Kelowna Real Estate Market News May 2022

Last month the Kelowna Real Estate Market seemed to show the first definite signs of a slow-down, after the latest interest rate rise and the continuing impact of inflation on the cost of living.

Before we start thinking ‘ the sky is falling’, however, 47% of Single-Family home sales last month sold at or above the asking price compared to March 2022 when 52% sold over the asking price. 

Kelowna & Central Okanagan Real Estate Sales April 2022.

April 2022 Real Estate sales numbers were down on the previous month

Compared to the last month-:

– Total Sales were down 11% last month.

– Single-Family home sales were down 14.3%.

– Strata sales down 6.7%

Compared to last year -:

– Overall sales were down 36%

– Single-Family Home sales were down 37.8%.

– Strata sales were down 29.9%.

Inventory Levels April 2022

Inventory levels have risen again this month.

Total listings in the Central Okanagan are now 1554 up from 1232 last month and for the first time, in a while, up from 1,414 last year. 

Single Family & Bare Land Strata Residential 700 units up from 506 last month and up from 477 last year. An increase of about 38% on last month.

Condo – 284 up from 247 units last month and down from 365 last year.

Town Homes – 179 up from 128 last month and up from 148 last year.

Median Real Estate Prices – April 2022

Single Family Homes & Bare Land Strata 

April 2022 $1,100,000  Apr 2021 $886,764 – up 24% compared to last year.

Condos

April 2022 $499,000 2021 $415,000 – up 20.2% compared to last year

Townhomes

April 2022 $650000  2021 $540000 – up 20.4%

Things to watch with the Kelowna Real Estate 

1. Inventory –  Inventory levels are rising, and for the first time, total listings are higher than this time last year. This is likely to put rising prices into a ‘holding pattern’, and we are starting to see a number of downward price adjustments, but we are not in a balanced market yet.

2. Interest Rates–  Interest rates are widely reported to be rising a further 0.5 per cent when the Bank of Canada meets again at the beginning of June. This will definitely affect affordability.

Kind Regards

Trish Cenci

This month’s photo is taken at Summerland Ornamental Gardens.