Kelowna Real Estate News

March 2025 Edition

 OVERVIEW

Kelowna’s real estate market is in a funny place right now. Statistically, we’re deep in a buyers market, but I’m seeing these little pops of activity in certain areas of the market where it feels like it’s balanced or better! Homes that are priced right, in the right segment of the market, are still drawing lots of attention. I was in 2 sets of multiple offers in February, both of which went over asking. That is very unusual for a market like this when other properties aren’t getting any action at all.

What’s interesting, is that we saw buyers spending more money in February than they have before. The “most active segments of the market” that I mention below all creeped higher this month across all segments!

While too soon to say where our market is headed for the year as there are so many variables in play, I don’t expect it to take off any year soon.

 

 

 SINGLE FAMILY HOMES

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 Benchmark Price Trend (3 months)
11% of listings selling 
Most active market is under $1.4M

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While January’s sales numbers were surprisingly in line with our 10 year average (something we havn’t seen in since 2022), February’s sales havn’t kept pace. Sales were 26% under the 10-year average again, but on a positive note, 16% higher than this time last year.

The listing inventory however, is where we need to focus our attention. With 1,156 listings in February, we were 60% higher than the average of 730 listings for this time of year. This is the highest inventory we’ve seen in a February since 2013..that’s 12 years! I thought 2024 was high, this is over 20% more.

Luxury Market ($2M+)
9 homes sold over $2M in February, ranging from $2.0 to $3.9M, plus one lakefront home at 7.2M.
While this is a highly competitive segment, I’m happy to see the sales increasing in this price point.
 

 TOWNHOMES 

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 Benchmark Price Trend (3 months)
12% of listings selling
Most active market is under $900K

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Townhome sales are doing well, the highest they’ve been for a February in 3 years. Mind you, they’re still 27% under the average, so there’s room for improvement. Listings are the highest we’ve seen in over 10 years though, and they are 53% over the average, which is what’s really causing this segment to be as slow as it is.

The benchmark price is hanging in there, but on a slight decline from December 2024. I’m curious to see how that plays out this spring, but I expect the benchmark price to stay around where it is.

 

 CONDOS

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 Benchmark Price Trend (3 months)
11% of listings selling 
Most active market is under $600K

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After sales were basically in line with the average for the end of 2024, it’s disappointing to see them slipping back to 24% under the average for February. While still the strongest of the last 3 Februarys, it’s something to keep an eye on as spring progresses.

The listing inventory is climbing as is normal for this time of the year. With 699 listings, it’s the highest February we’ve had since 2013 (739 listings). Compared to the February 2009 with 1,055, it’s not so bad. Compared to our 10-year average of 422, we’re 65% higher than we should be.

The benchmark price bumped a touch at the begining of this year, making January and February have the highest benchmark price in 1.5 years. We’ll see if that holds on through the spring with only 11% of the listings selling currently.

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.

 

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Major Cities Report

Victoria

February A Steady Month For Greater Victoria Buyers And Sellers

A total of 528 properties sold in the Victoria Real Estate Board region this February, 12.3 per cent more than the 470 properties sold in February 2024 and 25.1 per cent more than in January 2025.

“February was another stable month for local real estate,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “The combination of slowly growing inventory and slightly increased sales means that our market remains in balance from the start of the year, which creates comfortable conditions for both buyers and sellers. Nearly two years of steady prices combined with recent favourable interest rates are positive factors for our market. Thus far, 2025 has been a good year to buy and sell.”

There were 2,630 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2025, an increase of 9.8 per cent compared to the previous month of January and an 11.3 per cent increase from the 2,364 active listings for sale at the end of February 2024.
Source

Vancouver

The Greater Vancouver REALTORS® reports that residential sales in the region totalled 1,827 on Metro Vancouver’s Multiple Listing Service®  in February 2025, an 11.7 per cent decrease from the 2,070 sales recorded in February 2024. This total was 28.9 per cent below the 10-year seasonal average (2,571).

“After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions. With a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times.” 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 12,744, a 32.3 per cent increase compared to February 2024 (9,634). This is also 36.4 per cent above the 10-year seasonal average (9,341).
Source

Calgary

Sales Remain Above Long Term Trends Despite Declines

Inventory levels saw substantial year-over-year growth for the second month in a row, rising by 76 per cent to 4,145 units in February. While inventory increases were seen across all price ranges, the largest increases were in homes priced under $500,000.

“Even though more people listed their homes for sale, there were actually fewer sales than in February 2024. So, we’re seeing the seller’s market of the past two or three years ease off,” said Alan Tennant, President and CEO of CREB^®. “In turn, that’s caused the pace at which prices are increasing to slow down a bit, which should come as welcome news for buyers.”

The total residential unadjusted benchmark price in February was $587,600, relatively stable compared to late-2024 and roughly one per cent higher year-over-year. 
Source

Edmonton

Real Estate In The Greater Edmonton Area Showing Signs Of Spring Thaw

There were 1,825 residential unit sales in the Greater Edmonton Area (GEA) real estate market during February 2025, a 14.3% monthly increase from January 2025 and a 7.1% decrease from February 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.”

Total residential average prices came in at $449,554, increasing 2.6% from the previous month and reflecting an overall growth of 10.5% compared to February 2024.
Source

Toronto

Listing Inventory Remained High, Providing Choice And Negotiating Power For Buyers

GTA REALTORS® reported 4,037 home sales through TRREB’s MLS® System in February 2025 – down by 27.4 per cent compared to February 2024. New listings in the MLS® System amounted to 12,066 – up by 5.4 per cent year-over-year. On a seasonally adjusted basis, February sales were down month over month compared to January 2025

“Many households in the GTA are eager to purchase a home, but current mortgage rates make it difficult for the average household to comfortably afford monthly payments on a typical property. Fortunately, we anticipate a decline in borrowing costs in the coming months, which should improve affordability,” said TRREB President Elechia Barry-Sproule.

The MLS® Home Price Index Composite benchmark was down by 1.8 per cent year over year in February 2025. The average selling price, at $1,084,547, was down by 2.2 per cent compared to the February 2024
Source