Condos for Sale in Kelowna BC Seeing Increased Inventory

The real estate market in Kelowna, B.C., is experiencing a shift as the number of vacant apartment units continues to rise, potentially tipping the scales in favour of buyers. Recent government policies, including stricter Airbnb regulations and extended tenant protection laws, have led to an influx of unoccupied homes for sale. This has created a change in market conditions for local buyers and sellers. While buyers may find comfort in the increased supply, prices have yet to significantly drop, leaving the market in a delicate balance between cautious sellers and eager buyers.

The Future of Condos for Sale in Kelowna BC

In a recent report on the Kelowna MLS® listings, it was found that Kelowna is experiencing a surge in vacant condo units for sale. This burst of new inventory in the apartment/condo market is looking promising for buyers. In the market analysis, 264 apartments were listed for sale. When factoring in townhomes, single-family units and duplexes, the number grows further to 670 units. 

Experts assume that new government policies have caused the jump in supply. Namely:

1. Airbnb regulations limiting short-term rentals to homes where the host resides and;
2. New legislation requiring a four-month notice period for ending tenancies, up from two months.

These changes are having cascading effects, pushing some property owners to sell rather than rent. 

While inventory is on the rise, prices for homes have not dropped significantly due to heightened seller confidence. Currently, there is a stalemate between buyers and sellers, with some buyers holding out for lower prices. Kelowna’s director of planning, Ryan Smith, says that the increased housing supply is purposeful and is intended to stabilize prices. 

Residents, along with interested buyers and sellers, can anticipate an upcoming report this fall on the impacts of short-term rentals on the city.

Contact me Today!

Kelowna real estate is in high demand! If you are looking to work with a REALTOR® to find your dream condos for sale in Kelowna BC, contact me today! I’d be happy to help you through the buying or selling process. Furthermore, be sure to come back next month for more real estate-related blog content. I look forward to helping you with the purchase of a Kelowna property!