1 April 2023

Kelowna Real Estate Market News April 2023


Kelowna Real Estate Market Table of Contents

Summary Report

All Categories

Single-Family Analysis

Condo Analysis

Townhome Analysis

My Thoughts this Month

Further Links

Wants, Needs & Coming Soon

About The Author

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%






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 Real Estate Total Active Listings March 2023

Kelowna Residential Listings Graph 2021 to 2023

Kelowna Median Sales Price March 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%






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%






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 Active Condo Listings March 2023

Kelowna Real Estate Active Condo Listings March 2023

Kelowna Condo Median Sale Price 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%






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 Active Townhome Listings Graph March 2023

Kelowna Real Estate Active Townhome Listings Graph March 2023

Kelowna Median Sale Price Townhomes 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.