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Kelowna Real Estate Market Report | May 2024 Edition
Welcome back to my monthly market report for real estate in the Central Okanagan. Let’s delve into the statistics for April 2024.
Economic Indicators:
– Inflation: In March, inflation rose slightly to 2.9%, still failing to break the 2.7% mark. Hopefully we will see a downward correction in April which will move us closer to a drop in interest rates.
– Absorption Rate: The absorption rate for the last month increased to 12.06%, indicating a move towards a balanced market. Anticipated interest rate drops may bolster this trend, fortifying market equilibrium.
– Interest Rates: The Bank of Canada’s overnight interest rate held steady at 5% in April. Despite speculation, there were no rate cuts. With inflation on the rise, the possibility of rate adjustments in June remains uncertain.
Market Activity Overview:
– The real estate market maintained momentum throughout the month. While initial activity appeared robust, the latter half saw a relative slowdown, possibly influenced by fluctuating interest rate expectations.
– Despite these fluctuations, the market demonstrated resilience. Notably, inventory levels surged, with 3,706 current active listings—a 31% increase from the previous year. Sales, while slightly lower than last year, increased over 25% from March, totaling 447 transactions.
– The overall average sales price remained steady compared to the previous year with an average price of $751,829, and over the last month we saw an increase across the board for individual products:
– Condos: $511,379
– Townhomes: $717,629
– Single-family residential: $1,026,478
Nationally, home prices exhibited an upward trend, mirroring the local market’s positive trajectory. Properties spent an average of 59 days on the market, with a list-to-sell ratio of 95.62%—indicating strong demand despite a slightly longer selling period.
Despite economic uncertainties, the real estate market in the Central Okanagan experienced notable positive shifts, transitioning towards a balanced state. While awaiting potential interest rate adjustments, the market’s gradual growth signifies a welcome change from previous volatility.
If you have any questions or wish to discuss market trends further, feel free to reach out. I’m always happy to help!
Please enjoy the video breakdown and stats below.
Kelowna vs. Vernon: Choosing Your Ideal Okanagan City
Are you considering a move to the breathtaking Okanagan Valley but torn between Kelowna and Vernon? The decision can be tough, given the vibrant communities and stunning landscapes each city offers. In this detailed guide, we’ll delve into the differences between Kelowna and Vernon to help you make an informed choice.
Lifestyle and Amenities: Kelowna’s Bustling Energy vs. Vernon’s Tranquil Charm
When considering where to settle in the Okanagan Valley, it’s essential to understand the distinct lifestyle and amenities offered by Kelowna and Vernon. Each city presents a unique blend of urban conveniences and natural tranquility, catering to different preferences and lifestyles.
Kelowna pulsates with a vibrant energy that permeates its bustling downtown core and lively neighborhoods. The cityscape is adorned with a diverse array of shops, restaurants, bars, and entertainment venues, creating a dynamic urban environment. Whether you’re strolling along Bernard Avenue, exploring the cultural attractions, or attending one of the many events and festivals that dot the calendar, there’s always something happening in Kelowna.
The city’s amenities reflect its cosmopolitan character, with an abundance of recreational facilities, parks, and waterfront attractions. From waterfront parks like City Park and Waterfront Park to recreational hubs like Parkinson Recreation Centre and Capital News Centre, Kelowna offers endless opportunities for outdoor activities and leisure pursuits. Additionally, the city boasts a thriving arts and cultural scene, with galleries, theaters, and music venues showcasing local talent and international acts.
In contrast to Kelowna’s urban vibrancy, Vernon exudes a tranquil charm that beckons with its small-town allure. Nestled amidst the picturesque landscapes of the North Okanagan, Vernon offers a more laid-back lifestyle, characterized by its serene surroundings and close-knit community spirit. The city’s charming downtown area is brimming with quaint shops, cafes, and local businesses, evoking a sense of nostalgia and warmth.
Vernon’s amenities are tailored to its residents’ needs, with a focus on outdoor recreation and natural beauty. From the stunning shores of Kalamalka Lake to the sprawling trails of Kekuli Bay Provincial Park, Vernon provides ample opportunities for outdoor adventure and relaxation. Residents can enjoy leisurely strolls along the Okanagan Rail Trail, explore the diverse ecosystems of Ellison Provincial Park, or partake in water sports and boating on the region’s pristine lakes.
Whether you’re drawn to the excitement of urban living or the peace and serenity of small-town life, both Kelowna and Vernon offer an exceptional quality of life amidst the stunning natural beauty of the Okanagan Valley. With a wealth of amenities, recreational opportunities, and community spirit, these cities provide the perfect backdrop for creating lasting memories and embracing the Okanagan lifestyle.
