Kelowna Real Estate Listings | View All
July 1, 2023
It's July, the longest day of the year is behind us, and we're halfway to 2024. This allows us to have excellent insight on what's happened in our real estate market so far this year, as well as provide some speculation on what is yet to come.
There are a lot of outside factors that can affect the real estate market including the cost of construction and interest rates. Earlier in June, the central bank lifted its benchmark rate to 4.75, its highest rate since 2001. This means that buyers with rate holds from before June are going to be eager to purchase at a lower interest rate. But, since it is summer in Kelowna, we're expecting to continue to see buyer demand from out-of-province as Kelowna continues to be a place where people want to live. The desirability factor of our city does help our city weather the outside factors at play.
Townhome inventory has increased slightly but sales were lower over May. Even with that, the average price rose to $741,828.
Like with condos, the average sale price can be affected by what's happening at either end of the market. We'll often look at the median price as well, to help determine the middle. The median sales price for a condo in June was $965,000. This is the second highest median price this year, but is still lower than the $1,022,500 we saw in June 2022.
If you're looking to buy or sell Kelowna real estate, contact Nyrose & Associates today!
