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Home » Kelowna Real Estate Stats - Market Update - Here's What Happened in June 2023

Kelowna Real Estate Stats - Market Update - Here's What Happened in June 2023

Kelowna Real Estate Stats & Trends - Market Watch With Kelowna Realtor Darcy Nyrose

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.

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Kelowna Real Estate Market By The Numbers

Kelowna Condo Real Estate Market Stats - June 2023

A big reason for the drop in average sale price is the upper/lower end of the market. In May there were more higher-end condo sales and in June we had more on the low-end, fractional ownership, under $300k. The median avg sale price for May/June was almost identical ($500 difference) at $463,500 - - Median pricing for a condo is also up exactly $10,000 over June 2022.

Kelowna Townhome Real Estate Market Stats - June 2023

Townhome inventory has increased slightly but sales were lower over May. Even with that, the average price rose to $741,828.

Kelowna Single Family Home Real Estate Market Stats - June 2023

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! 

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