Real Estate Report: December 2022

Local Residential Market Closes the Year at Slower Pace
KELOWNA, B.C. – January 5th, 2022.
Residential real estate sales concluded 2022 with softened sales activity for the month of December, reports the Association of Interior REALTORS® (the Association).
A total of 572 residential unit sales were recorded across the Association region in December representing a 42.8% decrease in sales compared to the number of units sold during the unusually strong market of December 2021.
“After a very strong first half of 2022, we began to see market activity moderate amid consistently rising interest rates imposed by the Bank of Canada,” says the Association of Interior REALTORS® President Lyndi Cruickshank, adding that “although inventory levels remain tight, the high interest rates will continue to subdue market activity in the coming months.”
New residential listings saw a decline of 20.7% within the region compared to December 2021 with 651 new listings recorded. However, the overall inventory saw a 93.5% spike with 6,001 units currently on the market at the close of December 2022.
“Looking to 2023, we anticipate inventory will continue to accumulate, as compared to recent years, with all signs pointing to more balanced conditions with buyers and sellers benefitting equally,” notes Cruickshank, adding “real estate professionals will continue to support buyers and sellers as they navigate the real estate markets across the region.”
The benchmark price for single-family homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions all saw moderate decreases in year-over-year comparisons. The benchmark price in all other housing categories saw minor to moderate increases compared to December 2021, with the highest percentage increase in the townhouse category for the North Okanagan; up 13.8% compared to December 2021, coming in at $574,400.
The average number of days to sell a home, always a good barometer to watch, increased to 75 days compared to last month’s 65 days. It’s important to note that the average of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.
Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,600 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops and Kootenay regions, as well as the South Peace River region.
The Association of Interior REALTORS® was formed on January 1, 2021, through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board. The Association has since also amalgamated with the Kamloops & District Real Estate Association and the Kootenay Association of REALTORS®.
Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.
Festive Community Events In the Okanagan

There is something magical about wintertime in the Okanagan, which makes the holiday season a great time to get out and enjoy some of the festive events throughout the valley. If you’re looking for fun things to do in the Okanagan this holiday season, check out this list of upcoming events we’ve compiled that are perfect for the entire family to enjoy!
Festival of Trees @ Delta Grand
FREE EVENT
When: November 18th, 2022 – January 3rd, 2023
Where: Delta Grand Okanagan Resort, 1310 Water St.
What: Gather the family and come down to the Festival of Trees, a local community event where local businesses and organizations come together to support BC Children’s Hospital. Decorated trees are displayed at the Delta Grand Okanagan Resort & Mission Hill Family Estate Winery for members of the community to enjoy and vote on.
Candy Cane Lane Kelowna
FREE EVENT
When: Month of December 2022 | 5:00pm – 11:00pm
Where: Springvalley community, between Ziprick Rd, Springfield Rd & Gertsmar Rd | Kelowna
What: The 12th annual Candy Cane Lane is a grassroots, neighbourhood-driven celebration of holiday lights. Visitors are encouraged to bring a donation for their drop box, with donations being collected for the women’s shelter, Mamas for Mamas, and the Salvation Army. Donations also go towards the Springvalley Elementary breakfast program and a few select individuals who are going through hard times.
For more information, visit the Candy Cane Lane Facebook page.
Silverstar Annual Light Up
FREE EVENT
When: Saturday, December 10th, 2022 | 3:00 – 8:00pm
Where: SilverStar Mountain Resort, 123 Shortt St.
What: Spend an evening at SilverStar Mountain Resort and enjoy fireworks, fire spinners, light displays, the Polson Artisan Market, roaming entertainers, and more!
For more information & full schedule, CLICK HERE.
Merry & Bright: Winter Pop-Up Market
FREE EVENT
When: Sunday, December 11th, 2022 | 12:00 – 4:00pm
Where: Vice & Virtue Brewing Co., 1033 Richter St, Kelowna
What: Head over to Vice & Virtue for a festive, wintery pop-up market in their backyard! Grab a beer and shop local, handmade arts, crafts, decor, and more! A perfect opportunity to finish off any last-minute Christmas shopping.
Menorah Lighting & Display
FREE EVENT
When: Sunday, December 18th, 2022 | 5:00 – 7:00pm
Where: Stuart Park, 1430 Water St, Kelowna
What: Presented by Chabad Okanagan, this event will celebrate the first night of Hannukah. Watch as the first candle of the Menorah is lit and enjoy traditional holiday foods, as well as festive music and entertainment.
The Nutcracker – Presented by Mission Dance Centre & Company
TICKETED EVENT
When: December 22nd, 2022 | 7:30pm & December 23rd | 3:00pm & 7:30pm
Where: Rotary Centre for the Arts, 421 Cawston Rd, Kelowna
What: Experience the magic of the season with Mission Dance Company as they present The Nutcracker, featuring their talented and passionate dancers. Each show also offers a silent auction, photos, and poster signings by the stars, as well as a VIP after-performance.
Real Estate Report: November 2022

