Kelowna Real Estate Weekly: Are Lower Interest Rates Finally Moving the Market?

Kelowna Real Estate Weekly: Are Lower Interest Rates Finally Moving the Market?

Interest rates keep sliding down… but what does that really mean* for Kelowna’s real estate market week-to-week?
This update breaks down:

• What changed in the last 7 days

• How 2025 compares to the last 10 years

• What buyers and sellers should watch closely

• Why some numbers look better—and why others still need context

Let’s jump in.

📊 New Listings, Sales & Inventory — What Happened This Week?

New listings: 147
Nothing shocking here. It’s steady, but not growing.

Sales:
Last week looked like 70 sales… but by Monday morning the updated count was 82.
This happens often—late-night Friday deals show up the next business day.

What it means:
Sales aren’t exploding, but they are improving. And even small weekly gains matter in a slow year.

🏠 Price Drops & Cancellations Are Still High

Price decreases: 114
Expired/cancelled listings: Normal for this time of year.

But here’s the interesting part:

Inventory dropped by almost 200 homes in just 17 days.

Many of these “new listings” showing up each week are actually re-listed older homes. That tells us:

Pros

• Homes that haven’t been exposed yet have a real advantage

• Fresh listings stand out more

• Motivated sellers are making smart price corrections

Cons

• A lot of stale inventory is masking the true supply

• Buyers must look closely at how long a home has actually been on the market

If your home hasn’t been listed yet, this is a rare chance to enter the market with less competition.

💰 High-End Market Still Moving

We saw:

• 3 sales over $2M

• 23 sales over $1M

No new records this week, but remember:

• A $32M sale happened two months ago

• A $17.5M sale the month before that

Luxury buyers are still active even as we head into winter.

🌄 Affordable Spots Still Offering Value

Some pockets continue to show strong value:

• Santiago Loop – Single-family homes around $375,000

• Big White – Steady short-term rental demand

• La Casa Resort – Good “bang for your buck” for vacation or secondary homes

These areas keep drawing interest because the price points open doors for more buyers.

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📅 2025 Sales: Are We Actually Doing Better?

Here’s where the numbers get interesting.

So far in 2025 (January–October), we’ve seen:

🏠 1,715 total sales, all property types combined

Year-to-date comparisons:

• Up 8% compared to 2024

• Up 16% compared to 2023

• Down 16% compared to 2022

• Down 59% compared to 2021

• Down 41% compared to 2020

What this really means

• Yes, the market is improving compared to the last two slow years.

• No, we are not back to the boom years.

• The recovery is slow but heading in the right direction.

This is the part most people miss:
Sales are still far below peak years, but prices have barely moved.

💵 Prices in 2025 (So Far)

• Single-family homes: $930,000 median

• Townhomes: $685,000 median

• Condos: $440,000 median

Year-over-year:

• SFH prices: Up ~3%

• Townhomes: Down slightly

• Condos: Down slightly

From the 2021 peak:

• SFH down 10%

• Townhomes down 8%

• Condos down 12%

Challenge to the status quo

People keep saying prices have “crashed.”
But the numbers prove the opposite:

Sales fell almost 60% from the peak,
but prices only fell around 10%.

This shows demand didn’t disappear—it just paused.

🎯 What Buyers Should Know

Pros

• More price drops

• Less competition

• Lower rates improving affordability

• Some great sub-markets offering value

Cons

• Inventory isn’t growing

• Good homes still get attention quickly

• Price stability means “waiting for a big dip” likely won’t work

🎯 What Sellers Should Know

Pros

• Fresh listings stand out more

• Buyers are re-entering the market

• Peak-year prices haven’t fallen much

Cons

• Stale listings will struggle

• Pricing too high will cost you weeks or months

• Buyers are more cautious and data-driven

📞 Need Help Reading the Market?

If you’re thinking about buying, selling, or just want a simple breakdown of your neighbourhood stats, we’re here to help.

Call, text, or email anytime — we’re friendly, we don’t pressure, and we help you make smart choices.

Mark & Maddie
Selling Kelowna Real Estate Group | eXp Realty Kelowna
📱 778-744-0872
📧 [email protected]