Kelowna Real Estate News

September 2023 Stats

September was a tough month for our real estate market, just as August was a scary month for Kelowna and West Kelowna. The fire jumped the lake August 17 which put our market on immediate hold. Since most purchases have 2 weeks of conditions/subjects, anything that would have received an offer August 17-31, likely would have counted as a September sale based on when their conditions/subjects were removed.

Ultimately, this resulted in a very poor September for Kelowna’s real estate market, coupled with buyer interest rate holds expiring and a growing number of listings. I had 4 calls this week from owners looking to sell before they have to renew their mortgage as they fear the new rates. In the meantime, the lack of sales has caused listing inventory to surge higher, which is not something that typically happens this time of year.


 Benchmark Price Trend (3 months)
10% of listings selling 
80% of sales are under $1.2M

Single Family Homes led the slowdown in September with only 10% of the listings selling, this puts us well into buyers’ market territory. Sales are what really fell off the map to push us there. We saw 50% fewer sales in September as compared to average, making it tied (with 2012) for the slowest September since 1991 (not a typo). We do have to keep in mind the August fires will have had an impact on sales, but based on other markets I suspect that only explains half of our missing sales numbers. In turn, the benchmark price has come down a massive 5% in September compared to the previous month. That is a tremendous change in 1 month.
Excluding lakefront, there were 7 Sales over $2M, with the most expensive at $6M in the lower mission with 11,000 sqft on 2 acres. 


 Benchmark Price Trend (3 months)
12% of listings selling
80% of sales are under $775K

Sales for townhomes also slowed, with numbers 40% lower than our 10-year average. Listings have started to climb as well which is unusual for this time of year, and is starting to put pressure on prices. The lower price points continue to perform best. With 80% of the sales under $775,000 vs under $850,000 the previous month, it tells us the high end of the market has slipped in September.

 Benchmark Price Trend (3 months)
14% of listings selling 
80% of sales are under $600K

The condo market, as usual, is the last to slow and the last to speed up, is currently outperforming the other segments (for the moment) from a percentage of listings selling perspective.  However, the benchmark price for condos saw the largest decline at 8.7% less in September compared to August. That’s a staggering difference from $525,700 to $481,100. Condo listings have also started to climb and are finally just over the average, again, the last of all segments.

Thinking of making a MOVE? 

Send me an email or give me 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!

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Major Cities Report



Value Of Homes In Victoria Remains Stable While The Cost To Own Continues To Rise

A total of 493 properties sold in the Victoria Real Estate Board region this September, 20.2 per cent more than the 410 properties sold in September 2022 and a 9.4 per cent decrease from August 2023. 

“More inventory means buyers may have more time to shop, though in many of our local markets a well-priced property will sell rapidly, and we’re still seeing some multiple offer situations. The challenge of the day is that there are many buyers who hope to find homes in the missing middle – families who seek two- or three-bedroom homes at attainable price points – who are challenged by our current interest rate environment. Though housing prices have remained reasonably stable this year, the cost of carrying a mortgage has increased tremendously. This means that many first-time buyers and families are unable to purchase homes in our current market.” said Victoria Real Estate Board Chair Graden Sol.

There were 2,699 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2023, an increase of 8.4 per cent compared to the previous month of August and a 17.3 per cent increase from the 2,300 active listings for sale at the end of September 2022.



Inventory Increases And Price Gains Relent To Begin The Fall Season

The month-over-month price gains seen earlier this year abated in the Metro Vancouver housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region. 

“In contrast to the spring and summer, the September data suggests there may be a renewed interest on the part of sellers to participate in the market, with new listing activity rising back in line with long-term historical averages. This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year,” said Andrew Lis, REBGV director of economics and data analytics. “When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a result of seasonal patterns, the outcome is more balanced market conditions overall.” 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614).



Calgary Home Sales At Record Highs In September – Yet Supply Remains A Challenge

Sales reached another record high in September with 2,441 sales. Despite the year-over-year gains reported over the past four months, year-to-date sales are still nearly 12 per cent lower than last year’s levels.

“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “While new listings are improving, it has not been enough to take us out of sellers’ market conditions.”

New listings improved this month compared to last year and relative to sales. This caused the sales-to-new listings ratio to fall to 76 per cent, preventing further monthly declines in inventory levels. Nonetheless, inventory levels in September remained over 24 per cent lower than levels seen last year and, when measured relative to sales activity, has not changed enough to cause any significant shift in supply and demand balances. As of September, the months of supply has remained relatively low at less than two months.


Fall Market Brings Cooling Effect

Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for September 2023 hit 2,058, dropping from August 2023 by 8.4% and increasing 25.8% compared to September 2022.

“We’re continuing to see the trend of a higher number of sales happening in 2023 compared to last year, but the market is still slowing down for autumn. Sales in almost every category fell from the previous month,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Sellers hoping to close before the holidays have lower available inventory on their side, but they will have to contend with higher buyer uncertainty from the Bank of Canada’s looming October announcement about interest rates.”

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $380,280, resulting in a decrease of 0.1% from August 2023, and a drop of 1.2% from September 2022.



High Interest Rates Impacting The Market, But Population Growth Will Soon Spur Demand

The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area home sales in September. However, despite the market being better-supplied with listings, the average selling price was up year-over-year.

“The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower. This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers,” said TRREB President Paul Baron.

REALTORS® reported 4,642 home sales through TRREB’s MLS® System in September 2023 – down 7.1 per cent compared to September 2022. The year-over-year dip in sales was more pronounced for ground-oriented homes, particularly semi-detached houses and townhouses. On a month-over-month seasonally-adjusted basis, sales were also down slightly

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