Okanagan Real Estate Market Update: A Shift to a Buyer’s Market and A Seller's Guide to Navigating It

If you're considering selling your home in Kelowna, it's important to understand the current dynamics of the Okanagan real estate market. The market is still in the midst of a slowdown brought on by interest rates from the Bank of Canada, concerns about affordability, reduced consumer confidence, and evolving public policies. In the second quarter of 2024, we saw 2,519 residential sales totalling $1.9 billion, marking declines of 12.1% in transactions and 13.8% in transaction value compared to the same period in 2023.

Sales in 2024 are trailing behind the market conditions of 2019 and are similar to those last seen in 2013. With interest rates and affordability concerns causing caution among buyers, it's now a buyer's market for the first time in nearly a decade. 

For Sellers, the demand remains strong for homes priced between $500,000 and $850,000, including single-family homes, and townhomes. These properties are selling quickly due to high demand. If you’re looking to sell your home in Kelowna, now may be a great time to act, especially if your property falls within this range. This put you in the perfect position to take advantage of high demand for the product you have, coupled with ample inventory available to upgrade your home. 

If you have a home that is valued around the million dollar mark or above, this has been a more quiet sector of the market, but this does not mean that you can't, or even shouldn't sell your home. It all comes down to getting quality advice from an experienced realtor to help you navigate the journey to price your home right, market it effectively, and to negotiate hard for you.

We believe there is no such thing as a 'bad market', but there are 'bad strategies' and we are here to make sure you have the right one! If you are thinking about selling your home, or need real estate advice in Kelowna or the surrounding area, give us a call, we are more than happy to give you a real valuation on your home and to help you create a plan. 

Call us!