Fall is the Right Time for Buying a Home in Kelowna!

If you’re a buyer, now is the right time to start looking at buying a home in Kelowna. According to several leading brokerages in the country, Kelowna is currently experiencing a buyer’s market. These conditions are said to persist even as the Bank of Canada cuts its rates. Meanwhile, affordability continues to be a challenge for homeowners in the region. However, for those seeking luxury properties or homes over $1 million, there are several options available. In this article, we will go through a brief market analysis of what’s happening with homes in Kelowna. Follow along below to gain insight into current housing trends in the region.

The Market is Favourable for Buying a Home in Kelowna 

As of now, the Kelowna real estate market is favouring buyers. This is thanks to the high inventory of residential listings including condos and single-family homes. Those looking to make a purchase this fall will have no shortage of options. However, this will be highly dependent on buyers’ budgets. To capitalize on the most number of listings, buyers will want to aim to have a budget over the $1 million price point.

According to past market statistics, the average sale price in Kelowna for all properties was $816,159 between January 1st and July 31st, 2024. This is indicative of a drop of 2.4% compared to the same time last year (2023). In this timeframe, residential sales also dropped 12% while the number of active listings climbed 17.8%.  

Real estate experts in the Okanagan have stated that recent interest rate cuts will need to be more substantial to significantly shift the current trajectory of the market. Unfortunately, for homeowners seeking affordable housing, this is not excellent news. 

Contact me Today!

Kelowna real estate is seeing optimal conditions for buying! If you are looking to work with a REALTOR® to find the perfect Kelowna property for sale, contact me today! I’d be happy to help you through buying a home in Kelowna. 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!