How the 2024 Election Could Impact Kelowna's Real Estate Market and Housing Affordability
Housing, Elections, and Affordability: Impact on Kelowna’s Real Estate Market
In 2024, over half of the world’s population is heading to the polls, and here in British Columbia, we’re just days away from our provincial election. Among the many issues, housing affordability has taken center stage. In Kelowna, homebuyers, sellers, developers, and infill multifamily builders are feeling the impact.
Housing has become a central topic, and for good reason. If you’re unsure where to find reliable, non-partisan information about real estate issues, the BC Real Estate Association’s Government Relations department has a housing policy resource hub. It’s a great place to get research-backed analysis, questions to ask candidates, and other resources as election day approaches. You can access it [here].
Election Impact on Kelowna Real Estate
In my years as a real estate agent in Kelowna, I’ve noticed how uncertainty around elections can influence market sentiment. While it’s common to wonder how this election might affect Kelowna’s housing market, my analysis of past election years reveals that real estate sales in Kelowna tend to hold steady, despite political cycles.
Federal and Provincial Election Data:
2015 (Federal Election): Kelowna saw slightly higher-than-average sales (+31).
2019 (Federal Election): Sales dipped below the seasonal average (-40).
2021 (Federal Election): Sales surged significantly (+110).
2017 (Provincial Election): Kelowna's real estate market performed above the seasonal average (+54).
2020 (Provincial Election): Sales skyrocketed, outperforming the average by +252 sales.
*Sales and home prices since 2020 largely driven by monetary policy and economic stimulus measures, rather than the election itself.
This year, with rising costs of living, ongoing global tensions, and uncertainty in the economy, Kelowna home prices have risen dramatically. The average single-family home price increased by $350,000 since 2019, reaching $1,106,000 in 2024. At its peak in 2022, Kelowna’s home prices soared to $1,227,000.
Housing Affordability in Kelowna
For Kelowna home buyers, this spike in prices has made homeownership a significant challenge. Sellers continue to benefit from a competitive market, while developers and builders of infill multifamily homes are navigating regulatory hurdles and market dynamics shaped by affordability concerns.
This year’s election is set to play a role in shaping the policies that will affect Kelowna’s real estate market, whether you are a home buyer, seller, developer, or builder. Voting with your heart, head, wallet, or gut, it’s essential to know how the election could impact your real estate decisions.
If you need further real estate advice in Kelowna, whether you're looking to sell, buy, or invest in multifamily infill developments, don’t hesitate to reach out. Your decisions matter, and I’m here to help guide you through the market.
Hope everyone has a great Thanksgiving!
Reach out with any questions on anything.
Mark and Maddie Coons
778-744-0872
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