This series is sponsored by RE/MAX Kelowna

After a busy month of May in the housing market, June saw “a bit of a slowdown” said Jerry Redman, owner and managing director of RE/MAX Kelowna, when he stopped by the KelownaNow office to provide a monthly update. 

“A lot of people start to gear up for summer holidays with their kids, schools out, a lot of graduations, sort of things like that – People are busy,” explained Redman on the reason for the slowdown.

Redman added that housing prices are holding fairly steady, which is a bit of a surprise as the number of sales was down 20% compared to June 2023. 

The average and median prices of homes saw an increase and decrease of 1% respectively, with the local inventory remaining at around 12 months worth of stock. 

Redman explained that these days a million dollars will get “a whole lot more house” than in previous years. 

He then touched on the topic that the market is a good opportunity for buyers looking at condos and townhomes.

Redman discussed that the market in Kelowna is active, but if looking to sell, the price point is important and if done right, the seller will see interest in their home. 

Looking into the future, Redman said the summer will be a mixed bag, but that it generally softens as the busiest times of the year are spring and the fall. 

Before ending the video, the duo discussed that the Bank of Canada is expected to make a rate decision at the end of the month and the possible impact that could have on the local market. 

Click the above video for a deeper look into the local housing market.