Kelowna Real Estate News

January 2023 Stats

The stats from the first month of 2023 are out, and although they are painting a dire picture, the sentiment feels different. The last few weeks have not only felt busier but also seem busier. Many lower-priced properties have pending offers, even backup offers. I was involved in 2 sets of multiple offers in January as well – unexpected.

The story is the same across all segments, sales are low, but so is inventory. The listing inventory is what we need to keep an eye on.  If there is a large influx of listings coming this spring (March-June), it could flood the market and send it into the depths of a buyers’ market. I noticed many sellers pulled their homes off the market for the winter to relist this spring, so there may be a surge coming. However, if inventory remains restrained, we will likely have a slow, but stabilizing year.

 You’ll notice some changes in the newsletter this month. we’ve refreshed all of our icons, and graphs – same information, new presentation.
We’ve also launched version 1 of our new interactive graph pages. Now you can see graphs for each segment of the market by clicking the links further down the page. You can also find them here. We will continue to improve those pages with more information.
COMING SOON! You will be able to see and sort all of our data, in some cases, all the way back to 1991.

9% of listings selling 
80% of sales are under $1.2M

There’s no sugarcoating it, January was SLOW! From a sales perspective, this was the 2nd slowest month we have on record (back to 1991). The 3rd slowest was 25 years ago, in 1998 with 69 sales (only 6 more than last month). It also raises the question, how many more homes do we have now vs 1998, and how many more people have moved here in the last 25 years?
Although sales are at record-low levels, our inventory remains low. Selection is limited which is causing some frustration for buyers.
Typically, the average sale price is 2-3% under asking, but January was almost 4% under asking.
Waterfront homes and acreages saw the largest discount with a sale price average of over 9% under asking in January!

16% of listings selling
80% of sales are under $950K

Townhomes lead the charge once again in January with over 16% of the listings selling, making them the only segment to be (just barely) in a balanced market. This is still due to the low amount of inventory, at almost 20% below average. With 36 units selling, it wasn’t a bad month, especially compared to the lowest January on record (2009) with a mere 13 units selling at the time.

12% of listings selling 
80% of sales are under $600K

The story remains the same, inventory is low, but sales are even fewer. The lower end of the market (under $450,000) is quite active, with several properties getting offers in the first week. In some cases, even seeing multiple offers (but still not selling over asking)

Thinking of making a MOVE? 

Send us an email or give us a call at 250-870-8600. Colin is always happy to talk to you about whether it makes sense or not for your situation.


Click below to view detailed graphs about the market segment you’re most interested in!


4 Bedrooms, 3.5 Bathrooms, 3,286sqft 

5393 Buchanan Road, Peachland, BC


Don’t miss this 3+1 bedroom home with suite & gorgeous SEMI-LAKEFRONT views in Peachland! The main level of this home has plenty of large windows that let in an abundance of natural light & is RIPE for updates. Enjoy a beautiful view of the lake from the U-shaped kitchen. The breakfast nook and family room also look out over the LAKEVIEW balcony which boasts the most STUNNING UNOBSTRUCTED lake & mountain views that will take your breath away! An open concept living/dining area and 2-piece bath complete this level. Upstairs there are 3 bedrooms including the primary suite which boasts its own private deck over looking the lake, a walk-in closet and ensuite bathroom with built-in makeup vanity, walk-in shower, jetted soaker tub and sauna! Upstairs also includes a homework nook, and a shared main bathroom with walk-in shower and access to a large uncovered balcony facing the side/back yard.

The no step, 1 bed, 1 bath in-law suite has its own compact kitchen + living area and access to the covered patio. The basement level is also home to the rec-room, cold room & no shortage of storage. Everything you need to enjoy Okanangan Living at its finest can be found in this home. With a PATH TO THE LAKE, large sunny 0.5ac lot with mature fruit trees, and an ELEVATOR that connects each floor of the home for easy access, this has it all. Complete with newer roofing, eavestroughs and soffits, TRIPLE GARAGE + detached shop, oil change pit & sani-dump for RV. Assessed at $1.825M!

