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Kelowna & Central Okanagan Real Estate Market Report | June 2024 Edition
Welcome back to another monthly market report for real estate in the Central Okanagan this time overviewing the stats for May in 2024.
Finally, some good news! The Bank of Canada has reduced interest rates for the first time in four years, cutting them by 0.25 basis points to 4.75%. While a small decrease, it’s a step in the right direction. With inflation down to 2.7% in April and nearing the target rate of 2%, we can expect further gradual rate cuts this year, provided inflation remains under control. This should bring some relief to buyers who have been hesitant to enter the market due to high rates, contributing to the slower-than-usual market activity for this time of year.
The absorption rate has decreased to 11.8%, marking a return to a buyer’s market. Despite being slightly above 12% last month, the market didn’t feel balanced. We’re still dealing with over a year’s worth of inventory, and sales have yet to exceed 500, which has contributed to a slower market. However, I anticipate that the recent rate cut will spark some activity in the coming month, leading to a robust summer for real estate.
Sales increased by 5.5% from last month but are down 21.04% compared to the same time last year with 473 sales in the month of May. The average price has dropped by 4.33% year-over-year to $747,339. The list-to-sell ratio remains steady at 96.89%. While condos and townhouses saw a slight decrease in average sales price, single-family homes experienced an increase. Properties are spending 3.8% fewer days on the market, averaging 52 days, which is surprising given last month’s activity. Lastly, the total number of listings has surged by 52.07% from last year, reaching 4,001.
I am eager to see how the market develops this month and optimistic about the relief from the prolonged period of high interest rates.
Please check out the full 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 & the Central Okanagan Real Estate Market Report | April 2024 Edition
Hey everyone, welcome back to another real estate market update for Kelowna & the Central Okanagan this time reviewing the stats for March, 2024. As we dive into the latest findings, it’s clear that the Spring Market is well underway, with signs of activity beginning to heat up across the region.
Market Activity:
- Sales: In the past month, we’ve seen a notable surge in sales, reaching 334 transactions. This represents a robust 19.8% increase from the previous month. While this is still down by 24.24% compared to last year, the momentum is building, indicating a positive trajectory for the market.
- Absorption Rate: The absorption rate has climbed to 9.9%, maintaining the status of a buyer’s market. However, this slight uptick suggests growing demand and a potential shift in market dynamics in the coming months.
- Average Sales Price: Despite the increase in sales volume, the average sales price for real estate has dipped by 5.21% from last year, settling at $724,222. This decline may present opportunities for buyers seeking more affordable options in the market.
- List-to-Sell Ratio: Encouragingly, the list-to-sell ratio has improved to 97.04%, indicating a strengthening seller’s position in negotiations.
- Property Types: Condos have seen a modest increase in average price by 2.67%, while townhouses have also experienced a slight uptick of 4.22%. The average price of a single-family home has dipped below the million-dollar mark, down 4.21% from last month to $989,284.
- Days on Market: Properties are spending an average of 63 days on the market, a slight decrease from the previous month but still up marginally from this time last year.
- Listings saw an increase from last month and a surge from this time last year of 27.1% with 3,372 current active listings.
Economic Indicators:
- Inflation Rate: The inflation rate has decreased slightly to 2.78%, indicating stable economic conditions.
- Interest Rate Outlook: Looking ahead, the next Bank of Canada interest rate announcement is scheduled for April 10th, 2024. Experts predict no change, with anticipation mounting for potential rate cuts in June. This forecast bodes well for a strong market throughout the spring and into the summer months.
As the Spring Market gains momentum in the Okanagan, we anticipate continued growth and increased activity across the board in the coming months. Check out the video version of my market report and associated stats to go along with it. Whether you’re considering buying or selling, now is a great time to explore your options in the market. As always, I’m always here to help and I’m never too busy for your referrals!
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.
Moving to Kelowna BC? 10 Things You MUST Know Before Relocating
Moving to Kelowna, BC, is an exciting prospect, but before you pack your bags, it’s essential to understand the city’s nuances. This guide covers ten crucial aspects to ensure a smooth transition.
