically a staggered month when it comes to market activity.”

“Although seemingly lukewarm in terms of real estate transactions, it is a more normalized spring market, moving at a more normal pace.”

New residential listings saw a healthy increase of 20.3% compared to March 2023 with 3,086 new listings recorded last month. The total number of active listings saw an increase of 34.1% of total inventory compared to March 2023 with 7,730 recorded across the Association region. The highest percentage increase in active listings was in the South Okanagan for another consecutive month with a total increase of 56.1% compared to March 2023.

“The gradual ramp-up in listings should make for a busy summer season,” notes Sharun, adding “the upward trajectory of inventory could be contributed to various factors, such as previously reluctant sellers being ready to take the plunge with interest rates no longer at its peak, vacation home dwellers looking to unload ahead of government policy changes coming into effect, or simply due to seasonality. With the lack of inventory plaguing the real estate market for months, this will be a welcomed relief to buyers who are looking for more options.”

The benchmark price for single-family homes saw decreases in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions in year-over-year comparisons, while the South Okanagan region saw an increase of 5.6%, coming in at $758,500. Benchmark pricing in the townhome housing category saw decreases compared to March 2023 across all regions except for the Central Okanagan which saw an increase in benchmark pricing in year-over-year comparison. In the condominium housing category, all regions, with the exception of the South Okanagan, saw increases in the benchmark price for March 2024 compared to the same month last year.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals. 

KELOWNA, B.C. – March 5th, 2024. Residential real estate market activity heating up heading into the typically bustling spring and summer market, reports the Association of Interior REALTORS® (the Association).

A total of 810 residential unit sales were recorded across the Association region in February coming in above January’s 603 units sold yet down a moderate 3.7% in sales compared to February 2023.

New residential listings saw a healthy uptick of 29.5% compared to February 2023 with 2,328 new listings recorded last month. The total number of active listings saw an increase of 26% of total inventory compared to February 2023 with 6,567 recorded across the Association region. The highest percentage increase in active listings continues in the South Okanagan with a total increase of 43.3% compared to February 2023.

“It is refreshing to see overall market activity starting to pick up ahead of spring which is typically a busier season for real estate transactions,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “with more potential interest rate improvements on the horizon, we are seeing more sellers who were previously hesitant to list gearing to jump in before the general real estate market spring rush.”

“With an influx of inventory, it would seem that we may be in a transitioning period of recovery heading towards more balanced market conditions, which also comes as a relief to buyers looking for more options in their homebuying journeys,” says Mann.

The benchmark price for single-family homes saw increases in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions in year-over-year comparisons, while the South Okanagan region saw a decrease of 3.3%. Benchmark pricing in the townhome housing category saw decreases across all regions compared to February 2023 with the highest decrease of 12.4% in benchmark pricing seen in the South Okanagan coming in at $483,600. In the condominium housing category, all regions, with the exception of the South Okanagan, saw increases in the benchmark price for February 2024 compared to the same month last year.

The average number of days to sell a home, always a good barometer to watch, decreased to 90 days compared to January’s 94 days. It’s important to note that the average number of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals. 

The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,500 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops, and Kootenay regions, as well as the South Peace River region.

Kelowna city council voted 4-3, with two councillors having to sit out because they own and operate short-term rental properties. By Wayne Moore/Castanet | January 16, 2024, 9:15am

Kelowna city council has voted to eliminate most short-term rentals, such as those listed on Airbnb, across the city with some small exceptions.  Council was asked by city staff to endorse sweeping changes to the city's short-term rentals bylaw, far exceeding restrictions being introduced by the province.

Council heard the potential hardship from those utilizing short-term rentals as a way to afford making monthly mortgage payment during a recent public hearing while also hearing from staff that short-term rentals are having an adverse affect on the city's long-term rental stock.

Coun. Rick Webber told his colleagues the decision for him came down to what would benefit the community as a whole and not individual landowners.

"Listening to the discussion today the argument seems to be will this get more people into homes or force a lot of people out of their homes," said Webber.

"Well, that's a hell of a question to answer, and there is no obvious answer to this."

Webber sided with the majority saying if the province's legislation and the city's restrictive bylaw works as intended, it will make more homes available for more people.

Provincial legislation set to come into effect May 1 would allow short-term rentals in principal residences only.

