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Kelowna realtor Rick Hamer-Jackson is being brutally honest.
"This is the worst spring housing market I've seen in my 25-year career selling real estate," he said.
"It feels like the market did in the bad recession of 2008-09."
Hamer-Jackson, who sells real estate with his brother, Brad, as Team Hamer-Jackson with ReMax Kelowna, is reacting to the April data released by the 2,600-member Association of Interior Realtors this week.
Rick Hamer-Jackson, left, sells real estate with his brother, Brad, right, as Team Hamer-Jackson with ReMax Kelowna.
"The spring market is supposed to be bubbly or frothy with renewed activity," he said.
"But, that's not happening. Activity and values were better in February than they are now."
In April, 188 single-family homes were sold in the Central Okanagan, down 7% from the same month last year.
The number of townhouse sales was 60, off 10.5% from last year.
And 95 condominiums changed hands, a decrease of 4% from April 2025.
In total, that's 343 sales for April -- a number Hamer-Jackson points out is only 11 sales per day for the entirely of the region covering Kelowna, West Kelowna, Peachland and Lake Country.
"To be one of those 11 sales -- and I'll sound like a broken record here -- it's all about price," he stressed.
"Homes have to be listed for sale with a realistic price. We're still seeing some homes listed for $250,000 to $300,000 more than what is realistic for today's market."
Photo credit: Realtor.ca
This three-bedroom, two-bathroom, 2,300-square-foot house in Magic Estates is listed for sale for $1,049,000, which is almost bang on the $1,049,900 benchmark selling price of a typical single-family home in Kelowna in April.
For instance, prices peaked in the post-pandemic boom of spring 2022 with the benchmark selling price for a typical single-family home hitting $1,131,000, a townhouse $829,000 and a condo $557,700.
In April, the benchmark selling prices were $1,049,900 for a single-family home, $724,000 for a townhouse and $497,500 for a condo.
Hamer-Jackson said those are still high considering the soft market.
"A lot of (potential) sellers aren't willing to put the price down to what they need to sell," he explained.
"This isn't four years ago. We're four years into a tough market and only the homes that are priced right for this market are selling. Those that priced too high are either doing regular price reductions or taking their home off the market because it didn't sell at the unrealistic price."
Thus, we're in a market where prices remain high and sales are scant.
"Really, if you own a place you're hanging onto it right now," said Hamer-Jackson.
"The only people selling are those who are forced to by financial turmoil (such as a divorce, or moving for a job)."
The continued high prices and low inventory also makes it hard on potential buyers.
The market is still considered unaffordable and potential buyers find it difficult to find what they want and negotiate a lower price.
Ryan Mayne is the new president of the Association of Interior Realtors and is also part of a brothers' real estate-selling team (The Mayne Brothers, including Scott) with ReMax Kelowna.
Mayne prefers to put a different, more positive, spin on the situation.
"With sales closely tracking last year's activity, the Interior real estate market remains comparatively resilient amid other provincial markets that are experiencing increased volatility," he said.
"With health inventory levels, balanced market conditions and prices staying fairly steady, it remains important for sellers to price appropriately at the onset so listings don't go stale."
Thumbnail photos from Realtor.ca
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