There's a certain uncertainty surrounding the Kelowna housing market.

"Typically we see a seasonal uptick in momentum leading in the spring market," said Kaytee Sharun, president of the 2,600-member Association of Interior Realtors.

"However, external factors, such as economic uncertainty and the potential impact of tariffs may be among the influences causing a slight easing off the accelerator in real estate activity," 

As such, sales and prices in February weren't bad, but they were so-so and not the expected pre-spring bump.

Photo credit: Association of Interior RealtorsKaytee Sharun is the president of the 2,600-member Association of Interior Realtors.

As Sharun mentioned, possibly potential buyers and sellers are awaiting better economic news, an easing of Trump's trade war and 51st state rhetoric and lower mortgage interest rates.

Yet, Sharun doesn't want to read too much into it, just yet.

"Overall, it (February) was a relatively steady month for real estate transactions, despite a slight decline in new listings." she said.

Let's put this into numbers.

Last month in the Central Okanagan, 122 single-family homes, 47 townhouses and 78 condominiums sold.

That is up marginally from the 110 single-family homes, 38 townhouses and 63 condos that changed hands the month before in January, which is traditionally a slow month.

Photo credit: Realtor.caThis house on Gallaghers Circle is listed for sale for $1,039,900, which is just a little more than the $1,036,900 benchmark selling price of a typical single-family home in Kelowna in February.

When it comes to prices, the benchmark selling price of a typical single-family home in February was $1,036,900, up ever so slightly from the $1,030,600 it was in January.

It peaked in the post-COVID boom in April 2022 at $1,131,800.

The benchmark selling price of a typical townhouse in the city last month was $730,100, down from the $742,900 it was in January.

The townhouse record-high benchmark was $829,000 in May 2022.

When it comes to condos, the benchmark selling price in February was $515,400, off a bit from January's $517,100.

The condo record-high was $557,700 in April 2022.

While prices are down from their peaks, Kelowna is still considered unaffordable for many.

It's difficult for first-time buyers to get into the market, even a condo, without help from the bank of mom and dad.

So, most of the activity is move-up buyers, who sell the home they've owned for a while, realize an incredible whack of equity, and can purchase a bigger, better and-or more expensive place.

Kelowna is also fuelled by people moving here from elsewhere (Vancouver, Toronto or Victoria) where house prices are more expensive, so they see Kelowna as a deal.

It wasn't all that long ago — in 2015 — that the typical single-family home in Kelowna was selling for $511,073, a townhouse $371,367 and a condo $258,546.

That shows that home prices have doubled in the past decade, while salaries and incomes certainly haven't.

_{Thumbnail photos credit: Realtor.ca}