How Buyers Saved $130,000 in Today’s Kelowna Real Estate Market
What if you could save $130,000 on a home purchase—would you do it? That’s exactly what happened in Kelowna last week, and it’s proof of the negotiation power buyers have right now in the Okanagan housing market.
With more listings hitting the market, sellers are increasingly open to making deals. If you’re buying a home in Kelowna, this is one of the best times to act. Let’s break down the latest numbers and what they mean for you.
View the full video below.
Kelowna Real Estate Market Snapshot – Week of September 15
Over the last 7 days:
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103 homes sold
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297 new listings hit the market
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155 price decreases
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157 canceled listings
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51 expired listings
That means nearly 300 listings came off the market while almost the same amount came on. Inventory is starting to shrink, which creates unique opportunities for buyers.
Price Drops and Negotiation Power
Sellers across Kelowna are making serious price reductions, ranging from 1.8% to as much as 8%. When homes sit on the market for 100+ days, motivated sellers are often willing to accept lower offers.
📍 Example:
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A West Kelowna property listed at $1.2M eventually sold for $1,070,000 — a savings of $130,000 for the buyer.
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Another home originally listed at $1.1M sold for $980,000 after 120 days on the market.
If you’re a buyer, now is the time to make offers and test seller motivation.
Current Average Home Prices in Kelowna
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Single-family homes: Around $1M
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Townhomes: ~$710,000
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Apartments/condos: ~$480,000–$500,000
High-end waterfront properties are still selling (some in the $3–$5M range), but the strongest negotiation opportunities are often in the $800K–$1.2M bracket.
Interest Rates and Buyer Timing
The Bank of Canada is expected to cut interest rates again this week (0.25%–0.5%). Lower borrowing costs could bring more buyers back into the market. Acting before demand spikes could give you an edge.
Supply and Demand in Focus
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Total active listings peaked in June at 3,600 and are now down to around 3,300.
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Townhome inventory peaked in April and has been trending flat since.
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Apartment supply has eased slightly, with ~100 fewer listings since June.
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Homes under $1M continue to move the fastest, especially with first-time buyers and downsizers entering the market.
This balance of sticky prices, motivated sellers, and shifting supply makes fall a strategic window for buyers.
City Growth and Development Trends
Kelowna’s City Council recently approved new plans to expand urban centres like Downtown, Pandosy, Capri, and Midtown. Nearly 40% of new residential building permits between 2021–2024 are in these hubs, fueling demand for both condos and mixed-use housing.
This aligns with national housing trends, where demand is outpacing new supply. Across Canada, over 3 million homes need to be built by 2035 to keep up with population growth—Kelowna is no exception.
Why This Matters for Buyers and Sellers
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For buyers: You have leverage right now. Properties sitting 100+ days are ripe for negotiation.
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For sellers: Pricing competitively is critical. Motivated sellers are finding buyers, but overpricing often leads to extended days on market and eventual reductions.
Final Thoughts
The Kelowna real estate market is shifting, and the next few months could present the best opportunities buyers have seen in years. With interest rates easing, motivated sellers, and shrinking inventory, waiting on the sidelines could mean missing your chance.
👉 Ready to explore homes for sale in Kelowna or West Kelowna? Let’s connect and find the right opportunity for you.
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Mark and Maddie Coons
Selling Kelowna Real Estate Group
Tel: 778-744-0872