Kelowna Weather
Kelowna’s weather is a captivating fusion of seasons that paints a vivid tapestry across the Okanagan Valley. Winters bring occasional heavy snowfall, transforming the city into a winter wonderland without the extreme cold seen in many Canadian cities. This unique balance allows residents to enjoy the beauty of snow while relishing milder temperatures.
Come summer, Kelowna blossoms into an outdoor paradise. Warm temperatures and ample sunshine create an ideal setting for year-round activities. The city’s proximity to Okanagan Lake enhances the experience, offering opportunities for water sports, hiking, and leisurely days by the beach. Kelowna’s weather isn’t just a backdrop; it’s an ever-changing canvas, inviting residents and visitors to embrace the diverse beauty each season brings to this year-round playground.
Kelowna Schools
Kelowna Real Estate
To navigate Kelowna’s real estate successfully, it’s crucial to grasp the dynamic nature of the market. As of January 2024, the average home prices underscore the city’s housing landscape, with single-family homes commanding an average of $1,005,010, townhomes at $697,324, and condos at $484,254. These figures not only reflect the city’s popularity but also present a spectrum of housing options catering to various preferences and budget considerations.
Kelowna’s neighbourhoods play a pivotal role in shaping these housing dynamics. Areas like Rutland, known for its affordability and burgeoning developments, appeal to those seeking entry-level prices and promising investment opportunities. In contrast, Glenmore exudes a family-friendly atmosphere with convenient access, while the lower mission beckons with luxurious waterfront living. Each neighbourhood offers a distinct lifestyle, creating a real estate market that accommodates the diverse needs and aspirations of both residents and investors alike.
Kelowna High Cost of Living
Recognizing the high cost of living in Kelowna is essential for prospective residents. While comparatively more affordable than larger cities, the city demands careful financial planning. As of January 2024, the average yearly salary hovers around $50,558, indicating the need for prudent budgeting to align with the cost of living.
The real estate market, a significant factor in Kelowna’s living expenses, reveals an average house price of $728,862. This figure emphasizes the necessity for individuals and families to carefully assess their financial capabilities and housing requirements. While Kelowna presents a more reasonable cost of living compared to major urban centers, prospective residents are encouraged to approach their relocation with a well-thought-out financial strategy to ensure a comfortable and sustainable lifestyle in this vibrant Okanagan city.
Kelowna Neighbourhoods
Delving into Kelowna unveils a rich tapestry of neighbourhoods, each with its own unique charm. The vibrant downtown area pulsates with energy, offering a dynamic urban lifestyle surrounded by a ton of amenities and entertainment options. For those seeking a family-friendly atmosphere, Glenmore emerges as an inviting choice, providing convenient access and a welcoming community feel.
Nestled amidst picturesque landscapes, the Upper Mission stands as a testament to Kelowna’s scenic beauty. This area offers a tranquil and visually stunning environment, making it an ideal haven for those who appreciate a blend of nature and residential living. Choosing the right Kelowna neighbourhood becomes a personalized journey, aligning with individual preferences and lifestyle aspirations. I highly recommend connecting with a local expert or real estate agent to help get a better idea of what area might suit your lifestyle needs the best.
Difference Between Kelowna and West Kelowna
While often perceived as interchangeable, Kelowna and West Kelowna present notable differences in it’s overall environment and lifestyle, influencing the choice between city living and a more laid-back suburban atmosphere. Kelowna, as the larger and more urbanized of the two, boasts a bustling cityscape with a wide array of amenities, cultural offerings, and a dynamic urban lifestyle.
On the flip side, West Kelowna offers a different experience, providing a more relaxed and suburban atmosphere. The lifestyle here is characterized by scenic landscapes, a slower pace, and a close-knit community vibe. Understanding these distinctions becomes essential for anyone contemplating a move, as it enables individuals to align their living preferences with the ambiance they desire. Whether one leans towards the vibrant urban environment of Kelowna or the tranquility of suburban living in West Kelowna, understanding these differences ensures a well-informed decision that resonates with your unique.
Kelowna Transportation System
Navigating Kelowna is a seamless experience, thanks to its well-designed transportation infrastructure. The city’s comprehensive system, operated by BC Transit, encompasses a robust bus network, including express routes that efficiently connect various parts of the city. The convenience is further enhanced by a user-friendly mobile app, offering real-time information and facilitating smooth travel planning.
