As we start getting ready to say goodbye to 2024 there’s plenty of curiosity about what the Kelowna real estate market is going to look like in 2025 – and with good reason! This year we saw so many changes take place that had significant impacts on our local market, so it’s no wonder that people are wondering what to expect next.

Between the short-term rental restrictions coming into effect earlier this year, several drops in mortgage rates, new regulations for landlords, and climbing inventory and construction in Kelowna, there’s plenty of reason for us to believe that the 2025 market is going to start off much differently than 2024.

As of right now, average home prices are slightly trending downward – 2% year over year compared to 2023 – while inventory this year has shown of the highest availability we’ve seen in nearly a decade. It’s quite likely that this availability (largely due to many vacationers and investors reconsidering their options in light of the short term rental, aka,  ‘AirBnB restrictions’) coupled with recently reduced mortgage rates, are what caused a 60% increase in Kelowna real estate sales activity this October compared to last year!

Like we touched on in last month’s blost post, it most certainly is a great time to buy in Kelowna right now when we consider the average pricing coming down alongside lending rates. But, with the increased interest we’re seeing from buyers entering the market, the scales may in fact balance in favour of both buyers and sellers as we inch our way towards 2025. After all, with so many folks looking to take advantage of these prime buying conditions, it’s worth considering if your timing to sell is just as ideal.

Not sure if now’s the time to make your move? If you’re looking for guidance through the Kelowna real estate market this winter, all you have to do is ask 🙂