October Real Estate Update: Kelowna Market Late 2024 Run
As Kelowna’s real estate market enters the close of 2024, October has shown signs of renewed buyer confidence. This shift could be an early indication of an emerging trend, sparked by significant changes in mortgage rules and anticipated rate cuts. These developments are encouraging hesitant buyers to make their move, potentially impacting both sellers and buyers as we head into 2025.
Key October Highlights for the Kelowna Real Estate Market
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Decrease in Active Listings
Active listings fell from 3,798 in September to 3,551 in October—a 6.5% drop. This seasonal adjustment, coupled with an increase in sales, hints at a shifting dynamic as winter approaches, benefiting both sellers and buyers in Kelowna. -
Sales Surge
October saw a rise in sales from 270 in September to 384, with months of inventory dropping from 14 to 9. This movement points towards a balanced market, making it a favorable environment for sellers and buyers seeking stability and opportunity. -
Unexpected Sales Volume
October’s sales volume reached $320 million, reflecting a $100 million jump from last year. This volume, more characteristic of spring, underscores heightened buyer interest and suggests renewed market enthusiasm, despite the seasonal shift. -
Home Prices Remain Stable, Equity Grows
Single-family home prices held around $1,109,000, a steady rate compared to last year. Homeowners who purchased in 2020 have seen equity gains nearing $200,000, reinforcing Kelowna’s market resilience amid broader national changes. -
Mortgage Rates Declining
For the fourth month in a row, mortgage rates dropped, with a 0.5% decrease in October. Potential rate cuts and mortgage rule changes expected in December could further empower buyers who previously lacked the 20% down payment requirement.
With Kelowna’s market evolving, recent adjustments from the Government of Canada on interest rates and mortgage rules are motivating previously hesitant buyers. Those looking to upgrade or purchase for the first time may find now an opportune moment to explore new possibilities.
Total Sales
Sales: 384
New Listings: 876
Current Inventory: 3,551
Median Days to Sell: 51
Average Days to Sell: 65
Months of Inventory: 9
Median Sale Price: $770,000
Average Sale Price: $836,295
Total Volume: $320,301,007
Single Family Sales
Sales: 186
New Listings: 369
Current Inventory: 1,664
Median Days to Sell: 44
Average Days to Sell: 61
Months Inventory: 9
Median Sale Price: $945,000
Average Sale Price: $1,109,887
Total Volume: $205,329,074
Townhome Sales
Sales: 58
New Listings: 125
Current Inventory: 430
Median Days to Sell: 52
Average Days to Sell: 63
Months of Inventory: 7
Median Sale Price: $679,000
Average Sale Price: $715,513
Total Volume: $41,499,740
Apartment Sales
Sales:93
New Listings: 257
Current Inventory:719
Median Days to Sell: 53
Average Days to Sell: 66
Months of Inventory: 8
Median Sale Price: $442,500
Average Sale Price: $489,042
Total Volume: $45,480,893
While one month of data doesn’t establish a trend, recent changes by the Government of Canada—both in interest rate reductions and updated mortgage rules—seem to be motivating buyers who were previously on the fence. If you’ve been considering a purchase but held off due to a lack of 20% down or enough equity to move up, the landscape has shifted significantly. Now could be an ideal time to revisit your options.
For Sellers, Buyers, Developers, and Builders in Kelowna’s Infill Multifamily Market
If you’re involved in the Kelowna real estate market as a seller, buyer, developer, or builder focused on infill multifamily properties, these insights could impact your strategies. The changing landscape may shape decisions around timing, pricing, and development planning in 2024 and beyond.
For personalized insights into the Kelowna real estate market, or if you have questions about how these trends could affect your plans, feel free to reach out.
Contact: Mark and Maddie Coons
Phone: 778-744-0872
