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Kelowna Real Estate Market Table of Contents
The Kelowna Real Estate Market Summary Report April 2023
The Kelowna Real Estate Market, showed a strong shift into a spring market in March 2023.
Residential Real Estate Sales were up significantly, compared to February 2023, and if sales to active listings ratios continue on their present trajectory, we will be firmly in a Sellers Market again.
Economists, such as the TD Bank put this resilience down to-:
“Several factors have added to durability in spending in recent months. These include ongoing strength in job markets – especially in Alberta and the Atlantic – a trove of post-pandemic excess household savings built up across economies and growing financial supports to households from governments in the form of daycare subsidies and inflation-relief measures. “
Their word of warning is that this could have delayed rather than extinguished the hit to spending. But, they do feel the BC Real Estate Market is nearing the bottom.
Robert Hogue, Economist at RBC, also thinks the market is near the bottom in his March 2023 Housing Report –
“We think it points to a nearby bottom in many local markets…….prices will bottom sometime in the summer or shortly thereafter (with the timing varying by market).”
Looking at our numbers in detail below, it would seem most of the Kelowna Real Estate Market has reached the bottom and is starting to rise.
Kelowna Real Estate All Residential March 2023
| Average Price | Median Price | Total Listings | Sales | Sales to Active Listings | |
| ↑$816,687 | ↓$700,000 | ↑10% | ↑ 60.1% | ↑ 19.7% | |
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| March 2023 | Feb 2023 | March 2022 | |||
| Number | Number | % Change | Number | % Change | |
| Total Listings | 2177 | 1979 | ↑ 10% | 1232 | ↑ 76.7% |
| Total Sales | 429 | 268 | ↑ 60.1% | 588 | ↓ 27% |
| Sales – Listing Ratio | 19.7% | 13.5% | ↑ 45.9% | 47.7% | ↓ 58.7% |
| Median Sold Price | $700,000 | $740,000 | ↓ 5.4% | $850,000 | ↓ 17.6% |
| Median Listing Price | $829,000 | $799,000 | ↑ 3.7% | $914,900 | ↓ 9.4% |
| Average Sold Price | $816,687 | $808,087 | ↑1.06% | $938,465 | ↓ 13% |
| Days on Market | 33 | 42 | ↓ 21.4% | 15 | ↑120% |
Kelowna Residential Listings Graph 2021 to 2023
Kelowna Median Sales Price March 2023
Market Summary
Sales were up significantly last month, reflecting a quick shift to a full spring market. Listings also continue to rise, but I see that as a positive, rather than a negative, as inventory levels remain below average.
Median sales prices are still falling, which reflects more homes selling in the ‘more affordable’ price ranges, and properties are starting to sell quicker.
Type of Market – Balance heading towards a Sellers Market.
Kelowna Real Estate Single Family Homes Analysis March 2023
| Single Family | Average Price | Median
Price |
Total
Listings |
Sales | Sales to Active Listings |
| ↑ $1,156,974 | ↓ $948,000 | ↑ 11.7% | ↑ 51.1% | ↑ 19.3% | |
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| March 2023 | Feb 2023 | March 2022 | |||
| Number | Number | % Change | Number | % Change | |
| Total Listings | 1070 | 958 | ↑ 11.7% | 664 | ↑ 61.1% |
| Total Sales | 207 | 137 | ↑ 51.1% | 275 | ↓ 24.7% |
| Sales-Listings Ratio | 19.3% | 14.3% | ↑ 34.9% | 41.4% | ↓ 53.4% |
| Median Sold Price | $948,000 | $950,000 | ↓ 0.002% | $1,150,500 | ↓ 17.6% |
| Median Listing Price | $1,150,000 | $1,077,900 | ↑ 6.7% | $1,199,999 | ↓ 4.2% |
| Average Sold Price | $1,156,974 | $1,064,715 | ↑8.7% | $1,283,598 | ↓9.9% |
| Days on Market | 33 | 42 | ↓21.4% | 13 | ↑ 153.8% |
Market Summary
March 2023 sales were up, median prices are starting to hold steady, listings are rising and homes are selling quicker.
