Kelowna Real Estate Stats - Market Update - Here's What Happened in December 2024

by Michelle Collie

Kelowna Real Estate Stats & Trends - Market Watch With Kelowna Real Estate Agent Darcy Nyrose

January 1, 2025

December is a typical seasonal slow-down when it comes to real estate. Many folks who have their homes for sale take a pause so they can enjoy the holidays without worrying about showings. Buyers, unless needing to be in a home for a specific date, also slow down their searches as they're busy with holiday events and family, too. It's typical to see both inventory and sales numbers down.

When we looked at N ovember 2024's Market Stats, we shared that the Kelowna real estate market was heading in the right direction. With a downward trend in interest rates, buyers were starting to make their moves which would bode well for the winter market. Looking at December 2024's Kelowna Market Stats, we are seeing the positive trend continue. Across all categories, sales numbers were up a lot over December 2023 with condos leading the way with a 53% increase. Single Family Homes saw a 40% increase and Townhomes saw a 38% increase.

To put all of this into historical context, take a look at our Kelowna real estate market video from one year ago today. We talked about the Bank of Canada's continued interest rate hikes through the first half of 2023 and then the move to stability; the major fires within the Okanagan and how that affected our market; and the ban on short term rentals. We were optimistic for market improvements for 2024. They may have come a little later than anticipated; however, the upswing we talked about, is on the move.