Local Residential Market Cooling Down Heading into Holiday Season
KELOWNA, B.C. – December 5th, 2022.
Residential real estate sales for the month of November in the region saw sales dip heading into the holiday season, reports the Association of Interior REALTORS® (the Association).
A total of 844 residential unit sales were recorded across the Association region in November representing a 48.4% decrease in sales compared to the number of units sold during the hyperactive market of November 2021, with a decrease of 15.6% compared to last month.
“Although the numbers seem far below what we have become accustomed to, comparing sales from this year to last year would be like comparing apples to oranges,” says the Association of Interior REALTORS® President Lyndi Cruickshank, adding that “comparing to a typical seasonal pre-pandemic November would represent a more accurate comparison over the frenzied market over the last few years, which would show that we are currently not that far off from an average November.”
New residential listings saw a moderate decline of 4.6% within the region compared to the same month last year with 1,357 new listings recorded. However, the overall inventory saw a healthy 85.3% boost over the availability in November 2021 with 6,980 units currently on the market; providing more options to buyers.
“While it’s great to see that the number of active listings is higher than it has been for a long time, the market remains tight as new inventory seems to be flattening,” notes Cruickshank, adding “this is not unusual for this time of year as sellers hold off on listing while they are enjoying the holiday season.”
The benchmark price for single-family homes in the Central Okanagan, North Okanagan and South Okanagan regions all saw increases in year-over-year comparisons, with the exception of the Shuswap/Revelstoke area that saw a 4.4% decrease in single-family benchmark prices. The benchmark price in all other housing categories saw minor to moderate increases compared to November 2022, with the highest percentage increase in the condominium category for the South Okanagan; up 16.4% compared to November 2021, coming in at $422,800.
The average number of days to sell a home, always a good barometer to watch, increased to 65 days compared to last month’s 64 days. It’s important to note that the average of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.
Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
The Association of Interior REALTORS® is a member-based professional organization serving approximately 2,600 REALTORS® who live and work in communities across the interior of British Columbia including the Okanagan Valley, Kamloops and Kootenay regions, as well as the South Peace River region.
The Association of Interior REALTORS® was formed on January 1, 2021, through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board. The Association has since also amalgamated with the Kamloops & District Real Estate Association and the Kootenay Association of REALTORS®.
Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.
Real Estate Report: October 2022

Local Residential Market Inventory Slowly Building Back Up
KELOWNA, B.C. – November 4th, 2022. Residential real estate sales for the month of October in the region saw an increase in inventory while sales held steady, reports the Association of Interior REALTORS® (the Association).
A total of 1,001 residential unit sales were recorded across the Association region in October representing a 43.8% drop in sales compared to the number of units sold during the seasonally uncommon strong market of October 2021; dipping only 7.6% compared to last month.
“Unlike the last two years or so where we saw buyers’ and sellers’ expectations drastically unaligned from each other, a shift from the frenzy earlier this year coupled with the winter seasonal slowdown is bringing some equilibrium to the market amidst rising interest rates,” says the Association of Interior REALTORS® President Lyndi Cruickshank, adding “motivated buyers’ and sellers’ expectations are able to come closer together, resulting in a much more positive home buying and selling experience.”
New residential listings saw a decrease of 9.8% within the region compared to the same month last year with 1,689 new listings recorded. However, the overall inventory provides more options to buyers with a 67.5% increase over the availability in October 2021 with 7,450 units currently on the market.
“It’s nice to see active listings starting to build back up again,” notes Cruickshank, adding “however, we are not quite out of what is considered a seller’s market and into a balanced market.”
The Benchmark Price for homes in the Central Okanagan, North Okanagan and South Okanagan regions saw increases in year-over-year comparisons across all home categories, while the Shuswap/Revelstoke region was the exception showing a decrease in the single-family home category while seeing increases in townhome and condominium benchmark prices. The benchmark price for single-family homes in the Shuswap/Revelstoke lessened 4.1% compared to October 2022, coming in at $673,300.
The average number of days to sell a home, always a good barometer to watch, increased to 64 days compared to last month’s 50 days. It’s important to note that the average of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.
Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.
SPOOKTACULAR SPOTS IN KELOWNA FOR TRICK-OR-TREATING

