Kelowna Real Estate News

December 2023 Stats

December was a slow month for real estate sales. This rounded out 2023 to be the slowest year in over 10 years, 30% lower than average, the least sales since 2011. Buyers have a reasonable selection, but there are still niche segments of the market with nothing or very little to choose from. For example, if you’re looking for a home or townhome backing a golf course under $1M there are very few properties available.


Benchmark Price Trend (3 months)
9% of listings selling 
80% of sales are under $1.2M

This is now 4 months in a row, deep in a buyers market with only 9% of the listings selling currently, the slowest in over 10 years. The benchmark price has decreased for the 3rd month in a row, from $1.025M in October, to $966,500 in December; a 6% decrease in benchmark price! I’m not expecting this trend to continue, I suspect it will flatten out to a balanced market this spring. But there are some good deals to be had right now.

Sales were the 2nd lowest for December in 15 years, since the dreadful 2008 market. December 2023 had 82 sales, where 2008 saw a mere 66 sales. The 10-year average for December is 129; which puts us about 40% fewer than we would expect. 

Listings are following seasonal with inventory dropping in December to 879 homes available for sale, but this remains the highest in 10 years with thee average being 630. 

The average sale price is now a dramatic 4.5% under asking, where this is typically closer to 2% under asking. Certain segments of the market are still fairly active, while others are extremely slow.

If we thought sales were slow, the high end market is non-existent. Only 1 property sold over $2M last month, out of 122 for sale.


 Benchmark Price Trend (3 months)
10% of listings selling
80% of sales are under $800K

The townhome market has also slowed substantially since August with only 10% of the listings selling. Due to a blip in 2018, this is tied for the slowest townhome market in 10 years. 

From a sales perspective, the 29 units selling is the lowest in over 10 years, windows the average being 49 sales for December.

The good news is that buyers have some inventory to choose from, the most in 5 years with the majority available under $900K.

The benchmark price for townhomes has been bouncing up and down in 2023 ranging from a low of $703,000 to $786,000 at the peak in August. It is back in line with this time last year now at $732,000.

 Benchmark Price Trend (3 months)
9% of listings selling 
80% of sales are under $550K

Condos are also firmly planted in a buyers market as well now after declining to 9% of the inventory selling in December. A mere 45 units sold, tied for the slowest in 10 years vs the average of 68 units selling; a 35% decline from the average.

Listings continue to follow seasonal averages declining to 498 in December, the most we’ve seen in a December for 10 years. The majority is available under $800K.

As I mentioned last month, the changing AirBNB (Short Term Rental) rules that are coming into place will change this segment quite a bit and we will likely see more coming online due to the local, Provincial and Federal changes.

Kelowna: No suites or carriage homes allowed, and potentially no more short term rentals at all are proposed, except those that are already licensed. We will know more on their decision soon.
West Kelowna and Lake Country: No suggested added restrictions that I’ve seen yet.

Provincial: Can only short term rent in your principal residence, if not your principal residence, it would need to be longer than 90 days.

Federal: No more writing off expenses for short term rentals

Thinking of making a MOVE? 

Send me an email or give me a call at 250-870-8600. I’m 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!

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Major Cities Report



The 2023 Victoria Real Estate Market Year In Review

A grand total of 6,207 properties sold over the course of 2023, 8.77 percent fewer than the 6,804 sold in 2022.

“I’ve spoken a lot this year about our market’s return to traditional seasonal patterns,” said 2023 Victoria Real Estate Board Chair Graden Sol. “And at the conclusion of 2023 we can see that this trend continues. This is a welcome relief for sellers and buyers after an extraordinary five years of real estate market disruption. Everyone benefits from a more predictable real estate market, so it is encouraging to see the rhythm of seasonal trends reestablished. If this continues into 2024, we should see more inventory added in January and February and an increase in sales as consumers prepare for the spring market. True to seasonal form, December met expectations and was a slow month, both for sales and for new listings.”

There were 2,132 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2023, a decrease of 19.4 per cent compared to the previous month of November but a 26.3 per cent increase from the 1,688 active listings for sale at the end of December 2022.



Housing Market Resilient In 2023, Ends Year In Balanced Territory

The Real Estate Board of Greater Vancouver reports that residential sales in the region totalled 26,249 in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021.

“You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade.” said Andrew Lis, REBGV director of economics and data analytics “In our 2023 forecast, we called for modest price increases throughout the year while most other forecasters were predicting price declines. The fact that we ended the year with five-per-cent-plus gains in home prices across all market segments demonstrates that Metro Vancouver remains an attractive and desirable destination, and elevated borrowing costs alone aren’t enough to dissuade buyers determined to get into this market,”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,168,700. This represents a five per cent increase over December 2022 and a 1.4 per cent decrease compared to November 2023.



Strong Migration And Low Supply Drive Calgary Housing Prices In 2023

Sales in 2023 did ease relative to last year’s peak, but with 27,416 sales, levels were still far higher than long-term trends and activity reported before the pandemic

“Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.”

The persistently tight conditions contributed to our city’s new record high price. While the average annual benchmark price growth did slow from 12 per cent in 2022 to nearly six per cent growth in 2023, the price growth was still relatively strong especially compared to some markets in the country.


December Market Busier Than Usual, But Not Enough To Outpace 2022 Activity

Total residential unit sales in the Greater Edmonton Area real estate market for December 2023 came to 1,229, decreasing from November 2023 by 24.4%, but showing an increase of 25.2% over December 2022.

 New residential listings amounted to 1,497, which is 28.3% lower than November 2023, and 27% higher than December 2022. Overall inventory in the GEA showed decreases of 6.7% from December of last year and 15.2% from November 2023.

“Though December’s month-over-month numbers are higher than in 2022, the strong second half of this year hasn’t quite achieved the level of activity seen in the previous year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “As the year closes, the year-to-date average selling price is $398,735, compared with $415,115 in 2022, and year-to-date average unit sales are still lagging by 8%.”



The 2023 GTA Housing Market: High Borrowing Costs and Growing Affordability Challenges

While the overall demand for housing remained buoyed by record immigration in 2023, more of this demand was pointed at the rental market. The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates.

“Buyers who were active in the market benefitted from more choice throughout 2023. This allowed many of these buyers to negotiate lower selling prices, alleviating some of the impact of higher borrowing costs. Assuming borrowing costs trend lower this year, look for tighter market conditions to prompt renewed price growth in the months ahead,” said TRREB Chief Market Analyst Jason Mercer.

The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower.

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