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November Market Snapshot for Kelowna Real Estate
As the crisp November air settles in and the last of the autumn leaves fall, many of us are shifting our focus indoors, preparing for the holiday season, cozy dinners, and maybe even planning for the year ahead. With Remembrance Day around the corner, it is also a time for reflection and gratitude for the people and places that make our community so special.
October’s real estate activity continued to show stability across most property types. Single family home sales reached 171 for the month, nearly identical to last October’s 175. The average sale price edged slightly higher to just over $1,024,000. Values remain steady and buyers are approaching their decisions with a bit more intention, which is common for this time of year.
Inventory is still healthy. We are sitting at eight months of supply for both single family homes and townhomes, and nine months of supply for condos. For buyers, that means room to negotiate and time to explore options without feeling rushed. For sellers, well priced and well presented homes are still attracting solid interest. Residential lots remain slower with twenty eight months of inventory, which reflects a more cautious appetite for land and new construction projects.
One of the biggest shifts this month came from the Bank of Canada’s 0.25 percent rate cut. It is the first in some time and even a small adjustment can influence affordability and confidence. We are already seeing more inquiries from buyers who had been waiting for a little relief. Activity has picked up from out of province buyers as well as move up buyers, particularly in the nine hundred thousand to one point one million dollar range.
As we move into the quieter months, the market often follows a seasonal pause. This can be an excellent window for serious buyers and sellers to make thoughtful moves, with fewer competing listings and more space for meaningful negotiation.
If you are planning ahead for spring, this is also a great time to start light home preparation. Fresh paint, small exterior repairs, updated lighting, or basic landscaping touch ups can help your property stand out when activity increases again.
If you are curious about what today’s market means for your next step, whether you are thinking about buying, selling, or simply keeping an eye on your home’s value, I would be happy to provide a quick equity check in or an updated home value snapshot based on current conditions.
Warm regards,
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