The city's changes approved Monday will eliminate short-term rentals across the city regardless of residential distinction, except for 498 that have valid business licences that will be grandfathered.

Webber joined councillors Luke Stack and Mohini Singh and Mayor Tom Dyas in endorsing those changes.

Councillors Ron Cannan, Gord Lovegrove and Charlie Hodge voted against the changes.

Councillors Maxine DeHart and Loyal Wooldridge, who have valid short-term operating licences recused themselves from the discussion.

Stack, who had one of the loudest voices in favour of the changes, reminded council one of the main reasons they are looking at these sweeping changes is to protect the city's housing stock.

"We are suffering in this city with the need for long-term housing. I know many have said I don't care what happens I am never going back into long-term rental housing, fine, they don't need to,"said Stack.

"But if we pass this bylaw today future investors in our city will be looking at bringing long-term housing. We can't change somebody who doesn't want to be a landlord but there will be those who want to come into our city and make investments."

While he agreed the city and the country are facing a housing affordability crisis, the bigger issue is the lack of new homes being built.

He says he supports the provincial legislation that would allow short-term rentals within principal residences and would suggest staff monitor the situation before moving ahead with even more restrictive bylaws.

"It was a tough decision," admitted Dyas, "but initially when we looked at the number of licences we originally had outside of this principal residence, it was sitting at about 1,100 that we were aware of.

"We were also aware we had about 2,400 units being rented out. The bulk of those were within towers and apartments, those are outside the purview of what we decided today anyway.

"When we are looking at about 500 that are sitting in principal residences that are using them as short-term rentals."

Council also unanimously endorsed a motion to ask the province to exempt other specific properties such as those on Sunset Drive, Playa Del Sol and the Aqua development.

Communities do have the ability to ask the province to opt out of its legislation if they have a vacancy rate above three per cent for two consecutive years.

The last time Kelowna's vacancy rate sat above three per cent was 2012.

 KELOWNA, B.C. – December 6th, 2023. Residential real estate market sales activity hit its seasonal slowdown ahead of the holiday season, reports the Association of Interior REALTORS® (the Association). 

A total of 813 residential unit sales were recorded across the Association region in November coming in below October’s 977 units sold and representing a 5.9% decrease in sales compared to November 2022. 

New residential listings increased 7% compared to November 2022 with 1,577 new listings recorded last month. The total number of active listings saw an increase of 19.9% of total inventory compared to November last year with 7,102 recorded across the Association region. The highest percentage increase in active listings continues to be dominated in the South Okanagan with a total increase of 38.8% compared to the same month last year.  

“Seasonally, it is not unusual for market activity to soften as we head into the December holidays,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “buyers and sellers are still feeling frustrated and constrained by high mortgage rates.”  

“The cost of borrowing is creating a disconnect between what is currently achievable for buyers in terms of what they can afford given the interest rate pinch versus what may be their desired expectations, which makes it challenging for some given the lack of affordable supply in many regions,” says Mann. 

The benchmark price for single-family homes in the South Okanagan, North Okanagan and Shuswap/Revelstoke regions all saw increases in year-over-year comparisons, while the Central Okanagan region saw a marginal decrease of 1.6% in single-family homes, coming in at $991,700. Benchmark price in the townhome housing category saw decreases across all regions compared to November 2022. In the condominium housing category, all regions, with the exception of the South Okanagan, saw decreases in the benchmark price for November 2023 compared to the same month last year. 

The average number of days to sell a home, always a good barometer to watch, decreased to 69 days compared to the previous month’s 73 days. It’s important to note that the average number of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and subregion. 

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals. 

KELOWNA, B.C. – December 6th, 2023. Residential real estate market sales activity hit its seasonal slowdown ahead of the holiday season, reports the Association of Interior REALTORS® (the Association). 

A total of 813 residential unit sales were recorded across the Association region in November coming in below October’s 977 units sold and representing a 5.9% decrease in sales compared to November 2022. 

New residential listings increased 7% compared to November 2022 with 1,577 new listings recorded last month. The total number of active listings saw an increase of 19.9% of total inventory compared to November last year with 7,102 recorded across the Association region. The highest percentage increase in active listings continues to be dominated in the South Okanagan with a total increase of 38.8% compared to the same month last year.  