Outdoor Lifestyle: Lakes, Mountains, and Endless Adventure
Kelowna and Vernon offer an abundance of outdoor activities year-round, from skiing and snowboarding in the winter to mountain biking and hiking in the summer. Let’s explore the unique offerings of each city’s outdoor landscape.
Kelowna is home to Big White Ski Resort, a bustling and energetic ski hill that attracts winter enthusiasts from near and far. With a lively village atmosphere and numerous events throughout the season, Big White offers a vibrant winter experience. From après-ski gatherings to live music and festivals, there’s always something happening at Big White. The ski hill itself boasts a variety of terrain suitable for all skill levels, making it a popular destination for families and adrenaline junkies alike.
In the summer, Big White transforms into a hub for mountain biking and hiking, with trails winding through the picturesque alpine landscape. While the summer vibe may be more relaxed compared to the bustling winter season, outdoor enthusiasts can still enjoy the beauty of the mountains and the thrill of exploring the terrain.
In Vernon, SilverStar Mountain Resort offers a different kind of winter experience, characterized by its quieter and more laid-back atmosphere. While SilverStar may lack the bustling village scene of Big White, it more than makes up for it with its pristine slopes and stunning mountain views. Skiers and snowboarders can enjoy a peaceful day on the slopes, taking in the tranquility of the surrounding landscape.
During the summer months, SilverStar shines as a premier mountain biking destination, with a well-developed trail network that caters to riders of all levels. The mountain bike park at SilverStar is renowned for its variety of trails and stunning alpine scenery. While Big White’s mountain biking scene is still growing and evolving, SilverStar offers a more established and developed experience for riders looking to hit the trails.
Overall, both Kelowna and Vernon offer unparalleled opportunities for outdoor adventure, whether you’re hitting the slopes in the winter or exploring the trails in the summer. Whether you prefer the bustling energy of Big White or the serene beauty of SilverStar, there’s something for everyone to enjoy in the Okanagan’s great outdoors.
Climate: Mild Winters and Sun-Drenched Summers
Living in the Okanagan means experiencing the best of both worlds when it comes to weather. Winters in this region are notably mild compared to other parts of Canada, with occasional snowfalls that transform the landscape into a winter wonderland. However, these snowfalls are generally short-lived, allowing residents to enjoy outdoor activities without enduring long periods of extreme cold.
As for summers, the Okanagan truly shines with its sun-drenched days and warm temperatures. The region boasts an impressive number of sunny days throughout the year, making it a paradise for outdoor enthusiasts and sun-seekers alike. Whether you’re lounging on the shores of Lake Okanagan, exploring the countless hiking trails, or enjoying a round of golf on one of the region’s scenic courses, you’ll find no shortage of ways to embrace the sunshine.
Additionally, the dry heat characteristic of the Okanagan offers a unique advantage during the summer months. While temperatures can soar, especially during the peak of summer, the low humidity means that evenings are often cooler and more comfortable. This allows residents to enjoy outdoor dining, evening strolls, and backyard barbecues late into the night, creating unforgettable summer memories with friends and family.
Overall, the Okanagan’s climate perfectly complements its stunning natural beauty, making it an ideal destination for those seeking a balance of outdoor adventure and relaxation year-round. Whether you’re hitting the slopes in the winter or soaking up the sun by the lake in the summer, the Okanagan offers an unbeatable lifestyle that truly embraces the best of every season.
Real Estate: Finding Your Perfect Home
When it comes to real estate, Kelowna and Vernon offer distinct advantages. The latest statistics reveal a notable contrast in inventory and pricing between the two regions.
In the North Okanagan, which includes Vernon, there are a total of 1,220 active listings. Meanwhile, in the Central Okanagan, encompassing Kelowna, the number significantly rises to 3,372 active listings. This stark contrast in inventory may impact your options and competitiveness in the housing market.
Now, let’s delve into the average prices in each category:
North Okanagan:
– Condos: $317,978
– Townhomes: $591,867
– Single Family Residential: $762,607
Central Okanagan:
– Condos: $480,482
– Townhomes: $702,899
– Single Family Residential: $989,284
These statistics highlight the affordability and market dynamics in each city. While Kelowna boasts a larger inventory and higher average prices, Vernon offers more budget-friendly options for those entering the housing market or looking to downsize.
Whether you’re searching for a condo with stunning views, a cozy townhome, or a spacious single-family residence, understanding the real estate landscape in Kelowna and Vernon is crucial to finding your perfect home. With the help of Brey, your local real estate expert, you can navigate the market with confidence and find a property that aligns with your lifestyle and budget.
