Can You Still Afford to Buy a Home in Kelowna? Let’s Break It Down.

Kelowna has become one of the most desirable cities in Canada to live, work, and retire — but like much of the country, affordability is becoming a real concern in 2025.

Prices remain high. Interest rates are still elevated compared to just a few years ago. Whether you’re a first-time buyer, upsizing family, investor, or moving here from another province, you’ve likely wondered:

             Is Kelowna still affordable?

The answer: Yes — for many buyers — especially with the right strategy and guidance.

Kelowna is a unique market. It offers an unbeatable lifestyle, access to outdoor adventure, a growing economy, and consistent demand from people relocating from places like Vancouver, Calgary, and Toronto. But that demand means competition is real, and prices can seem steep — especially for detached homes.

In this post, we’ll break down what homes actually cost in Kelowna right now, what kind of income you may need, and the four smart strategies buyers are using to make it work — even in a market where affordability is tight.

💰 What Do Homes Actually Cost in Kelowna (Summer 2025)?

Based on sold prices from July 20 to August 19, 2025:

• 🏠 Detached homes: $1,130,000

• 🏘️ Townhomes: $710,000

• 🏢 Condos/Apartments: $479,000

• 🛠️ Manufactured homes: Starting at $233,000

These aren’t just list prices — they’re what people actually paid.

💵 What Kind of Income Do You Need to Buy in Kelowna?

Affordability depends on more than just sale prices. It’s also about income, savings, and how your financing is structured.

Here’s a general guide based on 2025 mortgage rules, interest rates, and down payment thresholds:

🧠 Note: This isn’t exact — your credit, debt load, and down payment will affect your budget.

💡 Pro tip: If you're self-employed or earn bonuses, commissions, or have multiple income sources, make sure you work with a highly experienced mortgage broker. They can structure your file properly, often unlocking more buying power than you'd expect.

🌎 Where Are Buyers Coming From?

You’re not alone in considering a move to Kelowna.

📊 In May 2025:

• 18% of buyers came from the Greater Vancouver area

• 9% came from Alberta

• Many others relocated from other parts of B.C., Ontario, and across Canada

Buyers relocating here often bring higher salaries, or significant equity from their previous homes. Many retirees buy mortgage-free. Others work in tech, healthcare, or remote jobs that pay more than the local average.

This has kept demand strong — but it’s also why local buyers are competing with people bringing more cash or income into the market.

✅ Yes, You Can Still Buy in Kelowna — If You Plan Smart

Despite the pressure on prices, many buyers are still entering the market successfully. Here’s how they’re doing it:

1. 🏠 Buy a Home with a Suite (a.k.a. House Hacking)

Many detached homes in Kelowna include a basement suite or carriage home. Living in one unit while renting the other can offset hundreds — even thousands — of dollars each month on your mortgage.

This strategy, known as “house hacking,” is ideal for young buyers, investors, or families who want to build equity without the full financial burden upfront.

→ View Kelowna homes with a suite under $1.2M

2. 🔄 Choose a Townhome Instead of a Detached Home

Detached homes average over $1.1M — but townhomes cost about $400,000 less. You still get multi-level living, garages, outdoor space, and great locations — all with lower ownership costs.

→ Browse Kelowna townhomes under $750K

3. 👨‍👩‍👧‍👦 Co-Buy with Family or Friends

More buyers are teaming up with people they trust — siblings, parents, friends — to enter the market together. Pooling down payments can open the door to better financing, more desirable neighborhoods, and faster homeownership.  This also can work with getting strangers to help pay down your mortgage buy getting a property that has some sort of income coming from it even if its a short term rental.

👉 Learn more about the true impact of buying homes with investment options.

4. 🏗️ Consider Pre-Construction (But Be Cautious)

Presales let you lock in a price today with a smaller deposit and move in later — often 12 to 24 months down the road. That can work well if you’re relocating, building savings, or in no rush.

But not all presales are created equal. Some developers are facing financing challenges, and in August 2025, the Promontory development entered receivership — leaving some buyers in limbo.

Before buying pre-construction:

• Check the developer’s reputation

• Ask about financing and timelines

• Work with a Realtor who knows which projects are solid — and which to avoid

👉 Ask us which pre-construction options are still worth considering

🏷️ For Sellers: What You Need to Know

It’s no longer a red-hot seller’s market. Buyers have more choices — and they’re negotiating harder.

Here’s what the numbers show:

• Only 1.6% of homes sold over asking last month

• The average sold price was 95.9% of list price

• 130+ homes dropped their asking price in a single week

To sell successfully in 2025:

• Price your home strategically

• Highlight income-generating features (like suites or views)

• Work with an agent who understands today’s buyers — especially those relocating

→ Request a free home equity check

🤔 Not Sure Where You Fit?

We’re here to help you figure that out.

Whether you're buying your first home, relocating from out of town, or just want a second opinion, we can help you:

• Understand your buying power

• Review real listings (not just “dream homes”)

• Explore options that match your lifestyle, timing, and budget

📱 Use our free home search app for instant MLS® access:
👉 https://goagent.ca/33DC752D (Access Code: 33DC752D)

📬 Final Thoughts

Kelowna isn’t the most affordable city anymore — but it still offers value, lifestyle, and long-term opportunity.

You don’t need to be rich to buy here. You just need:

• A solid plan

• The right team

• A smart, creative approach

Let’s talk about what’s possible — and get you moving in the right direction.

Mark & Maddie
Selling Kelowna Real Estate Group
📞 778‑744‑0872
📩 [email protected]
📸 Instagram → @sellingkelownabc
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