| | | | Kelowna Real Estate News June 2025 Edition | |  OVERVIEW
In my 19 years of real estate, this continues to be the most fickle and unpredictable market I’ve ever experienced. We are still seeing a very wide range of activity on listings. Everything from multiple offers (I’ve been involved in 3 sets of multiple offers in the last month and almost twice more), to listings quiet as a mouse. I have also never had so many offers collapse, at least 8 so far this year, which is highly unusual. Several due to financing, some due to cold feet. It is a strange market out there to say the least.   SINGLE FAMILY HOMES
 Benchmark Price Trend (3 months)
14% of listings selling
Most active market is under $1.4M
While some may look at the sales data for 2025 and say “sales are climbing”, that’s just the seasonal norm. Compared to May 2024, sales are up a whopping 19% which is impressive and a better comparison. That being said, last May fell a little flat on its face, so that also doesn’t tell the whole story. May 2025 had 221 sales, which truly isn’t bad. The slowest May in the last 10 years (ignoring 2020), was 2024 with 189 sales, making 2025 the second slowest. Our 10-year sales average for May is 268, putting us only 18% under average. Compared to the numbers we’ve been seeing over the last 12 months, that’s not bad! However, aside from 2024 and 2020, I have to go all the way back to 2012 to find a May slower than 2025.
The listing inventory still remains the large item that’s holding us in a buyers market. With 1,548 homes for sale, that’s the highest May since 2013. For context, our 10-year average is only 1,006, meaning we have approximately 1.5x more listings that we typically would. With data back to 2002, the highest May was in 2010 with 1,831 listings. That makes this the 5th highest inventory in May, in the last 23 years.
The benchmark price is holding fairly steady at $1.030M since December 2024, on a slight decline from March 2025 when it was $1.047M.
Luxury Market ($2M+)
This market saw an impressive uptick in May with 15 homes selling over $2M. Most were between $2-$2.5M, with the highest selling for $3.875M in the lower mission, on 0.5ac, a block from the lake, but not lakefront.  TOWNHOMES
 Benchmark Price Trend (3 months)
17% of listings selling
Most active market is under $800K
The most impressive segment of the market last month were townhomes, with 17% of the listings selling, edging it just into a balanced market! Townhomes have been in a buyers market since this time last year.
Sales are doing okay with 75 units selling last month. Our May average for the last 10 years is 95, making 2025 21% under average. Only four properties sold between $900-$1M, plus one over $1M and one more over $2M (that was lakefront).
Of the townhomes currently for sale, a huge 20% are still brand new and empty. Speaking of the listing inventory, It’s almost tied with 2019 for the highest inventory in 10-years. There are 441 townhomes for sale, a 9% increase over last year, but 1.43x more than the May average which is what really puts this into perspective.
The higher price range here is really struggling. Only 19% of the sales were over $800K, but 38% of the inventory sits in that same price range.  CONDOS
 Benchmark Price Trend (3 months)
10% of listings selling
Most active market is under $600K
Condos have been struggling all year and May is no exception. The 10-year average sales for May is 149 sales (that includes calculating the measly 54 sales in May 2020 when the market was still on hold). If we take that out of the equation, then the average jumps to 160 sales in May. In 2025, there were only 98 sales in May, the lowest in 10 years (again, ignoring 2020). It’s rough out there. Sales are down 21% compared to this time last year.
Listing inventory is where is really falls apart, with 26% more available than last year, and almost DOUBLE the 10-year average for sale. 17% of the inventory is built 2024 and 2025, which I expect to continue to increase. Since March 2025, we’ve seen inventory increase by 150 units, (18% increase), when compared seasonally, it should only be an 8% increase. This tells me we’re building inventory faster than we should, and it will likely get worse before it gets better.
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There were 3,716 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2025, an increase of 8.5 per cent compared to the previous month of April and an 11.3 per cent increase from the 3,338 active listings for sale at the end of May 2024.
