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Quail Ridge UBCO Real Estate Market Report
Welcome to my comprehensive 2023 Quail Ridge and UBCO Kelowna Real Estate Market Report, covering data & insights from January 1 through December 31, 2023.
The figures are drawn from MLS® listings and sales data courtesy of the Association of Interior Realtors.
University District Annual Sales Numbers 2023
| Sales Jan-Dec 2023 | % Change 2023-2022 | Sales Jan-Dec 2022 | % Change 2022-2021 | Sales Jan-Dec 2021 | |
|---|---|---|---|---|---|
| Total | 96 | ↓ 19.3% | 119 | ↓ 56.6% | 221 |
| Single-Family | 20 | ↑ 5.2% | 19 | ↓ 58.3% | 48 |
| Condos | 48 | ↓ 42.9% | 84 | ↓ 64.9% | 137 |
| Townhomes | 28 | ↑ 75.0% | 16 | ↓ 22.2% | 36 |
* Covers the Quail Ridge Golf Course Community, & the Academy Way area
Residential Annual 2023 Sales compared to 2022.
We saw a 19.3% dip in total sales in 2023, and a 56..6% fall in sales numbers from the hectic Covid-driven market of 2021.
Single-family homes – sales remained steady, defying the broader Kelowna market trends.
Condos – the condo market faced a significant downturn, as the Academy Way area Condos, struggled to attract their usual range of investment Buyers.
Townhome sales were higher, largely thanks to the continuing development at Academy Ridge and the new Quail Landing complex.
Quail Ridge UBCO Annual 2023 Summary of Sales Price Ranges
| Property Type | Sales Range |
|---|---|
| Homes | $866,000 – $1,487,500 |
| Town Home | $550,000 – $1,210,000 |
| Condos | $299,000 – $622,500 |
Quail Ridge UBCO Single-Family Homes
Single Family Home Listings Graph December 2023
Single Family Home listings started with 9 in January, peaking at 15 in September and ending in December 2023 at 7.
As of now, there are currently 6 listings with prices ranging from $990,000 to $1,549,900.
Single-Family Home Median Number of Days of the Market
| Year | Average Days on Market |
|---|---|
| 2023 | 38 Days |
| 2022 | 18 days |
| 2021 | 22 days |
Average days on the Market for homes – is trending higher, and does not take into account that some homes that were re-listed.
Single-Family Home 2023 Sales Breakdown by Price
| Price Range | Number of Listings |
|---|---|
| Under $900,000 | 4 |
| $901,000 to $1.0m range | 3 |
| Over $1m | 13 |
Quail Ridge UBCO Real Estate Market Single-Family Median Home Price
| Year | Average Sale Price | % Change |
|---|---|---|
| 2023 | $1,146,550 | down 2.8% |
| 2022 | $1,180,000 | up 25.3% |
| 2021 | $941,750 | N/A |
Quail Ridge UBCO Condos
Quail Ridge UBCO Condo Listings Graph December 2023.
Annual Breakdown of Condo Sales by Complex / Area.
| Developments | Sales 2023 | Sales 2022 |
|---|---|---|
| Academy Way | 30 | 54 |
| Pinnacle Pointe | 6 | 13 |
| Sienna Terrace | 1 | 0 |
| Pointe at Quail | 9 | 15 |
| Borgata Lodge | 2 | 2 |
Academy Way
Condo prices overall were subdued last year, as increasing interest rates began to bite, which affected affordability for both Parents and Investors.
| Type of Unit | Price Range 2023 |
|---|---|
| 3 Bedroom Unit | $540,000 to $622,500 |
| 2 Bedroom Unit | $420,000 to $520,000 |
| 1 Bedroom | $372,500 to $376,500 |
| Studio | $299,000 |
Compared to 2022 – overall prices were down. 3 Bedroom units were down from a peak of $645,000 in 2022, 2 Bedroom units peaked at $570,000, 1 Bedroom units peaked at $395,000 and Studios held steady at $299,000.
Pinnacle Pointe
Lower Sales were slower in 2023 as some owners were still affected by a fire in the building in 2022.
| Unit Type | 2023 Price Ranges | 2022 Price Ranges |
|---|---|---|
| 2 Bedroom & Den / 3 Bed | 2 Sales $555,500 – $560,000 | 3 Sales 549,000 – $551,000 |
| 2 Bedrooms | 2 Sales $520,000 – $530,000 | 7 Sales $448,000 – $575,000 |
| 1 Bedroom – | 2 Sales Both $390,000 | 3 Sales $395,000 – $460,000 |
Note-: Provincial Regulations will prevent any further Short-Term Rentals in the building after May 1, 2024.
The Pointe at Quail
| Unit Type | 2023 Sales Range | 2022 Sales Range |
|---|---|---|
| 2 Bedroom | 9 Sales $450,000 to $525,000 | 11 Sales $438,000 to $574,000 |
| 1 Bedroom | Nil | 3 sales $359,000 – $420,000 |
Notes -: Depending on whether they had a den and /or Lake /Golf course view & some units included a Den.
The Complex continues to progress with the Law Suit to recover costs for the major repairs from a few years ago, & progress is being made with the ongoing Insurance Claim, but no funds have been received by Strata yet.