Halloween To-Do’s in Kelowna
Halloween is a fun opportunity for children to get dressed up in costumes and for adults to indulge in fun with the little ones. Whether you want to find a corn maze or go pumpkin carving, we know that your child’s highlight of the season will be trick-or-treating!
If you are looking for some safe, fun family-friendly spots to go trick-or-treating in Kelowna, check out C21Kelowna’s list of fang-tastic neighbourhoods below!

Kelowna Trick or Treating
If you are more interested in indoor or trick-or-treating events, also check out the following list courtesy of: https://www.dotheokanagan.com/trickortreating-hot-spots
SPOOKTACULAR PUMPKIN WALK – Kelowna (outdoors)
Free Event
When: Oct. 30 | 5 PM – 8 PM
What: Dress up and walk to paths lit up by jack-o-lanterns. Vote for your favourite!
Where: Mission Creek Regional Park, 2363 Springfield Rd
Click HERE for Facebook

Kelowna Pumpkin Patch
HALLOWEENIE AT GRIZZLI WINERY – Kelowna (indoors)
Free Event
When: Oct. 31 | 2 PM – 6 PM
What: FREE, safe, ‘lights on,’ family- and pet-friendly indoor event. Balloon twisting, colouring and trick-or-treating. Dress up!
Where: Grizzli Winery, 2550 Boucherie Rd
FALL FESTIVAL AT WILLOW PARK CHURCH – Kelowna (indoors)
Free Event
When: Oct. 31 | 5:30 PM – 7:30 PM
What: Dress up in a fun family-friendly costume and collect lots of treats along the indoor candy trail with over 40 collection stops. There will also be bounce houses, hot chocolate, balloons and more! This event is perfect for younger children as it is a non-scary event.
Where: 439 Hwy 33 (Rutland)
A SPOOKTACULAR HALLOWEEN AT THE EAST KELOWNA MARKET – Kelowna (indoors/outdoors)
Free Event
When: Oct. 30 | 10 AM – 2:30 PM
What: This market Sunday will be filled with all sorts of spooky surprises to have a fang-tastic day! Come check out over 75+ artisan, crafters, and food vendors to shop, eat, drink and be scary! Special treats for children along with a family monster walk outside of the hall filled with ghosts, witches, and other spook-tacular things! Don’t be a scaredy cat! Come dressed up to enter a best-dressed costume contest!
Where: 2704 East Kelowna Rd

Halloween in Kelowna
Century 21 Assurance Realty Earns Gold, Silver and Bronze!

We are proud to announce that Century 21 Assurance Realty Ltd. in the Central Okanagan, has been rated the #2 overall Century 21 Brokerage in all of Canada for the second consecutive time! This award was recently announced by C21 Canada at the Canadian Conference held in St. Johns, Newfoundland.
Our congratulations go to Century 21 Heritage House in the GTA which earned the #1 ranking.
This ranking is based on several factors, as listed below:
- Realtor performance
- Growth
- Technology & brand adoption
- Participation in C21 Canada activities
- Charitable contribution
- Collaboration and more!
Kudos go to Anne Wolfe (left) & Maureen Yakimchuk (right) from our office who were also nominated by C21 Canada as two of the top eight Realtors in all of Canada!
This year, Century 21 Assurance Realty was also voted the #1 Real Estate Brokerage in the Okanagan by Kelowna Capital News readers for 2022 AND the #3 Real Estate Brokerage in the 2022 Best of Kelowna award by KelownaNow readers.
Thanks go to our exceptional team of Realtors, Brokers, Mentor, and Staff who are committed to helping Clients in the Okanagan achieve real estate excellence. We are extremely proud of our colleagues who have earned and contributed to this acknowledgment as they are the ones who have truly earned these awards!
Century 21 Assurance Realty in Kelowna proudly helps clients to achieve the Gold Standard In Real Estate.
TAKE YOUR CAREER TO THE NEXT LEVEL!
Contact Max Carbone to learn more: CALL or EMAIL
OR
Contact Dean Desrosiers to learn more: CALL or EMAIL
What you NEED TO KNOW before moving to Kelowna

