Posted on
May 5, 2026
by
Ben Lim
| In this month’s Newsletter 3 min read |
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🤝 Deals are being done 🏷️ Realistic pricing remains king 🏖️ More short-term rentals coming back this summer? |
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| | From my iPhone last month:
Callie’s bummed that the weather is improving… I’m not. |
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The Central Okanagan real estate market saw a significant jump in activity this past month. As the “snow melted”, buyers and sellers returned to the table in numbers we haven't seen since last yearSingle-Family Homes, while slightly down year-over-year, had the list-to-sell ratio improved to 96.4%, meaning sellers are pricing more accurately and finding buyers fasterCondos held steady with 104 units sold. The median price sits at approximately $421,967, making this the most accessible entry point for first-time buyers.Townhome demand remains high for "missing middle" housing. The average price rose to $780,184, up nearly 4% from last year as families seek a balance between space and affordability.
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| | | This month in our market (so far) |
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| Although sales across BC are down year over year, we’re seeing strong sales activity here in the Central Okanagan Sales increased nearly 35% month over month in March It feels like a Balanced Market although the numbers show we’re just shy of it Sellers who price their homes accordingly, are seeing good activity and are first to negotiate offers with buyers. Many times, these sellers are re-lists from last year. We anxiously await any news from the province regarding an early exemption from the short-term rental restrictions imposed (set to come off November, but the city of Kelowna has requested an early exemption).
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| | In the world of mortgages… |
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The Canadian mortgage market has been quite volatile lately, due in part to recent geopolitical events in the Middle East and overall rising energy prices. With the primary concern surrounding oil supply and safe transportation, increases in the 5-year Canadian government bond have put an upward pressure on all fixed rate mortgages. Economists are closely watching global economic indicators, which could further influence future interest rate adjustments. Borrowers who are nervous about this volatility are leaning more towards fixed-rate mortgages, insulating them against any potential interest rate hikes. Variable rate mortgage offerings across the board are currently lower than fixed rate offerings, which can lead to increased savings for borrowers who are open to these types of mortgages! Contact Mortgage Broker Justin Pearson with any financing questions justin@mortgagekey.ca
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Posted on
March 12, 2026
by
Ben Lim
| In this month’s Newsletter 2 min read |
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📊 Spring inventory starting to rise 📉 Homes starting to move 📑 Multiple offers |
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| | Numbers are up across the board as we see new listings and sales numbers increase over January. Yeah, that’s expected as we progress through the year, but it’s nice to see that sign of life given how quiet it’s been overall.
You’ll see in the infographic below, things are really heating up as days to sell drop by 10, the price ratio (how much of list price the seller got) improved by 6% and months of inventory dropped for all property types. I sold a custom log home in Okanagan Falls off market (under an Exclusive Listing) that received 2 competing offers. Not something we expected, but when the iron’s hot…
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| | | This month in our market (so far) |
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| Continued optimism, as the days get longer and buyers and sellers start talking again. There’s a bit more of a buzz around the office, albeit lots of ‘busy work’ being done. I am seeing more deals and offers come together so we’re on the right track. Subject to Sale offers are still the norm, as many who are thinking of making a move are wanting to test the waters with their purchase offer before putting their current home on the market. It makes for a weaker offer, but for some sellers, they’ll take what they can get. Our board added RoomVu to our listings (and agent websites) as an added feature. This will allow you to see Ai renderings of reno options when browsing listings online. Still a new feature so I’m sure there will be bugs, but cool to play with. I made Open House pages on my website for Kelowna and West Kelowna that live update, so if you’re out and about today and want to check out what’s on offer, click the links. I’m looking for more homes to sell! If you know someone that needs my help finding the right deal on a home or wants to know what their home is worth, have them reach out.
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Posted on
February 13, 2026
by
Ben Lim
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Multiple Offers and 5 Year Price Guarantees...
We're well under way into 2026. No more excuses for having that Christmas Tree up still, or saying Happy New Year.
It's been a slow start across the province, as unit sales lag the 10 year average as well as year over year. You'll see below, that although we are down in unit sales, the Okanagan region is performing better than the larger areas like Greater Vancouver, Fraser Valley and Chilliwack. I'd attribute this to us having milder climate (less rain) and more affordable price points relative to them. We're still getting lots of migration up from the Lower Mainland, as families look for a lower cost of living but don't want to give up the convenience of the 'big city' lifestyle.
Note, we're up 2.2% year over year for average price.
New construction is still very slow, with developers getting creative in their incentives for buyers to pull the trigger. One development here in Kelowna, is offering 2.99% mortgage rates (3 year term) and a 5 year price guarantee, where they will rebate the buyer the difference of their purchase price, if the market value has fallen in 5 years time. Yes, there is fine print to that, and I'd be happy to explain if you are curious (reply to this email).
On the flip side, I'm hearing from my colleagues that they've been in multiple offer situations on inventory that's sat for almost a year. That could just be back luck or timing, but I am seeing more buyers coming off the sidelines as they see prices flatlined over the past few months.
  That's it for now. Let me know if there's anything you'd like me to add to these emails or if you have any questions I can answer. Until next month....  |
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