See more photos and 3D walkthrough here

Major Cities Report



A slow start to the year may not foretell the future for the Victoria housing market

A total of 278 properties sold in the Victoria Real Estate Board region this January, 41.4 per cent fewer than the 474 properties sold in January 2022 and a 13.1 per cent decrease from December 2022. Sales of condominiums were down 46.3 per cent from January 2022 with 101 units sold. Sales of single family homes decreased 33 per cent from January 2022 with 120 sold.

“If you’re looking at the statistics, this January was one of the slowest we’ve seen on record,” says 2023 Victoria Real Estate Board Chair Graden Sol. “However, we did see a mid-month surge in activity as buyers seemed to regain confidence after the rapid interest rate increases of last year. It may be that consumers are moving past the market shock of the rate increases and economic uncertainty and that our market is regaining its equilibrium. 



Home sales decline below long-term averages and inventory remains low

Inventory remains low in Metro Vancouver* while home sales dipped well below monthly historical averages in January.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.

Last month’s sales were 42.9 per cent below the 10-year January sales average. 

There were 3,297 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2023. This represents a 20.9 per cent decrease compared to the 4,170 homes listed in January 2022 and a 173.4 per cent increase compared to December 2022 when 1,206 homes were listed.

For all property types, the sales-to-active listings ratio for January 2023 is 13.7 per cent. By property type, the ratio is 10.2 per cent for detached homes, 13.4 per cent for townhomes, and 16.7 per cent for apartments.



Supply of lower-priced homes remains low for January

The level of new listings in January fell to the lowest levels seen since the late 90s. While new listings fell in nearly every price range, the pace of decline was higher for lower-priced properties.

At the same time, sales activity did slow compared to the high levels reported last year but remained consistent with long-term trends. However, there has been a shift in the composition of sales as detached homes only comprised 47 per cent of all sales.

“Higher lending rates are causing many buyers to seek out lower-priced products in our market,” said CREB® Chief Economist Ann-Marie Lurie. “However, the higher rates are likely also preventing some move-up activity in the market impacting supply growth for lower-priced homes. This is causing differing conditions in the housing market based on price range.”


YEG Housing Market Sees Stable Transition Into New Year

Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for January 2023 decreased 25.8% compared to January 2022 and saw a small decrease of only 0.2% from December 2022. New residential listings were up 8.5% year-over-year from January 2022, while also noting an increase of 94.8% from December 2022. Overall inventory in the GEA was up 13.2% from January of last year, and up 5.3% from the previous month.

For January, detached unit sales were down 32.1% from January 2022, but saw a small increase of 1.4% from December 2022 at 583. Semi-detached unit sales were down 35.9% year-over-year but increased by 2.0% from December 2022. Row/Townhouse unit sales also decreased 5.7% year-over-year and increased 10.4% month-over-month. Apartment Condominium unit sales saw no changes from January 2022 but decreased 12.9% from the previous month.

All residential average prices hit $370,068, a 6.2% decrease from January 2022, and 1.4% decrease from December 2022. Detached homes averaged $451,659, a 2.1% year-over-year decrease and a 4.2% decrease from December 2022. Semi-detached sold for an average of $355,086, resulting in a 5.2% decrease year-over-year, with prices down 0.9% compared to December 2022. Row/townhouse prices increased both 1.2% from January 2022 and 4.4% month-over-month, selling at $247,761. Apartment Condominium average prices hit $189,631, with a 5.5% increase from the previous month and a 2.3% drop year-over-year.



Starts The New Year The Same As It Ended Last Year

As we moved from 2022 into 2023, the Greater Toronto Area (GTA) housing market unfolded as expected. The number of January sales and the overall average selling price were similar to December 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year.

“Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 3,100 sales through TRREB’s MLS® System in January 2023 – in line with the December 2022 result of 3,110, but down 44.6 per cent from January 2022. The average selling price for January 2023 at $1,038,668 was slightly lower than the December 2022 result and down by 16.4 per cent compared to the January 2022 average price reported before the onset of Bank of Canada interest rate hikes. The MLS® Home Price Index (HPI) Composite Benchmark was in line with the December result, but down by 14.2 per cent compared to January 2022.

RE/MAX Kelowna
#100 – 1553 Harvey Av.
Kelowna, BC, V1Y 6G1
© 2024 © The Krieg Family RE/MAX Kelowna Real Estate