Borgata Lodge
| Unit Description | 2023 Sales Range | 2022 Sales Range |
|---|---|---|
| 1 Bedroom | 2 Larger Units $372,000 – $372,500 | $330,000 – $398,000 2 small loft units and 1 larger unit |
Siena Terrace
| Year | Sales Information |
|---|---|
| 2023 | 1 Sale 2 Bedrooms $550,000 |
| 2022 | 0 Sales |
Current Condo Inventory & Days on Market
| Development | Listings | Details |
|---|---|---|
| Pinnacle Pointe | 10 | 1 One Bedroom $424,900; 8 Two Bedroom $449,800 – $570,000; 1 Three Bedroom $549,000 |
| Pointe at Quail | 5 | Two-Bedroom $459,000 – $549,900 (Price varies by square footage & den availability) |
| Borgata Lodge | 1 | 1 Smaller One Bedroom $344,900 |
| Academy Way | 18 | 1 One Bedroom $399,000; 9 Two-Bedroom $429,900 – $510,000;
8 Three-Bedroom $594,900 – $659,000 |
NOTE: Listing numbers are higher than we would usually see at this time of year, and the highest levels since 2019.
Median Days for Condos to Sell were taking longer, last year.
| Year | Days on Market |
|---|---|
| 2023 | 38 Days |
| 2022 | 29 Days |
| 2021 | 22 Days |
Median Sale Prices Condos Quail Ridge
| Year | Average Price | Change |
|---|---|---|
| 2023 | $492,500 | Up 0.1% |
| 2022 | $490,000 | Up 20.5% |
| 2021 | $406,603 | — |
Median Sale Prices Condos Academy Way
| Year | Average Price | Change |
|---|---|---|
| 2023 | $478,500 | Down 8.9% |
| 2022 | $525,000 | Up 9.4% |
| 2021 | $480,000 | — |
For reference, Median 3 Bedroom Median sales price 2023: $584,000, 2022: $595,000 2021: $499,000, Annually prices were down approximately 1.8% on last year.
Quail Ridge UBCO Townhomes
| Development | Annual 2023 Sales | Annual 2022 Sales | Current Listings |
|---|---|---|---|
| Bella Sera – 1795 Country Club Drive | 3 Sales $560,000 – $600,000 | $575,000 – $690,000 | 1 Lower middle unit $598,500 |
| Casentino – 1950 Capistrano | 2 Sales $875,000 – $920,000 | $850,180 – $1,089,000 | 0 Listings |
| Bella Veduta – 1910 Capistrano Drive | 1 Sale $960,000 (2 Storey unit) | 4 Units $920,000 & $1,024,500 | 0 Listings |
| Fairway Heights – 2455 Quail Ridge Boulevard | 0 Sales | 2 Sales $935,000 – $960,000 | 0 Listings |
| Fiore Del Sol | 3 Sales $770,000 – $895,000 | 3 Sales $815,000 – $920,000 | 1 3-Storey $849,000 |
| Deerhurst Estates – 3075 Vint Road | 3 Sales $759,000 – $770,000 | 1 Sale $860,000 | 0 Listings |
| Academy Ridge – 610 Academy Way | 11 Sales $629,900 – $799,900 | 3 MLS® Sales $710,000 – $730,000 | 6 Listings $629,900 – $758,000 |
| Quail Landing – 1979 Country Club Dr | 7 Units Sold $708,000 – $1,210,000 | 1 Sold on MLS® $740,000 | 3 Listings $899,900 – $1,229,000 |
FUTURE Development : 3179 Via Centrale New townhomes
City Of Kelowna Development Plan 3179 Via Centrale Link
3179 Via Centrale Kelowna Plans and Documents Link
Quail Ridge UBCO Real Estate Market – Key Insights and Things to Watch
1. Inventory – Expect an increase in inventory during the next month to six weeks, as listings in the Quail Ridge & University area usually trend lower during the winter months. I will also be monitoring the Pinnacle Pointe complex, to see whether we experience a higher-than-normal number of listings, following the recent Provincial Government Short-Term rental legislation changes.
2. Buyers – more choices are likely on the way, and compared to some other areas Quail Ridge properties continue to represent good value, especially with their location next to 2 Quail Ridge Championship Golf Courses. In Academy Way, listing numbers are already higher than normal, and I do expect to see more coming on the market as this year’s students leave at the end of April.
3. Inflation & Interest Rates – Interest rates are now widely expected to start falling in the next few months, & is likely to be the catalyst for some pent-up demand.
4. Sellers – As we approach the prime listing season, it’s crucial to position your home for success! Ensuring your property is priced for the current market, boasts excellent curb appeal, features freshly touched-up paint, and shines from a thorough spring cleaning, will then give you the best chance of success.
5. Prices – During the winter months, when Buyers were in short supply, there is some evidence that Buyers got some good deals. I sense generally that prices will hold steady, providing properties are priced correctly for the current market. The main caveat to that is, if we see a substantial rise in inventory, especially on the Condo side, then we may see some downward pricing pressure.
If you have any questions about this Quail Ridge & University Real Estate report, or you would like help with buying or selling, I’m always here to help and would love to chat with you.
Whenever you’re ready, I’m just a call or email away!
Kind Regards
Trish Cenci
Tel 250 864 1707
Other Quail Ridge UBCO Links
Contact Trish Here
About the Author
Trish Cenci has been a Real Estate Agent in Kelowna since 2005, specializing in the Kelowna and Okanagan Valley areas, particularly Quail Ridge and University districts. With an 18-year track record, Trish has expertly navigated many clients through their real estate journeys. Hailing from the UK with a background in finance and banking, she moved to Kelowna, where she has since built a reputable and successful real estate career. Trish is known for her professionalism and deep understanding of the local market. She is dedicated to keeping clients informed through her insightful blog posts about the Quail Ridge, UBCO, and Kelowna Real Estate Markets.
