If you’re in the market for a new home or considering listing your current property, you’ve probably heard Kelowna real estate is in the midst of a hot seller’s market. And, even after 18 months of sky-high housing prices in the Central Okanagan and an inventory shortage that’s beginning to slow down sales, the booming seller’s market is far from over.
As active listings drop by 46% across the entire region covered by the Association of Interior Realtors, the average cost of homes is rapidly climbing. But houses are still being purchased. So, what properties are getting listed in the Kelowna real estate market and who’s behind the sold signs popping up on front lawns across the region?
Here are the three things you need to know about buying and selling a home in the Central Okanagan this fall.
1. Central Okanagan Acreage & Apartment Listings On The Rise
According to the Association of Interior Realtors, acreage listings are up by almost 37% year-to-date over last year. Apartment and duplex listings are also above last year’s numbers.
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“Kelowna has a growing high-tech sector that has seen substantial growth in the past few years and attracted many young professionals. They can find larger living spaces for less than they would pay in a bigger city. Plus, with our moderate climate, easy access to outdoor activities, world-class ski resorts, beautiful lakeside attractions, countless vineyards, and our incredible and growing dining culture, it’s easy to see why many businesses and entrepreneurs are making the move to Kelowna. Our city offers a quality of life that’s hard to beat.” Sherry Truman, REALTOR® – Jane Hoffman Realty. |
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With the inventory shortage in the Kelowna real estate market, residential homes that enter the market are quickly being picked up by eager buyers. As of the September Association report, the Central Okanagan has seen 2,345 sold signs on residential lawns, as well as 1,590 apartments and 870 townhouses sold.
“The latest results show our local first-time buyers make up the majority of our market with a solid influx of buyers from the Lower Mainland and Alberta moving here to experience our beautiful Valley,” says Truman.
2. Fewer Kelowna Waterfront Properties For Sale
As people with fond memories of the Okanagan reach retirement age and professionals embrace online and remote work opportunities, the demand for waterfront homes has skyrocketed as availability continues to drop.
“It’s a trend across Canada. People are retiring or relocating looking for a better quality of life. They’re leaving cities for somewhere more relaxed. Our city checks those boxes and Kelowna real estate is still priced well when compared to many other urban centres,” says Truman.
“With prices reaching higher for single-family lakeshore homes, the demand for strata properties along the lake with dock access is growing. And, with limited inventory these past few years, sales have been limited and challenging to secure.”
From lakeside condos to luxury waterfront homes, Kelowna has a diversified waterfront market with many multi-generational homes. Currently, the average year-to-date price for a waterfront home in the Kelowna real estate market is nearly $2.6 million.
“Those who want to get on the lake are thinking we had better get in now,” says Truman.
3. Only Sell When You’re Ready
Amidst an inventory shortage, deciding to sell can be difficult when you don’t already have a second home. But, for those who are ready to sell, Truman says it can also be a rewarding time to list your property.
“Low inventory across the country creates a desirable condition for sellers to achieve the best possible price and terms for the sale of a home. Sellers often see offers over asking price and have a chance at getting multiple bids, cash offers, and non-contingent offers,” says Truman.
“With that being said, not everyone is in control of timing when it comes to listing your home for sale. The best time to sell your home is when you’re ready to sell it.”
Jane Hoffman Realty’s team of Kelowna real estate experts specialize in all of Kelowna’s property types, which helps ensure we can best support you both in the selling and buying stages. Contact us or call us at 1-888-535-6962 to see how we can help you meet all your real estate goals.