INTERIOR JANUARY MARKET STATS
Like in the Lower Mainland, rising interest rates have caused a decline in demand and impacted the post-pandemic market gains across markets in the Interior region of BC. We expect the trend to persist in 2023 as market activity slows and buyers and sellers negotiate prices. Despite the anticipation of an increase in supply, we anticipate that sellers will only be motivated to sell if they receive prices close to what was achieved in early 2022, at the market's peak.
Single-family homes in Central and South Okanagan showed a moderate decrease in value, with a 7.9% and 6.6% decline year-over-year, respectively. On the other hand, the townhome and condominium prices in most major interior markets were less affected. The North Okanagan region was particularly noteworthy in January, as it saw an appreciation in townhome and condominium prices year-over-year.
Data Source: Association of Interior Realtors | Download Stats Package
ACTIVE KELOWNA PRESALE PROJECTS UPDATE
The Eminence at Knox Mountain by Meridian Developments, launched in the Fall of 2022 and has sold 16 of 40 units within its first phased release. Since launching, however, the program has temporarily halted sales and will relaunch with new pricing later this spring.
Anacapri, by Kingdom Property Investment, targets low-to-mid $800 PPSF and has sold 16% of its units. The program features thoughtfully designed residences ranging from studios 1, 2, and 3-bedroom homes featuring private patio space, Smart Security, Lighting and Air Conditioning. In addition to being within walking distance of a range of local shopping and entertainment amenities, residents at Anacapri will have exclusive access to a fitness facility, lounge, optional EV charging and smart parcel delivery system.
Mara at Pandosy Village by Vansoho Development Corp, launched in August 2022, with a blended average price of $1,040 PPSF. The development mainly consists of smaller Studio homes and primarily targets investors. Despite its low-end prices due to the smaller size of its units, the lack of parking has limited overall demand for the product.
UPCOMING KELOWNA PRESALE PROJECTS
Four upcoming presale developments in Kelowna expect to launch in the Spring and Summer market. Savoy on Clement by Madison Avenue Group and Nolita by Fifth Ave Properties are actively taking registrants and expect to begin sales in Spring. Water Street by The Park by Orchard Park Properties is 94% of the current inventory and will launch the third and final tower later this year. One Varsity by Kerkhoff is taking registrants and could launch as soon as this Spring
Sales to Listings Ratio
Central Okanagan: 10% | North Okanagan: 11% | South Okanagan 9%
