_{This series is sponsored by RE/MAX Kelowna}

The Kelowna real estate market continued to be on the slower side of things in July said Jerry Redman, owner and managing director of RE/MAX Kelowna, when he stopped by the KelownaNow office to provide a monthly update.

“The market typically slows down a little bit in the summer and we saw that last month… The agents in the office the last couple of days are starting to talk about more phone calls coming in and things like that, so I think we're going to probably see the cooler weather will bring out a few more people,” explained Redman. 

Redman and host Jim Csek touched on a variety of topics surrounding the local housing market, including the fact that local sales volume for single-family homes is at a 10-year low according to Redman. 

“With our sales numbers down as far as they are, it's quite astounding that prices haven't come down in the same fashion,” he added. 

Aside from the sales volume numbers, Redman said that the July 2024 numbers are almost the same compared to last year regarding the number of listings, average sale price and median sale prices. 

“I think that the the cooler weather here is going to start getting people out being a little more active again and our market I think is going to start to get a little bit more active with these interest rate cuts coming,” explained Redman. 

The duo also discussed the growth of purpose-built rentals in Kelowna and that some property managers are lowering their rents and offering incentives to attract tenants.

Watch the above video for a deeper dive into Kelowna’s housing market and keep an eye out for future videos with Redman.