What is Happening in the Central Okanagan Housing Market?
The average residential sale price in the Central Okanagan decreased by 4.3 per cent for single-family homes and three per cent for townhomes, while condominium prices increased by 3.8 per cent between 2025 and 2026. Average single-family home prices declined from $1,097,131 to $1,049,811, while average townhome prices declined from $699,379 to $678,186. Average condominium prices increased from $458,781 to $475,971.
Single-family home sales decreased by 0.5 per cent, from 945 to 940. Townhome sales decreased by 7.6 per cent, from 330 to 305, while condominium sales increased by 3.4 per cent, from 494 to 511.
Looking ahead to fall 2026, average sale prices are expected to remain stable through the end of the year, with no significant price increases anticipated. The number of sales is expected to increase slightly by approximately 2 to 3 per cent.
The Central Okanagan remains a buyer’s market, with significant inventory available across all property types, particularly condominiums. Forest fires in the area significantly affected buyer activity in July and August, with the full impact still to be determined heading into the fall. Average days on the market have increased, making strategic pricing increasingly important. Properties that are appropriately priced are receiving buyer interest, with sellers achieving approximately 96 per cent of their asking price. The market has softened slightly since last year, although condominium sales and prices have shown modest growth.
Saving enough for a down payment is the biggest factor preventing more first-time buyers from entering the market.
According to Jerry Redman, Broker/Owner of REMAX Kelowna, the GST/HST rebate has primarily benefited buyers who were already on the path to purchasing newly built properties and has rarely convinced typical buyers to pursue a new build or pre-sale. The rebate has had a minimal impact on buyer conversations, particularly among those already considering new construction, but has largely served as an awareness and education tool rather than a major driver of purchasing decisions.
Buyers are least willing to compromise on property type, although expectations have shifted as economic and local market conditions have changed. Buyers are increasingly redirecting toward townhomes and condominiums, while lateral moves and downsizing have also become more common. There is growing interest in foreclosures and court-ordered sales as buyers become more willing to take on properties requiring improvements. Certain neighbourhoods, including Upper and Lower Mission, Dilworth, Glenmore, and parts of Kelowna North and South, continue to see strong buyer preference.
The Okanagan lifestyle continues to be a major draw, with this unique appeal expected to support continued population and market growth in the region.
According to Jerry, the foreign buyer ban has reduced new construction development activity without improving affordability.
Frequently Asked Questions
How have home prices changed in the Central Okanagan?
The average residential sale price decreased by 4.3 per cent for single-family homes and 3 per cent for townhomes between 2025 and 2026, while condominium prices increased by 3.8 per cent.
How have home sales changed in the Central Okanagan?
Single-family home sales decreased by 0.5 per cent, from 945 to 940. Townhome sales decreased by 7.6 per cent, from 330 to 305, while condominium sales increased by 3.4 per cent, from 494 to 511.
What is expected for Central Okanagan home prices in 2026?
Average 2026 sale prices are expected to remain stable through the end of 2026, with no significant price increases anticipated.
What is expected for home sales in the Central Okanagan in 2026?
The number of sales is expected to increase slightly by approximately 2 to 3 per cent.
Is the Central Okanagan a buyer’s market?
Yes. The Central Okanagan remains a buyer’s market, with significant inventory available across all property types, particularly condominiums.
How have forest fires affected the housing market?
Forest fires in the area significantly affected buyer activity in July and August, with the full impact still to be determined heading into the fall.
What is preventing more first-time buyers from entering the market?
Saving enough for a down payment is the biggest factor preventing more first-time buyers from entering the market.
How is the GST/HST rebate affecting buyers?
According to Jerry Redman, Broker/Owner of REMAX Kelowna, the GST/HST rebate has primarily benefited buyers who were already on the path to purchasing newly built properties and has rarely convinced typical buyers to pursue a new build or pre-sale. The rebate has had a minimal impact on buyer conversations and has largely served as an awareness and education tool rather than a major driver of purchasing decisions.
What are buyers least willing to compromise on?
Buyers are least willing to compromise on property type, although expectations have shifted as economic and local market conditions have changed. Buyers are increasingly redirecting toward townhomes and condominiums, while downsizing and lateral moves have become more common.
Which neighbourhoods continue to attract strong buyer interest?
Upper and Lower Mission, Dilworth, Glenmore, and parts of Kelowna North and South continue to see strong buyer preference.
Why does the Central Okanagan continue to attract buyers?
The Okanagan lifestyle continues to be a major draw, with this unique appeal expected to support continued population and market growth in the region.
Has the foreign buyer ban affected affordability or new construction development?
According to Jerry Redman, the foreign buyer ban has reduced new construction development activity without improving affordability.
