Kelowna Real Estate Market Forecasts, Statistics & Updates 2024+

Real estate market forecasts, market updates, and trends from Vantage West Realty - Kelowna's top-rated independent real estate agents.

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Kelowna Real Estate Market Forecast 2023-24

The Vantage Report is your Kelowna and Central Okanagan real estate market forecast.

Get the latest Kelowna real estate market statistics, news, and analysis by Vantage West Realty, Inc - Kelowna, British Columbia's top-rated independent real estate firm with 800+ 5-star reviews and counting.

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Using the latest statistics from OMREB, Stats Canada, and our proprietary firm data, we show you Kelowna housing market data, Kelowna house prices, real estate market forecasts, and Kelowna housing market predictions - including Penticton, Vernon, Lake Country, and West Kelowna real estate market data.

Want to see what's new on the market? View our Kelowna real estate listings.

October Market Trends & Insights

Kelowna's October real estate market report: a 32% sales decline from July-August to September-October. Luxury Kelowna homes over 3M saw a whopping 50% sales decline. Vancouver's doing the limbo with sales below the 20-year average.

Kelowna single-family housing inventory in buyers' market territory at 10 months. Condo supply is balanced at 6 months. With an average days on market of 54 days, and a 3.1 % discount rate, we're seeing a significant slowdown caused by higher interest rates in the wake of skyrocketing inflation.

From July-Aug to Sept-Oct, single-family home sales are down 5.8% ; townhomes 3%; condos 10%. Owning a condo now costs double compared to renting. With an avg. transaction of $800K, you need a $150K income (top 5% earners). Unpack the techniques to thrive as a buyer, downsizer, or seller.

The Vantage Report - October 2023

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We've Reached Another Inflection Point in Q3...

Get ready to witness a significant shift in housing market conditions. Sales have taken a hit, dropping from 1300 to 1000 due to a recent hike in mortgage interest rates.

We've seen a 18.16% increase in available home inventory from Q2 to Q3, creating a balanced situation in residential listings where neither buyers nor sellers have the upper hand. Discover how transactions are playing out with an average 47 days on market, a 3% discount from list, and the Bank of Canada holding the key rate steady at 5%.

Families are packing up from Kelowna and heading to cities like Calgary, Cochrane, and even New Brunswick. Find out why this trend is gaining traction.

The Vantage Report - August 2023

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Will Rates Affect the Kelowna Real Estate Market? Q2 Recap

Even with significant rate hikes, Q2 witnessed an astounding 80% increase in residential unit sales compared to Q1. The market is buzzing with activity, with over $1 billion in transaction volume.

This remarkable surge is reshaping the game. With 4.8 months of inventory, the market finds itself in a delicate equilibrium, creating a balanced climate for buyers and sellers. The condo market saw a steady 4% price hike, townhomes rose by 3%, and the typical single-family home commanded an impressive 8% increase in the benchmark price. 

As the Bank of Canada increased interest rates, a sense of apprehension has crept into the market. We delve into the potential implications of this move and the ripple effects across Okanagan Lake and the Central Okanagan.

The Vantage Report - June 2023

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What You Need To Know About Our Market in Q1 2023

An important update on the recent changes in our real estate market.

We're starting 2023 in a buyers market with fewer sales than last year, more listings, and a longer average days on market. Overall sellers' expectations are becoming more realistic as the market starts to normalize after the pandemic-driven boom.

While Kelowna single-family home and condo prices have declined since 2022, townhomes are holding their value with an average price of $750K in Kelowna. Watch to hear the whole story.

The Vantage Report - March 2023

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Our Local Market Has Completely Changed

Have you heard the news? Our housing market has completely flipped on its head.

If you’re still buying or selling using yesterday’s logic, you could leave a ton of money on the table. That’s why I’m explaining what’s happening in our market, why it’s happening (including rising interest rates and mortgage rates), and what it all means for you.

Don’t worry; there are still plenty of opportunities in this market. Your Kelowna real estate market forecast: 2022 and beyond.

The Vantage Report - August 2022

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Oh, Shift!

Yes - The Kelowna Real Estate Market Has Started to Shift...

Things are changing in the real estate market. I’ve been talking about the possibility of this shift from a sellers market to a buyers market since the start of the year, and what I’ve predicted has started to show in the data. 

What does this shift in market activity mean, and how does it affect your real estate plans? Today I want to dive into the numbers (including the average price and benchmark selling price) and help answer these questions.

The Vantage Report - June 2022

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Is Our Market Beginning to Shift?

Your Latest Real Estate Market Update From Vantage West Realty.

Has the market started to shift? Buyers have been waiting for things to change for a long time, but are our recent developments good for them? 

Today I’ll be breaking down all the latest statistics from Q1 and tell you what they mean for both buyers and sellers. Each month this year, we’ve seen fewer and fewer sales. Your Kelowna real estate market news for Spring 2022.

The Vantage Report - April 2022

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Real Estate Market Forecast 2022 & 2021 Recap

ReThe new year has just begun, but I’ve been getting all sorts of questions about the 2022 market, what to expect, and what’s happening right now. 

Today I have a comprehensive update to share that will cover what we saw in 2021, what we’re seeing right now, and what I predict we’ll see over the rest of the year.

We saw a slight drop in sales, but that was due to low inventory more than anything else. To learn more from the latest edition of The Vantage Report, watch my latest video.