Beyond traditional public transportation, Kelowna embraces modern mobility solutions, with the inclusion of ride-sharing services like Uber. This additional layer of accessibility provides residents and visitors with flexible and convenient travel options, ensuring that getting around the city is not only efficient but also tailored to individual preferences.
Hiking in Kelowna
For outdoor enthusiasts, Kelowna is nothing short of a paradise. The city, embraced by a stunning natural landscape of mountains, lakes, and forests, presents a haven for nature lovers. The diverse array of hiking trails available caters to enthusiasts of all levels, providing an opportunity for everyone to explore the captivating outdoors.
Kelowna’s trails offer a variety of experiences, from the exhilaration of conquering challenging peaks to the tranquility of leisurely nature walks. Whether you seek the panoramic views from the summits of Knox Mountain or the serene ambiance along the Mission Creek trail, Kelowna’s outdoor offerings embrace the varied preferences of hikers. This abundance of natural beauty not only promotes physical well-being but also fosters a deep connection with the breathtaking landscapes that define the Okanagan region. In Kelowna, the great outdoors isn’t just a destination; it’s an immersive experience catering to the heart and soul of every outdoor enthusiast.
Restaurants and Nightlife
Big White Ski Resort
For winter enthusiasts, the nearby Big White Ski Resort stands as a beacon of snowy adventures. Renowned for its powdery slopes and an array of winter activities, this resort provides an idyllic escape for those seeking the thrill of the cold season. Whether you’re a skiing aficionado, snowboarder extraordinaire, or someone interested in more unconventional activities like snowshoeing and ice climbing, Big White offers a winter wonderland catering to a diverse range of preferences.
The resort’s powdery slopes create the perfect canvas for exhilarating downhill experiences, making it a haven for skiing and snowboarding enthusiasts. The expansive terrain, coupled with the breathtaking views of the surrounding landscapes, transforms Big White into more than just a ski destination – it becomes a immersive winter sanctuary. With its array of activities and picturesque setting, Big White Ski Resort beckons winter lovers to embrace the snowy embrace of the Okanagan’s high country.
Bonus Tip – Property Transfer Tax
Embarking on your real estate journey in Kelowna involves a crucial understanding of the property transfer tax. Calculated based on the property’s value, this tax is a pivotal consideration in your home purchase. The calculation is:
- 1% of the fair market value up to and including $200,000
- 2% of the fair market value greater than $200,000 and up to and including $2,000,000
- 3% of the fair market value greater than $2,000,000
The rates, structured to reflect the property’s value, can significantly impact your budget. It’s not only a financial consideration but a strategic one, necessitating careful planning and budgeting. Whether you are a first-time homebuyer exploring exemptions or diving into the intricacies of the tax brackets, comprehending the property transfer tax landscape is an essential step in ensuring a seamless transition into your new Kelowna home.
Making the decision to move to or purchase in Kelowna and the Okanagan is a significant step, and ensuring a seamless transition involves understanding these ten crucial aspects. The factors, ranging from weather conditions to real estate dynamics and the plethora of outdoor activities, collectively contribute to the unique charm of Kelowna. Each facet adds a layer of consideration to your relocation journey, making it crucial to understand the nuances of Kelowna’s lifestyle and offerings. By exploring these aspects, you not only facilitate a smoother transition but also set the stage for an enriched and fulfilling experience in this vibrant Okanagan city.
Check out my latest video from my YouTube Channel where I break down each of these topics!
FAQs
- Is Kelowna’s cost of living comparable to other Canadian cities?
- Kelowna’s cost of living is relatively high but compares favorably to larger cities like Vancouver and Toronto.
- Are there affordable housing options in Kelowna?
- Yes, areas like Rutland offer more affordable housing options.
- How is the public transportation system in Kelowna?
- Kelowna boasts a well-developed bus system operated by BC Transit, with regular services and convenient options like a mobile app.
- What makes Kelowna’s culinary scene unique?
- Kelowna’s culinary scene is diverse, with farm-to-table restaurants, wineries, craft breweries, and a variety of cuisines.
- Is there a skiing destination near Kelowna?
- Yes, the nearby Big White Ski Resort offers world-renowned slopes and winter activities.
