Navigating the 2024 Kelowna Real Estate Market:
Trends and Opportunities for Buyers, Sellers, and Developers
2024 has been a year of change for the Kelowna real estate market. As we approach the final quarter, it’s clear that the market is facing uncertainty. With the provincial election and economic tensions rising ahead of the 2025 federal election, buyers and sellers alike are left wondering what’s next.
The current NDP government claims that home prices and rents are dropping, but with inflation, high immigration rates, and a slowdown in building permits across B.C., the real story is more complex. For buyers, sellers, and developers looking to navigate the Kelowna real estate market, it’s crucial to understand these trends.
2024 Market Trends: Shifts in Kelowna Real Estate Prices
One of the standout trends in 2024 is the growing gap between asking and selling prices. Many homes for sale in Kelowna are being listed at prices above what the market can support. As a result, properties in neighborhoods like Upper Mission, Lakeview Heights, and Glenmore are selling for 3-4% less than their original listing prices.
This inconsistency between list and sale prices is causing buyer hesitation. Many buyers are unsure whether to make an offer or wait for prices to drop further. As real estate agents in Kelowna, we encourage buyers to take advantage of this negotiation room. With fewer buyers in the market right now, you could find a great deal before the Kelowna real estate market heats up again in 2025.
For Sellers: Price Your Home Competitively in Kelowna’s Market
If you’re a homeowner in Kelowna looking to sell, pricing your home correctly is more important than ever. With Kelowna real estate prices fluctuating and buyers looking for deals, overpricing your property could lead to it sitting on the market for longer. In areas like Rutland South, homes are selling for around 98.2% of their asking price, which means sellers in this area are pricing their homes closer to market value.
Hosting Realtor tours and getting feedback on your home’s price and condition is an effective way to gauge if you’ve set a competitive price. If your home is overpriced, consider adjusting your strategy now to avoid extended time on the market. For sellers who can afford to wait, spring 2025 may bring more competition and higher prices.
Developers and Builders: Kelowna’s Infill Multifamily Opportunities
For developers and home builders in Kelowna, the city’s ongoing growth and demand for infill multifamily projects offer exciting opportunities. While building permits have slowed down across the province, Kelowna’s population continues to grow, driven by high immigration and people moving from other parts of Canada.
Investing in infill housing and multifamily developments in neighborhoods like Glenmore and Rutland can be a lucrative strategy. These areas are seeing strong demand for new housing options, making it an ideal time for developers to focus on multifamily real estate development.
What Buyers and Sellers Should Expect in 2024
Looking ahead, the Kelowna housing market is expected to experience more fluctuations, but this presents opportunities for both buyers and sellers. Buyers can use the current gap between asking and selling prices to negotiate deals, while sellers should aim to price their homes competitively or prepare for the spring market.
For developers and home builders, Kelowna’s continued growth makes it a promising area for infill development and new real estate projects. As demand for housing increases, especially in desirable areas like Upper Mission, investing in Kelowna’s multifamily real estate market could pay off in the coming years.
Conclusion: Stay Ahead in the 2024 Kelowna Real Estate Market
Whether you’re a buyer, seller, or developer, understanding the dynamics of the Kelowna real estate market is essential for making smart decisions. With ongoing changes in government policy, economic conditions, and buyer sentiment, staying informed and adapting your strategy will be key to success.
Mark and Maddie Coons
(W)778-744-0872
(C)250-801-0361
