Central Okanagan / Kelowna Real Estate Market Report: March 2024 Stay updated on the latest Central Okanagan / Kelowna real estate trends for March 2024. Here's a comprehensive overview of the market dynamics concerning single-family homes, townhomes, and condos: Single-Family Homes: Sales experienced a 28% decline in March 2024 versus March 2023, with 131 homes sold in March 2024, compared to 182 in March 2023. New listings increased by 29%, reaching 583 in March 2024, up from 452 in March 2023. The average price saw a 9% decrease to $989,282 in March 2024, compared to $1,082,232 in March 20 ..read more

Central Okanagan / Kelowna Real Estate Market Report: January 2024 Keep up with the latest trends in Central Okanagan / Kelowna real estate for January 2024. Here's a breakdown of the market statistics for single-family homes, townhomes, and condos: Single-Family Homes: Sales increased by 23% compared to January 2023, with 79 homes sold in January 2024, up from 64 in January 2023. New listings rose by 3%, reaching 261 in January 2024 compared to 253 in January 2023. The average price climbed by 8% to $1,020,297 in January 2024, from $949,293 in January 2023. Average days on market (DOM) decre ..read more

Canadians can anticipate significant changes in housing legislation across federal, provincial, and local levels in 2024. These updates come in response to the pressing shortage of housing supply in both resale and rental markets, impacting homebuyers and sellers alike. Let's delve into the key policies that will shape the real estate landscape this year. Canadian Federal Housing Legislation Updates: Short-term Rental Restrictions: In November 2023, the Government of Canada introduced measures to incentivize short-term rental operators to contribute to the long-term housing market. Non ..read more

The Canadian real estate market has experienced a slowdown in the past six months due to high-interest rates, causing both buyers and sellers to put their plans on hold. However, as Canadians adapt to increased borrowing costs and anticipate a potential rate cut by the Bank of Canada, experts predict a brisk spring market on the horizon.  According to the recently released Royal LePage House Price Survey, the aggregate home price in Canada increased by 4.3% year-over-year to $789,500 in the fourth quarter of 2023. Despite a slight quarter-over-quarter decrease of 1.7%, the survey forecas ..read more

Central Okanagan / Kelowna Real Estate Market Summary: December 2023 Discover the latest trends in Central Okanagan / Kelowna real estate for December 2023. Here's a comprehensive breakdown of the market statistics for single-family homes, townhomes, and condos: Single-Family Residential Homes: Sales declined by 4% compared to December 2022, with 82 homes sold in December 2023 versus 85 in December 2022. New listings decreased by 3%, totaling 123 new residential listings in December 2023 compared to 127 in December 2022. The average price experienced a slight 1% decrease, dropping to $1,005,0 ..read more

Understanding the Recent Changes to Short-Term Rental Regulations in the Central Okanagan The provincial government has recently unveiled detailed regulations under the Short-Term Rental Accommodations Act, shedding light on various aspects applicable to short-term rentals. Key points from the regulations include exemptions for specific property types, such as strata hotels, fractional ownership properties, licensed bed and breakfasts, time share properties, and more. Exemptions - Property Types: The legislation provides exemptions for certain property types, including strata hotels, fraction ..read more

Central Okanagan / Kelowna Real Estate Market Summary: November 2023 Residential real estate sales in the Central Okanagan / Kelowna area of single-family homes and condos continued to fall in November 2023 year-over-year, while townhome sales slightly increased. The number of new listings for single-family homes and condos rose while dropping for townhomes. Average prices decreased year-over-year across all housing types, with townhomes experiencing the largest percentage decrease in price. Average days on market (DOM) fell slightly for single-family homes and townhomes while increasing sligh ..read more

Central Okanagan / Kelowna Real Estate Market Summary: October 2023 Central Okanagan / Kelowna area residential real estate sales fell in October 2023 year-over-year for single-family homes and condos, while townhome sales remained on par with October of last year. The number of new listings fell for single-family homes and townhomes, while increasing for condos. Average prices fell slightly for single-family homes and condos, while the average prices of townhomes rose 10%. Average days on market (DOM) increased for single-family homes, whereas DOM decreased for both townhomes and condos. Sing ..read more

Central Okanagan / Kelowna Real Estate Market Summary: September 2023 Central Okanagan / Kelowna area residential real estate sales dipped in September 2023 year-over-year across all housing types, with the largest declines in single-family homes and condo sales. Conversely, the number of new listings rose in all housing categories, with the largest increases in townhomes and single-family homes. Average prices remained on par year-over-year for single family homes while declining for townhomes and condos. Average days on market (DOM) rose for all housing types, with condos seeing the greatest ..read more

Central Okanagan / Kelowna Real Estate Market Summary: August 2023 Residential sales and the number of new listings in the Central Okanagan / Kelowna area declined year-over-year in August 2023 for single family homes and condos, while increasing for townhomes. Average prices rose for single family homes while declining for townhomes and condos. Average days on market (DOM) continued to rise for single family homes and condos while decreasing for townhomes. Although showing some slight declines in sales and listings, real estate activity overall has remained mostly steady despite wildfire acti ..read more