RE/MAX Report: Why today's market offers more value for buyers

This series is sponsored by RE/MAX Kelowna

The Central Okanagan real estate market continues to find its footing this spring, creating new opportunities for buyers who may have been waiting for the right time to make a move. According to the latest RE/MAX Kelowna Report with Jerry Redmond, average home prices have remained relatively stable, but the real story isn't the price itself; it's what buyers can now purchase for that money.

"People see the average home price and think not much has changed," says Redmond. "But when you compare what that average price bought a few years ago to what it buys today, the difference is significant."

The average single-family home price in the Central Okanagan currently sits at approximately $1.11 million, down about 3% from last year. While that figure remains similar to the price range seen throughout recent years, buyers are finding much better value than they did during the height of the market in 2022. At that time, many buyers were competing in multiple-offer situations and often settling for older homes or less desirable locations simply to secure a property. Today, buyers are seeing larger homes, newer finishes and more attractive neighbourhoods available at similar price points.

The same trend is appearing in the condominium market. The average condo price currently sits around $502,000, down slightly from last year, while sales activity has increased by 26% and available inventory has declined by 16%. The increase in condo sales has been one of the more surprising developments in recent months.

"If you had told me at the beginning of the year we'd be seeing these numbers in the condo market, I probably wouldn't have believed it," Redmond says.

The reduction in available inventory has helped move the condo market closer to balanced conditions, creating optimism that activity may continue to strengthen through the summer months. One of the biggest advantages for buyers today is something that was nearly impossible to find during the pandemic housing boom: time. Rather than making rushed decisions and competing against dozens of other buyers, purchasers can now explore their options, compare properties and complete due diligence before submitting an offer.

"You've got selection, you've got time and you're not feeling that pressure to make a snap decision," says Redmond. "This is a market where buyers can be a little more selective."

While single-family homes and townhomes remain in buyer-market territory based on available inventory levels, well-priced properties are still attracting attention and, in some cases, multiple offers. Redmond notes that pricing remains one of the most important factors for sellers hoping to achieve a successful outcome. Many listings currently sitting on the market have become stale after being repeatedly relisted at unrealistic price points. Buyers are paying attention to those details and often bypassing homes that appear overpriced.

"Getting good professional advice on pricing is more important than ever," says Redmond. "Homes that are priced correctly are still selling."

Looking ahead, there are signs that the market could tighten in future years. A slowdown in new condominium construction across Canada, combined with population growth in desirable markets like Kelowna, may eventually create supply shortages. For now, however, buyers are benefiting from increased choice and improved value while still enjoying the lifestyle that continues to attract people from across the country.

Whether they're relocating from larger urban centres or seeking relief from harsher winter climates, many Canadians continue to see the Central Okanagan as one of the country's most desirable places to live.

"We have the amenities of a larger city while maintaining the lifestyle people are looking for," says Redmond. "That's why people continue to choose Kelowna."

As the market moves into the busy summer season, buyers willing to act may find that today's conditions offer one of the best combinations of value, selection and opportunity seen in years.