Your Relocation Guide To Kelowna
Moving to a new city is an important life choice. You’ll want to be equipped with everything there’s to know to make your move successful!
The team at C21 Kelowna has assembled the following Relocation Guide to Kelowna to make your move to the Okanagan a breeze.
By the end of this article, you’ll be aware of some of the pros and cons of living in Kelowna, the desirable areas of town for you and your family, and what type of lifestyle you can expect in Kelowna.
KELOWNA AT A GLANCE
Kelowna and its surrounding area has a population of 195,000 residents. In fact, Kelowna is one of the fastest-growing municipalities in the country and it’s no wonder why!
The landscape throughout the Okanagan is pristine, and one of the only places where you can drive for less than an hour from the beach and end up on a ski hill!
Whether you’re interested in lakefront property, a downtown condo, or a cozy family home, Kelowna has plenty of Real Estate options for you!
Browse through our listings to find your perfect Kelowna home OR CONTACT US and we’ll put you in touch with one of our knowledgeable and skilled Realtors®. They will customize a search based on your needs to save you time and help make your moving process to Kelowna much more manageable.
PROS OF LIVING IN KELOWNA
- Pristine natural landscape
- Tons of outdoor activities at no cost
- An international airport to make your vacation getaways much easier with direct flights to Hawaii, Mexico, Dominican Republic, and Jamaica, just to name a few!
- Kelowna is home to an increasing young adult population, which also means the entrepreneurial space is expanding as companies old and new alike expand into the new technological era
- Access to TONS of outdoor activities, like golf and skiing at world-renowned ski resorts such as BIG WHITE, SILVER STAR, and APEX which are nearby.
Big White Ski Resort
CONS OF LIVING IN KELOWNA
- Renting requires a damage deposit, and a pet deposit if you have one, landlords can restrict the size and number of animals allowed in rental property
- Growing traffic as roadways are not expanding at the same rate as the population
- Homelessness, drugs, and petty crime
WHAT KELOWNA’S FUTURE HOLDS FOR YOUTH
The University of British Columbia, Okanagan Campus, is helping expand Kelowna’s cultural district and innovation centers. For example, the University of British Columbia is projected to start building its downtown Okanagan campus in Fall 2022!
In addition to the Main campus by the airport, the University of British Columbia, Okanagan is projected to raise the student population to 18,000 by 2040! This one aspect helps attract and retain people of all ages and demographics!
In conjunction with a growing student population in Kelowna, the downtown core is also expanding with condominium towers. If the city isn’t your desired neighborhood, Kelowna’s residential areas are also growing.

University of British Columbia, Okanagan Campus
RECAP: MOVING TO KELOWNA 101
Kelowna is a booming city. Its natural landscape offers tons of summer and winter activities that families and residents will love. Not only is it a growing and evolving community but it’s also becoming increasingly multicultural.
Picking a place to live isn’t easy, but adjusting to Kelowna’s lifestyle will be a breeze if this sounds like the right place for you!
The Art of Selling and Living in the Okanagan

The Art of Selling And Living In The Okanagan
The Okanagan lifestyle is unmatched! The heart of Kelowna offers a blend of relaxation, adventure AND entrepreneurial zest. It's no wonder that Kelowna has numerous desirable neighbourhoods - CLICK HERE to check them out for yourself!
Starting a career in Real Estate can be daunting for agents. That’s why Century 21 Assurance Realty in Kelowna has engineered their brokerage services to make it easy for entrepreneurial Realtors® to prosper personally and professionally while living their Okanagan dream lifestyle.
“We begin with a proprietary purpose-based coaching program that helps our agents determine their life purpose, values and goals, says Max Carbone of Century 21 in Kelowna.
Our Realtors® are armed with a comprehensive, turn-key marketing services program called Elevate 21 which sets them apart. Each agent can count on powerful marketing materials for their clients' listings, every time "!
Most importantly, Century 21 Assurance Realty’s services translate to more time for agents to spend with clients, family and enjoying the Okanagan lifestyle!
It’s no wonder that 60% of Century 21 in Kelowna agents are award winners.
Read more here. If you’d like to learn more about what C21 can do for your career, visit Century21Kelowna.com