Type of Market – Kelowna Real Estate Median Sales Price March 2023
Kelowna Real Estate Market Condos Analysis March 2023
| Condos | Average
Price |
Median
Price |
Total Listings | Sales | Sales to Active Listings |
| ↑ $478,810 | ↑$460,000 | ↑6.2% | ↑75.7% | ↑26.2% | |
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| March 2023 | Feb 2023 | March 2022 | |||
| Number | Number | % Change | Number | % Change | |
| Total Listings | 497 | 468 | ↑ 6.2% | 247 | ↑ 101% |
| Total Sales | 130 | 74 | ↑ 75.7% | 167 | ↓ 22.2% |
| Sales – Listings Ratio | 26.2% | 15.8% | ↑ 65.8% | 67.6% | ↓ 61.2% |
| Median Sold Price | $460,000 | $433,750 | ↑6.1% | $520,000 | ↓ 11.5% |
| Median Listing Price | $499,000 | $488,900 | ↑2.1% | $499,999 | ↓0.002% |
| Average Sold Price | $478,810 | $469,511 | ↑ 2% | $550,328 | ↓ 13% |
| Days on Market | 35 | 58 | ↓ 39.7% | 16 | ↑ 118.7% |
Kelowna Real Estate Active Condo Listings March 2023
Kelowna Real Estate Condo Median Sale Price March 2023
Market Summary
Condo Sales numbers were up over 75% on February 2023. Listings were up, but less than in other sectors, and the median sale price rose. The Sales to Active listings ratio also took quite a jump and Condos were selling quicker.
Type of Market – Sellers Market.
Kelowna Real Estate Market Townhomes Analysis March 2023
| Townhomes | Average
Price |
Median
Price |
Total
Listings |
Sales | Sales to Active Listings |
| ↓$639,334 | ↓$652,500 | ↑ 11.5% | ↑48.7% | ↑21.4% | |
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| March 2023 | Feb 2023 | March 2022 | |||
| Number | Number | % Change | Number | % Change | |
| Total Listings | 271 | 243 | ↑ 11.5% | 128 | ↑ 111.7% |
| Total Sales | 58 | 39 | ↑ 48.7% | 98 | ↓ 40.8% |
| Sales – Listings Ratio | 21.4% | 16% | ↑ 33.8% | 76.6% | ↓ 72.1% |
| Median Sale Price | $652,500 | $721,000 | ↓ 9.05% | $786,000 | ↓ 17% |
| Median List Price | $709,000 | $743,750 | ↓ 4.7% | $769,000 | ↓ 7.8% |
| Average Sold Price | $639,334 | $657,803 | ↓ 2.8% | $739,738 | ↓ 13.6% |
| Days on Market | 28 | 25 | ↑ 12% | 14 | ↑100% |
Kelowna Real Estate Active Townhome Listings Graph March 2023
Kelowna Real Estate Median Sale Price Townhomes March 2023
Market Summary
– Listings and Sales were both up, but interestingly prices were lower and Townhomes were taking longer to sell.
Type of Market – Balanced Market heading towards Sellers Market.
Kelowna Real Estate Market – My Thoughts This Month
Inventory – is rising, but this is normal as we head into a spring market. We do still have relatively low inventory, so some listings are being snapped up quickly and I am hearing of multiple offers in some cases.
Interest Rates – with the Bank of Canada announcing its ‘pause’ in further interest rate hikes & Buyers hopeful they will fall later in the year, this may have spurred some Buyers back into the market. The jury is still out on whether this will be enough to bring down inflation, as some commentators are also pointing to supply chain disruptions & some large Corporates increasing their profit margins.
Continuing on my watchlist – the recent bank collapse in the US and the vulnerability of some other Banks around the world could see some banks under pressure to tighten their lending policy.
Increased Immigration Policy – As the Canadian Government ramps up immigration to ease the skilled worker shortage this will increase housing demand in BC, which will include areas like Kelowna. See the full report below.
Kelowna Real Estate Wants, Needs and Coming Soon
Coming Soon
3 Bedroom 2 Bathroom Condo in U One 935 Academy Way. Coming to Market May 1, 2023.
3 Bedroom One Level Rancher with large yard Glenrosa Area.
Buyers Needs
2 Bedroom 2 Bathroom Centrally located. Can be +55 around $350,000 to $450,000 range.
If you know anyone who is looking to buy or sell this profile of property, please put them in touch with me!
Further Links & Resources Information.
NOTE – The Source of the sales data is the Association of Interior Realtors.
TD Provincial Economic Forecast March 2023 https://economics.td.com/provincial-economic-forecast
RBC March 2023 Housing Report https://thoughtleadership.rbc.com/canadas-housing-market-finally-finding-its-footing/
Commentary on Inflation strategy by Jim Stanford – We need more Goods not less Money https://centreforfuturework.ca/2023/03/20/we-need-more-goods-not-less-money/
BC Real Estate Association Report on the impact of Immigration for 2023-2025 – BCREA Market Report March 2023
Air BnB Income Calculator https://www.airdna.co/airbnb-calculator
About the Author
Trish Cenci is a Residential Real Estate Agent working in Kelowna & the surrounding Okanagan Valley. Trish was Born & raised in the UK, has a background in Finance & Banking, & emigrated to Kelowna in 2005. For the last 18 years, she has been building a successful Real Estate business and has established a reputation for being a highly respected & professional local Agent helping many Clients, over the years buy & sell properties in the area. She feels passionate that clients should be well-informed, in making their Real Estate decisions, and writes regular blog posts about the local Kelowna Real Estate Market.
