Kelowna Real Estate Market News

The latest Association of Interior Realtors Buyer Survey Results for July 2022 are now out.


First-Time Buyers and Move-Up Buyers were busier last month, as well as buyers of Similar Properties.


There were a larger proportion of local buyers in the Market last month, together with a modest uptick in Buyers from the Lower Mainland and Vancouver Island, and a slight drop in Alberta Buyers.


There were fewer Buyers in the Kelowna /West Kelowna area, while many other areas saw numbers rise.


Here are the full results.


Best describe your most recent Buyer (moving to/from property type)


First Time Buyer – 19.79% (16.85%)

Revenue Property Investor – 10.25% (11.80%)

Moving Up – 13.07% (10.67%)

Similar Property Type – 25.80% (22.75%)

Downsizing – 15.90% (16.01%)

Single-family Res to Strata – 4.95% (5.62%)

Recreational Property – 8.13% (8.43%)

Retirement Community – 2.47% (2.25%)

Strata to Single Family – 2.47% (2.53%)


Describe the Buyer (family dynamic):...

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Welcome my latest market performance report for Real Estate in Quail Ridge & the University District of Kelowna from January to June  2022,  based on MLS® listings & sales.


Quail Ridge / University District Real Estate

January 1, 2022, to June 30, 2022.

Sales Numbers



Summary for 6 Months January to June 2022 compared to 2021.

- Total MLS® Sales are down 42%.

- 52% decrease in Single Family Homes sales.

- 34% decrease in Condo sales.

- 59% decrease in Townhome Sales. 


Homes - sales range $850,180- $1,675,000.

Town Home - sales range $575,000 - $970,000

Condos - sales range $300,000 - $645,000.


Single Family Homes


The year started with 3 Single-Family home listings and currently stands at 14 listings.

The current price range is $939,500 to $2,050,000.

Inventory has started to rise since the market hit its peak in March 2022. There were 7 sales between January and March 2022 and 5 sales between April and June. 2022. 

Delving deeper into the numbers,...

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Last month was yet another busy month for Kelowna Real Estate, but I was interested to hear people start to ask, is the market starting to cool?


It is true there may not have been quite as many showings with each property listed, and we are seeing more properties being listed than sold, so inventory is rising, but we are a long way away from a more balanced market.


I suspect it is more a case that the market was as busy as the previous month and not even busier.


When looking at Single-Family home sales last month, 52% sold over the asking price!


When looking through the sales last month, I saw one Development lot listed for $1million, selling for $2,450,000!


Two quotes stuck in my mind last month -:


UBCO associate professor of economics Ross Hickey in Castanet article March 18, 2022.


“It's going to become more and more expensive to live in places like Kelowna or Prince George. Why? Because we're not going to build housing fast enough,”


He also said -:


"Kelowna is growing at a...

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The Kelowna Real Estate Buyers Survey Results are now out for November 2021.


First Time Buyers were busier in the Market last month, however, I am not surprised to see fewer Empty Nester / Retired Buyers downsizing, as the number of listing for sale in the sector has been acutely low.


With travel being more difficult from the Lower Mainland, due to the closed roads, Local Buyers were more prevalent and Lower Mainland Buyer numbers were down last month.


There were a similar number of Buyers in the Kelowna area, and fewer Buyers in Penticton & Princeton/Keremeos, with more Buyers in the Oliver, Vernon and Salmon Arm areas.


Here is the full report below.


Best describe your most recent Buyer (moving to/from property type)


First Time Buyer – 20.47% (13.51%)

Revenue Property Investor – 13.47% (13.02%)

Moving Up – 17.10% (16.95%)

Similar Property Type – 18.65% (19.90%)

Downsizing – 10.88% (13.51%)

Single-family Res to Strata – 6.48% (6.39%)

Recreational...

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The Kelowna Real Estate Buyers Survey Results are now out for September 2021.


First-time Buyers were much busier in the Market last month, together with both single Male and Single Female Buyers.


There were more local Buyers and we continued to see good numbers from the Lower Mainland and Vancouver Island.


There were also more Buyers buying in the Princeton/Keremeos areas, Summerland, and Penticton / Naramata.


Best describe your most recent Buyer (moving to/from property type)


First Time Buyer – 19.42% (12.74%)

Revenue Property Investor – 17.59% (20.75%)

Moving Up – 14.44% (14.62%)

Similar Property Type – 17.32% (20.75%)

Downsizing – 13.91% (10.85%)

Single-family Res to Strata – 4.99% (4.25%)

Recreational Property – 8.14% (8.96%)

Retirement Community – 1.84% (1.89%)

Strata to Single Family – 1.57% (4.01%)%


Describe the Buyer (family dynamic):


Couple without children – 21.41% (23.83%)

Two Parent family /children – 23.76%...

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The Kelowna and Interior Buyer Survey Results are now out for May 2021.


First-time Buyers were busier again this month, and Buyers from the Lower Mainland & Vancouver Island are also continuing to purchase homes in this area.


Please read the full report below.


Best describe your most recent Buyer (moving to/from property type)


First Time Buyer – 17.65 % (14.47%)

Revenue Property Investor – 12.33% (13.05%)

Moving Up – 15.75% (16.82%)

Similar Property Type – 22.77% (18.24%)

Downsizing – 10.82% (15.41%)

Single-family Res to Strata – 2.66% (5.35%)

Recreational Property – 9.87% (9.12%)

Retirement Community – 2.09% (1.89%)

Strata to Single Family – 3.61% (2.67%)



Describe the Buyer (family dynamic):


Couple without children – 24.95% (24.77%)

Two-Parent Family /children – 28.17% (28.02%)
Empty nesters or retired – 18.34% (18.58%)
Single female – 13.61% (12.54%)
Single male – 12.48% (10.84%)
Single parent with children...

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