Thoughts from Shawn …It’s been a busy spring on both the listing and sales fronts. Let’s rewind a bit: last fall, the market remained sluggish until October, which we believe marked the bottom. Since then, we’ve seen steady strengthening, with both listings and sales up significantly in the early months of 2024 compared to the same period last year. More recently, activity has moderated, with only a slight year-over-year increase in both sales and listings this past month.Overall, spring activity has been solid despite headwinds like stock market volatility, concerns over cross-border tariffs, a cooling in the Toronto and Vancouver markets (where prices have dropped 4–6% year-over-year), and a slight downward adjustment in local rental rates.Kelowna remains a more temperate market compared to major urban centres, with 65–70% of transactions involving people moving within the city. We’re a bubble floating on the broader economic tide, still influenced by the momentum—or slowdown—of larger markets.Unemployment in the Okanagan jumped to 6.9% in April, and some predict it may climb further into the summer. Historically, our strongest sales months are April through June, and as you’ll see in the stats below, we’re currently on par with both inventory and sales levels from last year. It’s not a boom year—but it’s certainly not a bust either.The condo and townhome segments are softening a bit. Agent sentiment suggests a mix of hot and cold pockets within the market. Concrete condos are feeling a bit oversupplied, but affordable wood-frame units remain in healthy demand.Interest rates appear to have paused their downward trajectory, with long-term rates even ticking up slightly. If you’ve been waiting for rates to drop, now is a smart time to lock one in.THANKFUL …We’re deeply grateful for your business and the trust you place in us to support your real estate goals.We’ve been working hard—and it shows! Among over 250 agents in our company, we’re proud to share:
- #1 Residential Agent Producer for 2024 (our second year in a row!)
- #1 Top Agent – January 2025
- #2 Top Agent – February 2025
- #1 Top Residential Agent – March 2025
- #2 Top Residential Agent – April 2025
Hi ho, hi ho, it’s off to work we go!