Ultimately, the choice between Kelowna and Vernon comes down to your personal preferences and lifestyle. If you thrive in a lively urban environment with ample amenities and entertainment options, Kelowna may be the perfect fit for you. However, if you prefer a quieter, more laid-back lifestyle surrounded by nature’s beauty, Vernon could be your ideal destination. No matter which city you choose, the Okanagan promises endless opportunities for adventure, relaxation, and community. Reach out to me Brett Boholij, your local real estate expert, for personalized guidance and expert advice on finding your dream home in the Okanagan.
Kelowna & Central Okanagan Real Estate Market Update | February 2024 Edition
Hey Everybody!
I’m thrilled to be back with another real estate market report for Kelowna and the Central Okanagan, diving into the latest stats for January 2024. Let’s take a closer look at what’s been happening in our vibrant market.
Market Overview
As anticipated, the market has begun to regain momentum after a period of adjustment. Inflation in Canada has seen a slight uptick, reaching 3.40%. In response, the Bank of Canada has maintained interest rates at 5%, with experts predicting potential rate cuts in April.
Sales Performance
In the Central Okanagan, absorption rates have held steady at 8.3%, indicating a healthy level of activity. January saw a surge in sales, with 218 transactions recorded. This marks a 9.6% increase from December and an impressive 25.2% surge compared to the same period last year.
Pricing Trends
Notably, the overall average sales price has risen by nearly 4% to $741,685. However, condos, townhouses, and single-family homes have seen minimal fluctuations in their average prices over the last month.
Listing Activity
Listing activity has seen a substantial increase of nearly 20% compared to last year, with a current count of 2,602 listings. Properties are spending an average of 75 days on the market, representing a 7.4% decrease from the previous year.
Market Outlook
As mentioned in our previous report, the market likely reached its low point in December or January. As we transition into 2024, signs of improvement are already evident, with this trend expected to amplify as we approach the bustling Okanagan Spring Market.
For those considering real estate transactions, acting swiftly before an increase in competition floods the market may be advantageous for both buyers and sellers.
If you prefer a visual overview of these stats, be sure to check out my full video breakdown below. And as always, if you have any questions or need assistance navigating the market, don’t hesitate to reach out.
Whether you’re buying, selling, or simply curious about the market, staying informed is key. Make sure to watch my latest YouTube videos where I break down the buying and selling process into 10 simple steps each.
Thank you for tuning in to this month’s market update, and I look forward to assisting you with all your real estate needs in 2024!
If you have any questions or need assistance with your real estate journey, feel free to contact me anytime.
Kelowna Real Estate Market Report | January 2024 Edition
Hello everyone! Welcome back to another insightful real estate market report. Today, we delve into the statistics for December 2023 in the Central Okanagan. The past year has been marked by various challenges, including a slow start, rising interest rates, and the impact of devastating fires from mid-August to September. These events, combined with high interest rates, resulted in a notable slowdown in the real estate market during the third and fourth quarters.
2023 Recap: Overcoming Challenges
Despite the challenges, there is optimism as we look ahead to 2024. Rumours suggest that the Federal Reserve in the U.S. may cut rates by up to 2.5% in 2024, with the Bank of Canada expected to follow suit by up to 1.5%, potentially lowering rates as early as April 2024. Decreasing bond yields have already started improving fixed-rate mortgages, creating expectations for a more stable and balanced market in the coming year.
Examining Recent Real Estate Statistics
Let’s dive into the recent real estate statistics for a comprehensive overview:
- Economic Landscape:
- The current inflation rate in Canada is at 3.1%.
- The Bank of Canada rate is holding at 5.0%.
- Market Status in Central Okanagan:
- The absorption rate stands at 7.4%, maintaining a Buyer’s Market status.
- Sales for the past month totalled 197 units, marking a decrease of over 22% from last year but only a 4% decrease from this time last year.
- Price Trends:
- The average overall sales price has seen a slight dip of 4% from this time last year.
- Condos and townhouses experienced a slight increase in their average price in the past month, while single-family homes saw a small decrease.
- Market Dynamics:
- Properties are now on the market for an average of 64 days, slightly longer than this time last year.
- Inventory is up by 28% from this time last year.
The Path Forward
As we conclude the 2023 real estate market report, we anticipate a more promising year ahead. The potential rate cuts and improving economic indicators provide hope for a revitalized market. If you have any questions or seek further clarification on these statistics, please feel free to reach out.
For a more in-depth analysis and visual insights, check out the video review on my YouTube channel. Your feedback and engagement are always appreciated.
Here’s to a successful and thriving 2024 in the Central Okanagan real estate market!