Source Vancouver Buyers Remain Hesitant As Inventory Builds Inventory levels across Metro Vancouver reach another ten-year high, while home sales registered on the MLS® remained muted. The Greater Vancouver REALTORS® reports that residential sales in the region totalled 2,228 in May 2025, an 18.5 per cent decrease from the 2,733 sales recorded in May 2024. This was 30.5 per cent below the 10-year seasonal average (3,206). “While there are emerging signs that sales activity might be turning a corner, sales in May were below the ten-year seasonal average, which suggests that many buyers are still sitting on the sidelines or are being especially selective,” said Andrew Lis, GVR’s director of economics and data analytics. “On a year-to-date basis, sales in 2025 rank among the slowest to start the year in the past decade, closely mirroring the trends seen in 2019 and 2020. It’s worth noting that sales rebounded significantly in the latter half of 2020, but whether sales in 2025 might follow a similar pattern remains the million-dollar question.” The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,094, a 25.7 per cent increase compared to May 2024 (13,600). This is 45.9 per cent above the 10-year seasonal average (11,718).
Source Calgary Price Adjustments Driven By Apartment And Row Style Homes Thanks to steep pullbacks in the apartment condominium sector, total residential sales in Calgary eased by 17 per cent compared to May of last year. While the drop does seem significant, the 2,568 sales this month remain 11 per cent higher than long-term trends for May and improved over last month.
“Compared to last year, easing sales and rising inventories are consistent trends across many cities, as uncertainty continues to weigh on housing demand. However, prior to the economic uncertainty, Calgary was dealing with seller market conditions, and the recent pullbacks in sales and inventory have helped shift us toward balanced conditions taking the pressure off prices,” said Ann-Marie Lurie, Chief Economist at CREB®. “This is a different situation from some of the other larger cities, where their housing markets were struggling prior to the addition of economic uncertainty.” Overall, the total residential unadjusted benchmark price in Calgary was $589,900, slightly lower than last month and over two per cent below May 2024 levels.
Source
Edmonton
Inventory Rising Could Be A Sign Of A Shifting Property Market There were 2,967 residential unit sales in the Greater Edmonton Area real estate market during May 2025, representing a 9.7% increase from April 2025 and a 7.9% decrease from May 2024. New residential listings totalled 4,917, representing a 27.8% increase from April 2025 and a 16.1% increase over the previous year. The overall inventory in the GEA increased 19.9% month-over-month and 13.2% year-over-year.
“A new trend may be emerging in our market right now, signalled by a rebound in our inventory levels,” says REALTORS® Association of Edmonton 2025 Board Chair Darlene Reid. “For the second month in a row, our inventory levels have been buoyed by a flood of new listings, giving buyers more choice and sellers more competition. As a result, we saw a nominal decrease in average price over most property categories, which could signal a change in the direction of our housing market as the year progresses.”
The total residential average price in May 2025 was $464,277, decreasing 1.4% from the previous month and reflecting an overall growth of 5.2% compared to May 2024.
Source Toronto Homebuyers Benefited From More Listings In May GTA REALTORS® reported 6,244 home sales through TRREB’s MLS® System in May 2025 – down by 13.3 per cent compared to May 2024. New listings entered into the MLS® System amounted to 21,819 – up by 14 per cent year-over-year
“Homeownership costs are more affordable this year compared to last. Average selling prices are lower, and so too are borrowing costs. All else being equal, sales should be up relative to 2024. The issue is a lack of economic confidence. Once households are convinced that trade stability with the United States will be established and/or real options to mitigate our reliance on the United States exist, home sales will pick up. Further cuts in borrowing costs would also be welcome news to homebuyers,” said Jason Mercer, TRREB’s Chief Information Officer.
The MLS® Home Price Index Composite benchmark was down by 4.5 per cent yearover-year in May 2025. The average selling price, at $1,120,879, was down by four per cent compared to May 2024.
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