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  • Despite all the uncertainty, Kelowna housing market is holding its own

    Yes, there are tariffs, economic uncertainty, stalled wages, continued high mortgage interest rates, tough mortgage qualification rules and unaffordable prices.

    Yet, the Kelowna housing market defiantly continues to hold its own as we delve deeper into spring and precariousness.

    For instance, the latest figures from the Association of Interior Realtors shows that in April, 203 single-family homes sold in the city with the benchmark selling price for a typical house at $1,034,800.

    Compared to March, that's up from 149 sales and the price slipped ever so slightly from $1,036,900.

    This four-bedroom, four-bathroom house in the Upper Mission is listed for sale for $1,034,900, which is just about bang on the benchmark selling price of $1,034,800 for a typical single-family home in Kelowna in April.Photo credits for homes: Realtor.caThis four-bedroom, four-bathroom house in the Upper Mission is listed for sale for $1,034,900, which is just about bang on the benchmark selling price of $1,034,800 for a typical single-family home in Kelowna in April.

    When it comes to townhouses, 67 changed hands last month (compared to 61 in March) and the benchmark price in April was $734,600, a slide from $750,600 the month before.

    For condominiums, 99 sold in April (up a bit from the 92 sales in March) and the benchmark price bumped to $513,100 in April from $504,500 in March.

    All three categories of homes hit record-high benchmark prices in the spring of 2022 with $1,131,800 for single-family, $829,000 for a townhouse and $557,700 for a condo.

    Even if you aren't buying or selling a home, this data and this trend of plowing on through unpredictability indicates that people are prepared to cautiously continue to make big life decisions and purchases even though there's Canada-US trade war, your investments are volatile and you might not have a job in the future.

    </who>Kadin Rainville, a realtor with Brendan Shaw Real Estate in Kamloops, is the new president of the 2,600-member Association of Interior Realtors.

    "With the federal election now behind us, there is a sense of cautious optimism that renewed economic strategies may emerge," said Kadin Rainville, the new president of the 2,600-member Association of Interior Realtors and a realtor with Brendan Shaw Real Estate in Kamloops.

    "It remains to be seen whether the coming months will bring a return to typical seasonal momentum, especially given the strength of underlying demand."

    The term for president of the Association of Interior Realtors is one year.

    Rainville, took over from Kaytee Sharun of Royal LePage East Kootenay in Cranbrook, when her one-year term came to an end last month.

    </who>This three-bedroom, three-bathroom townhouse in North Glenmore is listed for sale for $735,000, which is just a little more than the benchmark selling price of $734,600 for a typical townhouse in April in Kelowna.

    "While demand in the market remains strong, ongoing economic uncertainty — exacerbated by tariffs — may have tempered typical seasonal sales momentum," added Rainville.

    "Some potential buyers could be waiting on the sidelines for clearer signals on the economic outlook before acting on their intentions."

    Spring generally sees the real estate market pop with people becoming more interested in buying in time for a potential summer move-in and as a result people who have been pondering selling and looking for something else may list to take advantage of the spring bump.

    </who>A one-bedroom-and-den, ground-floor condominium in this building at 660 Cawston Ave. downtown is listed for sale for $516,000, which is just a little more than the benchmark selling price of $513,100 for a typical condo in Kelowna in April.

    That trend shows up as a mixed bag in the 'days to sell' and 'inventory' numbers.

    In April, it took an average of 51 days for a single-family home to sell, down from 56 in March.

    Inventory of single-family homes for sale in April was up to 1,438 from 1,359 in March.

    For townhouses, the average days to sell in April was 59, up from 53 in March, and the inventory inched up to 440 from 423.

    In April, it took an average 52 days to sell a condo, down quite a bit from the 66 in March, while inventory increased to 894 from 803.

    Thumbnail photos from Realtor.ca

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