Kelowna Real Estate Market News

BC Real Estate Market Report March 2022

The British Columbia Real Estate Association (BCREA) reports that a total of 8,902 residential unit sales were recorded by the Multiple Listing Service ® (MLS® ) in February 2022, a decrease of 18.8 per cent from February 2021. The average MLS® residential price in BC was $1.109 million, a 24.9 per cent increase from $887,866 recorded in February 2021. Total sales dollar volume was $9.9 billion, a 1.5 per cent increase from the same time last year.



“While sales are not keeping pace with the unprecedented level of activity we saw this time last year, demand continues to be quite strong,” said BCREA Chief Economist Brendon Ogmundson. “There are some encouraging signs that listings are recovering from historical lows, but there is a very long way to go before markets achieve balance.”


Provincial active listings were 19 per cent lower than this time last year with the total inventory of homes for sale in the province at just 16,000 units. That level of inventory is well below the roughly 40,000 listings needed for a balanced market.



In the Okanagan, the average sale price was $853,036, up 34.8% from $633,051 last February.


Active Listings were 1,563, down 34.9% from 2400, and sales to active listings (percentage of active listings that sold) were even higher than last the previous month, at 60.4%, reflecting the continued strong demand in our area.


Kind Regards

Trish Cenci

Kelowna Real Estate Agent

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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.