The Vantage Report - January 2022

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Kelowna Real Estate Market Forecast 2021

The 2021 Vantage Report brings you the latest Kelowna real estate market statistics, Kelowna real estate market forecasts, and BC housing market trends. If you're planning to buy or sell a house in BC, make an informed decision by watching the Vantage Report.

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An Update on Our Changing Market

We’re back to keep you updated on our changing market. The way things have been going, we’re not surprised that some people are worried about a repeat of 2008.

While the market is shifting, the fact is, we’re not going to see the same panicked, massive correction that we did in 2008. Today we’ll clear things up and give you concrete facts about the market. To see the latest Kelowna real estate market statistics and our price range forecast for 2021, watch our latest video.

The Vantage Report - October 25, 2021

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KELOWNA REAL ESTATE MARKET - Are We Headed For a Correction?

AJ Hazzi of Kelowna's top real estate office, Vantage West Realty, breaks down the data and the latest trends in housing prices as we head into the fourth quarter of 2021. 

Many people believe we are about to see a major market shift in the Central & North Okanagan - or even a Kelowna real estate market crash. Are they right?  Watch and find out!

The Vantage Report - October 5, 2021

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Your Housing Market Update for the First Half of 2021

We’re past the halfway point of 2021, so now’s the perfect time to discuss everything that’s changed in our market throughout the year. However, I’m not going to just throw a bunch of different numbers at you—I’m going to provide insight into what they mean for you as a buyer, seller, or renter.

A lot of things are happening that will likely have a big impact on our market’s future, so it’s important to be well-informed and prepared for what’s to come. To learn more, watch this video.

The Vantage Report - August 2021

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What Changed in the First Quarter of 2021?

A lot has changed in our market since last year. Things were pretty much balanced in the first quarter of 2020, but now, sellers hold almost all of the power.

Inventory of homes for sale is incredibly low, price levels are incredibly high, and many homeowners are jumping into the market in order to capitalize on their sales. However, new policies coming in the near future may cause the hot market to cool off slightly. To learn more about what’s changed in our market and what’s coming on the horizon, watch our Kelowna real estate market forecast 2021.

The Vantage Report - April 2021

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What Can We Expect for the Future of Our Market?

I’ve been pouring over the stats for our market, and there are some really exciting numbers I’d like to share with you concerning how October and November of this year compared to the same months in 2019.

We’ve had the busiest fall on record this year, with over 700 sales per month and significant price growth. That’s roughly double the pace we saw at the same time last year. As a consequence, listings are very low; we’re down to only 1,400 active listings, which, compared to the typical 2,000, is a very tight inventory for prospective buyers. 

To learn about the latest Kelowna real estate market trends and what 2021 has in store for us, watch my latest video.

The Vantage Report - December 2020

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What Do the Latest Numbers Say About Our Market?

A lot has changed over the last 60 days as far as our real estate market is concerned. Demand picked back up as inventory has continued to diminish. This is creating an ideal market for sellers, but a more competitive one for potential buyers.

After a decade of shrinking square footage averages, buyers have completely reversed the trend and are now buying homes with a higher average square footage and a higher median price. To get all the latest news and numbers on the Kelowna and West Kelowna real estate market, watch this short video.

The Vantage Report - September 2020

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Find Your Home in Kelowna, BC | Vantage West Realty

Looking to buy or sell real estate in Kelowna, BC, Canada? Contact Vantage West Realty, top-rated Kelowna real estate agents with 20+ years of experience in the Okanagan Valley.

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Read Our Reviews | 5-Star Real Estate Agents

I am a true believer in Real Estate. Rethought.

"I am a true believer in “Real Estate. Rethought.” Amanda went above & beyond for me from getting quotes and legal advice to making a perfect fence and talking to the neighbors, the list goes on!  I have had 3 experiences with the big 3 company's and none of them are on the same level... I would never use another company! You guys rock! What Amanda and Vantage West did for me is True Quality --- SOLD it on Coming Soon above asking price! Respect Earned! Thank you again, I truly won't forget it!" 

- Rodney G.

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Words will do injustice to describe how wonderfully Fil from Vantage West has helped me and my wife to buy our first home. Fil did not try to sell us or impose on us instead he mentored us and educated us about real estate market since we are first time home buyers. He went the extra mile and was patient throughout the process to know us personally to help us decide what we wanted. He represented us very well and helped us in every step. Whether anyone is looking to buy first home or any kind of home, we will definitely recommend Vantage West and Fil. In this day and age, we need honest, diligent, ethical and genuine people to work with, Fil is one of them. Thank you kindly Fil. 

-Shardul K.

Trustworthy, honest, dependable

We got in touch with Vantage West a whole year before we were ready to start looking for our home. Daniel was very respectful of our timeline and checked back in every 3-4 months as I had indicated. We never felt rushed or hurried or even pressured to up our timeline. When the time came to get serious and find our home we were placed in contact with Kim Taylor. Kim has exceeded all of our expectations from start to finish. From the very first meeting at our house to go over documentation, wants, needs, criteria and understand us, as indivuals, we knew we would be well taken care of. She worked tirelessly and effectively to bring it to the table and she delivered on all levels. Communication and timeliness were very important to us and she nailed it. Along with her sense of humor and knowledge of real estate, market evaluations, negotiating, execution of our purchase and handling of the entire deal, she truly won us over. She took a great deal of care and pride to make sure we got the best deal and navigated us confidentaly to purchasing our home. We will absolutely use Kim again in any future real estate transaction. Trustworthy, honest, dependable, extremely knowledgeable and friendly. What more can you ask for? Thank you so much!!

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