Kelowna Housing Inventory Trends: What Buyers and Sellers Should Know

The Kelowna real estate market has seen significant changes in housing inventory over the past year.

• Inventory Levels: After hitting a high of 14 months, inventory in Kelowna has dropped to 8 months. While still above the frenzied one-month supply we saw in recent years, this shift indicates a return to balance.

• Buyer Activity: The list-to-sale ratio in Kelowna doubled from 25% in September to over 50% in October, highlighting increased buyer interest.

What does this mean for Kelowna homeowners? With inventory declining, home prices in Kelowna are likely to remain stable or even increase. If you’re considering selling, now could be a good time before competition heats up again.

Kelowna Mortgage Rates: Stability in an Uncertain Market

Interest rates remain a major topic of discussion in the Kelowna real estate market:

• Fixed Rates: These have held steady throughout the year, driven by stable bond yields.

• Variable Rates: Prime rates have dropped by 1.25% since June, offering relief to homeowners with variable-rate mortgages.

Looking ahead, fixed rates are expected to remain stable, while variable rates may continue to decline modestly into 2024. This provides opportunities for homeowners to explore different financing strategies based on their long-term goals.

Tips for a Smooth Mortgage Renewal in Kelowna

Renewing your mortgage doesn’t have to be stressful. Here’s how Kelowna homeowners can ensure a seamless process:

1. Review Your Options: Work with a seasoned mortgage broker who can compare rates from multiple lenders and tailor recommendations to your needs.

2. Plan for the Future: Should you choose a variable or fixed rate? Are you planning to sell or refinance in the next few years? These questions will shape your decision.

3. Avoid Last-Minute Decisions: Start the renewal process at least 60 days in advance to avoid rushed or uninformed choices.

Kelowna Housing Market Forecast for 2024

While no one has a crystal ball, the data suggests a more balanced market in Kelowna heading into 2024. Here are key takeaways:

• Stable Home Prices: Single-family homes in Kelowna are holding steady, with prices down only 0.59% year-to-date.

• Balanced Inventory: The shift from a seller’s market to a balanced market is good news for both buyers and sellers.

If you’re buying or selling in Kelowna, focus on accurate data and avoid the noise of attention-grabbing headlines.

Why Work with a Mortgage Expert in Kelowna?

Navigating the mortgage market in Kelowna can be complex, especially with so many options and evolving rates. That’s why working with an experienced professional is essential.

With over 30 years in the industry, Daryl French has access to multiple lenders and deep knowledge of the Kelowna housing market. Whether you’re renewing, refinancing, or buying, his expertise can help you avoid costly mistakes and make informed decisions.

📞 Contact Daryl French Today:

• Phone: 250-470-8843

• Email: daryl@lendingmax.ca

Final Thoughts

The Kelowna real estate market is evolving, but the key to success is preparation and informed decision-making. By staying proactive with your mortgage renewal and understanding the latest trends, you can navigate the market confidently—whether you’re buying, selling, or simply renewing.

For personalized advice tailored to the Kelowna market, reach out to a trusted mortgage expert. The more prepared you are, the better positioned you’ll be to achieve your goals.