| | | | Kelowna Real Estate News April 2025 Edition | |  OVERVIEW
I’ve seen it all this year in Kelowna’s real estate market. Everything from multiple offers flying in over asking, to listings so quiet I had to double check they were still live! This is a market mixed with hot spots, and cold caverns where it feels like there are no buyers at all. It’s an odd market to say the least. That being said, April and May are typically the months that set the pace for the year, so we’ll see what’s to come over the next month and a half. Interest Rate Announcement Today The Bank of Canada announced today that they are holding the overnight variable rate instead of lowering like they have for the last 7 meetings. While lower rates are always more attractive, this could signal to buyers that waiting may not yield lower rates.   SINGLE FAMILY HOMES
 Benchmark Price Trend (3 months)
11% of listings selling
Most active market is under $1.4M
There was a short time in December and January that we had a glimmer of light where the sales numbers were in line with our 10-year averages. Unfortunately that’s no longer the case, as March’s sales numbers were 36% lower than our average. March 2025 had 149 sales vs 232 for the March 10-year average. The good news is that it’s still slightly higher than last March (2024) where we only saw 131 properties selling, and March 2019 with 136. Otherwise, we have to go all the way back to 2009 to find another year with a weaker March.
The inventory side of the equation is where the numbers are quickly running away on us. We currently have 1,359 listings, a whopping 63% higher than the 10-year average of 829. This is the highest the listings have been in a March in 12 years, since 2013.
For context, the lowest March was 414 in 2021, highest inventory was 1,612 in 2009.
The benchmark price has seen a very slight increase in value over the last 3 months, climbing from $1.030 in January to $1.046 in March, likely due to the increased activity we’re seeing around the $1.0-$1.3M mark.
Luxury Market ($2M+)
Only 8 homes sold over $2M in March out of 167 for sale. The most expensive was $3.050. 3 of those were lakefront, 3 were in the Mission and Kettle Valley
 TOWNHOMES
 Benchmark Price Trend (3 months)
14% of listings selling
Most active market is under $800K
Sales have been increasing since January, which is seasonally normal and expected. They’re right in line with what we saw in 2023 and 2024, so no big surprises there. As has been the case for the last few years, sales numbers are still under our 10-year average, currently about 25% less.
While sales have stayed inline to previous years, listings have continued to climb. We currently have the most townhome listings in 10 years with 50% more listings than the average for March. 20% of the listing inventory is still brand new making that a very competitive market.
The percentage of listings selling is teetering on the edge of a balanced market is this segment, but it’s still the lowest we’ve seen in 10 years.
 CONDOS
 Benchmark Price Trend (3 months)
11% of listings selling
Most active market is under $525K
Condos saw an uptick in sales vs March last year going from 81 to 92 sales in 2025. This is welcome news, but we’re still one third under the 10-year average of 139 sales.
The listing inventory is my biggest concern looking forward here. We still have over 3,000 condos under construction with a current inventory of 803 available for sale. If only 15% of those under construction come to market (which I would expect that number to be higher), that will bump us up by another 450 units causing our inventory to grow 1.5x. I have some real concerns about the condo market looking forward, especially the market over $700K.
While 80% of the sales are under $525,000, almost half of the available listings are over $525,000, making the mid and high end condo market extremely slow. For context, the benchmark price is $504,500.
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“The economic uncertainty the world faces right now certainly colours our local real estate market,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “In spite of this, our market remains as it has in recent months – stable and balanced. Inventory levels this past month held steady at over three thousand listings, which meant that there was a good amount of selection for buyers, while relatively flat pricing meant more predictability for sellers and buyers.”
There were 3,023 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2025, an increase of 14.9 per cent compared to the previous month of February and an 14.2 per cent increase from the 2,647 active listings for sale at the end of March 2024.
Source Vancouver Buyers Missing In A Market Made For Them Home sales registered on the MLS® in the Metro Vancouver for the month of March were the lowest going back to 2019 for the same month, while active listings continue to their upward trend. The Greater Vancouver REALTORS® reports that residential sales in the region totaled 2,091 in March 2025, a 13.4 per cent decrease from the 2,415 sales recorded in March 2024. This was 36.8 per cent below the 10-year seasonal average (3,308). “If we can set aside the political and economic uncertainty tied to the new U.S. administration for a moment, buyers in Metro Vancouver haven’t seen market conditions this favourable in years. Prices have eased from recent highs, mortgage rates are among the lowest we’ve seen in years, and there are more active listings on the MLS® than we’ve seen in almost a decade. Sellers appear ready to engage — but so far, buyers have not shown up in the numbers we typically see at this time of year.” said Andrew Lis, GVR director of economics and data analytics.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,546, a 37.9 per cent increase compared to March 2024 (10,552). This is 44.9 per cent above the 10-year seasonal average (10,038).
Source Calgary Uncertainty Weighing On Housing Market Ongoing economic uncertainty, driven by tariff threats, has weighed on consumer confidence and impacted housing activity in March. Sales declined by 19 per cent year-over-year, totaling 2,159 units. Sales slowed across all property types, with the steepest declines seen in higher-density segments.
“The marked increase in sales and new listings means the busy season has arrived, and with prices on the rise, it’s a great time to be on the seller’s side,” says REALTORS® Association of Edmonton 2025 Board Chair Darlene Reid. “For buyers, the higher level of inventory available means a better chance of finding your dream home, but with overall inventory still lower than last year, multiple-offer situations are also becoming increasingly common.”
Total residential inventory levels reached 5,154 units, and the months of supply pushed up to 2.4 months. While this is a significant change from last year, with limited supply options across all property types and price ranges, conditions reflect a better balance between a seller and a buyer today.
Source
Edmonton
Home Buyers’ Options Plentiful As New Inventory Hits The Market There were 2,494 residential unit sales in the Greater Edmonton Area real estate market during March 2025, representing a 36.9% increase from February 2025 and a 1.3% increase from March 2024.
“There’s been a definite shift in the market over the past month towards an early spring market,” says REALTORS® Association of Edmonton 2025 Board Chair Darlene Reid. “REALTORS® know that prices will increase as the season gets busier and new inventory tends to decrease. If they are representing buyer-clients, they’re likely warning them to be ready to move fast when the right property comes up.”
The total residential average price came in at $460,685, increasing 2.5% from the previous month and reflecting an overall growth of 9.3% compared to March 2024.
Source Toronto GTA March Market: More Affordable And More Choice “Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring. Buyers will also benefit from increased choice, giving them greater negotiating power. Once consumers feel confident in the economy and their job security, home buying activity should improve,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule.
GTA REALTORS® reported 5,011 home sales through TRREB’s MLS® System in March 2025 – down by 23.1 per cent compared to March 2024. On a seasonally adjusted basis, March sales were down month-over-month compared to February 2025.
The MLS® Home Price Index Composite benchmark was down by 3.8 per cent year-over year in March 2025. The average selling price, at $1,093,254, was down by 2.5 per cent compared to the March 2024.
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