“Seasonally, it is not unusual for market activity to soften as we head into the December holidays,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “buyers and sellers are still feeling frustrated and constrained by high mortgage rates.”  

“The cost of borrowing is creating a disconnect between what is currently achievable for buyers in terms of what they can afford given the interest rate pinch versus what may be their desired expectations, which makes it challenging for some given the lack of affordable supply in many regions,” says Mann. 

The benchmark price for single-family homes in the South Okanagan, North Okanagan and Shuswap/Revelstoke regions all saw increases in year-over-year comparisons, while the Central Okanagan region saw a marginal decrease of 1.6% in single-family homes, coming in at $991,700. Benchmark price in the townhome housing category saw decreases across all regions compared to November 2022. In the condominium housing category, all regions, with the exception of the South Okanagan, saw decreases in the benchmark price for November 2023 compared to the same month last year. 

The average number of days to sell a home, always a good barometer to watch, decreased to 69 days compared to the previous month’s 73 days. It’s important to note that the average number of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and subregion.

KELOWNA, B.C. – November 3rd, 2023. Residential real estate market sales are below average for October as high interest rates continue to dampen market activity, reports the Association of Interior REALTORS® (the Association). 

A total of 977 residential unit sales were recorded across the Association region in October marking a slight increase over September’s 977 units sold and representing a modest 1.8% decrease in sales compared to October 2022.   

New residential listings increased 8.6% compared to October 2022 with 1,971 new listings recorded. The total number of active listings saw an increase of 17.1% of total inventory compared to October last year with 7,399 recorded across the Association region. The highest percentage increase in active listings continues to be in the South Okanagan with a total increase of 37.7% and followed closely behind in the North Okanagan with a 26.6% increase in active listings compared to the same month last year.  

“While we typically do see market activity ease up as the weather cools, the high cost of borrowing seems to be propelling a speedier seasonal slowdown than usual,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “buyers and sellers are left waiting in the wings despite high demand with the hope of seeing some interest rate relief on the horizon.”  

“The impact of qualifying for mortgages seems particularly impeding to rate-sensitive buyers as they struggle to secure financing. It is more important now than ever that buyers get pre-approved ahead of their house hunting efforts to ensure their expectations can align with their needs,” says Mann. 

The benchmark price for single-family homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions all saw slight increases in year-over-year comparisons, while the South Okanagan region saw a marginal decrease of 0.5% in single-family homes, coming in at $741,800. Benchmark price in the townhome housing category saw decreases in the Central and South Okanagan, while the North Okanagan and Shuswap regions saw increases compared to October 2022. In the condominium housing category, all regions, with the exception of the South Okanagan, saw increases in the benchmark price for October 2023 compared to the same month last year. 

The average number of days to sell a home, always a good barometer to watch, increased to 73 days compared to the previous month’s 71 days. It’s important to note that the average number of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and subregion. 

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact me to find out more about the real estate market and how I can help you achieve your real estate goals. 

The Okanagan’s real estate market cooled somewhat during July, with benchmark prices down across the board.

The number of sales across the entire Association of Interior Realtors region was down last month as well, according to the organization’s monthly report released Friday.

“Seasonally, it is characteristic to see sales activity cool during the hot summer months, which given the slight dip from activity in June, isn’t surprising,” AIR president Chelsea Mann said in a press release. “It is promising to see some typical market activity despite high interest rate hikes creating a challenging climate for buyers and sellers.”

The benchmark prices for single-family homes, townhouses and condominiums all dropped in the Central and North Okanagan regions. The single-family mark in the Central Okanagan was down just $100, however, checking in at $1,063,700 last month. The townhouse price fell 2.2% to $768,500, while the condo mark dropped 3.4% to $514,900 when compared to the prior month.The inventories increased in all three categories last month.

The benchmark price for a single-family home in the North Okanagan dipped from $785,800 to $778,300, and the townhouse figure fell just $2,100 to $598,300.

There were 1,337 residential sales across the AIR region in July, which was down from the 1,656 that were sold in June.

“While inventory is gaining momentum, low supply is still an issue and a primary factor driving price growth,” Mann said. “With consumers feeling pinched by high mortgage rates, some buyers have gravitated towards eyeing other geographical regions with more affordable options.”

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practised Realtor®.  Contact me to find out more about the real estate market and how I can help you achieve your real estate goals.