‘Skating on thin ice’: Kelowna’s housing sales well below normal
A BC real estate analysis report says Kelowna’s housing market is “skating on thin ice” as February’s sales were a mere fraction of what was expected.
According to The Kelowna Rennie Advantage report, the jump in sales from January to February was just 3%, vastly below the 10-year average which typically sees a 50% jump in housing sales from January to February.
The report says that while sales increased for their fifth consecutive month – compared to the same month in the prior year – the pace of the increase was well below previous months.
In total, there were 241 sales in the Central Okanagan, a considerable drop from the 10-year average of 352.
The Association of Interior Realtors puts a much more positive spin on the numbers.
“Typically we see a seasonal uptick in momentum leading into the spring market. However, external factors, such as economic uncertainty and the potential impact of tariffs, may be among the influences causing a slight easing off the accelerator in real estate activity,” Association of Interior Realtors president Kaytee Sharun.
The Rennie Advantage report says new listings in the Central Okanagan are 25% higher than the 10-year average but overall on par with where they were 12 months ago.
READ MORE: Kelowna surpassed provincial housing targets in 2024
Prices across the Okanagan held steady and in the single-family home market increased by between four and seven per cent from the Shuswap to the South Okanagan.
The benchmark price for a single-family home in the Central Okanagan is now $1,036,900.
That drops to $$774,200 in the North Okanagan and to $734,000 in the South Okanagan.
In Kamloops, the price of a single-family home was up just shy of one percent to $652,700.
Townhomes in Kamloops fell by five per cent to $502,500 and condos fell three per cent to $367,700.
In the North Okanagan, the price of a townhouse dropped a few per cent to $541,700, and in the South Okanagan, it increased six per cent to $523,000.
The price of a condo in the Central Okanagan increased two per cent even with almost 20 per cent more inventory on the a market.
In the North Okanagan, the benchmark price of a condo increased by two-and-a-half per cent to $330,300, while the South Okanagan saw a seven per cent dip to $403,700.
