The love affair with real estate in the South Okanagan continued throughout the month of February. New listing inventory was up 32.57% across the region as sellers came out of hibernation listing 403 new properties this February which is a big increase from the 304 listed same month last year.

Year to date listing inventory is improved by 13.46% with a total of 666 new listings hitting the MLS® System in the first 2 months of the New Year vs the 587 listed same time period last year.

Buyers too have come out of hibernation with savvy real estate consumers commencing their hunt now to avoid competitive markets in the spring. Our Brokerages have begun to experience competing offers as well appointed properties hit the market and smart buyers put a ring on it before someone does.

Year to Date Unit sales are just of last years mark by 2% with 179 unit sales occurring across the South Okanagan vs. the 183 reported last year. 104 properties traded hands in February just off last years February unit sales numbers of 112.

In our Summerland Market our office was a buzz with a new listing inventory increase of 15% in February with 52 new listings hitting the market vs. the 45 that hit last February. Year to date our new listing numbers are still down by 12% with 82 new listings being marketed for sale in Summerland vs the 94 same month, last year.

Unit sales were quiet in Summerland in February with 9 unit sales reported vs the 17 reported in February of last year. Year to Date Unit Sales down 21% with 18 sales reported in the first two month’s of the year vs. the 23 that were reported in the first two months of 2023.


The average sale price of a single family home pretty much held its own against the increased cost to finance as buyers adjusted their budgets accordingly. On average sellers spent $783,695 for a single family home vs $794,152 last year.

In our Penticton Market our office was a buzz with a new listing inventory increase of 48% with 172 new listings hitting the market vs the 116 that hit last February. Year to date our new listing numbers are up 41% with 287 new listings being marketed for sale in Penticton vs. the 203 same month, last year.

Hurry, hurry was the message we received from our buyer clients and unit sales resulted in a 19.57% increase in unit sales this February over last. Year to date unit sale for Penticton are up 10% with 88 unit sale reported for the first 2 months of 2024 vs. the 80 that were reported in 2023. The average sale price for a single-family residential property felt some erosion resulting in a 12% decrease from $883,107 vs $774,242 as buyers adjust their budgets to accommodate for higher borrowing costs.


In our Osoyoos Market our office was a buzz with a new listing inventory increase of 66.67% with 65 new listings hitting the market vs the 39 that hit last February. Year to date our new listing numbers are up as well by 10% with 97 new listings being marketed for sale in Osoyoos vs the 88 for the same month of last year. Unit Sales are very soft so far this year with only 16 unit sales being reported for the first two months of this year vs. the 27 reported in 2023 resulting in a 40.74% decrease to unit sales. Recreational buyers have put a pause on secondary purchases until interest rates adjust to more affordable levels.

Bank of Canada

The Bank of Canada held their overnight key lending rate at 5% for the fifth consecutive time saying it was too soon for rate cuts while underlying inflation persists. The bank first raised interest rates in March 2022, the beginning of an aggressive campaign to cool inflation that resulted in 10 rate hikes in less than two years. Many of our clients are opting for variable rate mortgages that allow them to move forward with their plans while still maintaining the option to lock in when and if mortgage rates are reduced. Industry experts are expecting a rate reduction in June. On April 10th the Bank of Canada will make their next rate announcement and release their monetary policy report.

First time Home Buyers

First-time home buyers received a little help on costs through changes to the First-time Home Buyers Program. Purchase price threshold limits will increase for Buyers effective April 1st, 2024. If all of the requirements are met, in particular you must be a first-time home buyers and this must be your principal residence Qualifying first-time buyers can benefit when they purchase a home worth up to $835,000, with the first $500,000 completely exempt from the property transfer tax. People purchasing newly constructed homes worth up to $1,100,000 will also see lower costs through the newly built home exemption.

Many legislative changes for real estate have occurred recently that impact our clients. Now more than ever our clients are relying on us for strategic advice concerning their larges financial asset.

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