'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.
To contact a reporter for this story, email Ben Bulmer or call (250) 309-5230 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.
We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above. SUBSCRIBE to our awesome newsletter here.
