Kelowna Condo Market 2025: Full Year Review + What the Next 5–10 Years Really Look Like
As we wrap up 2025, it’s a good time to look at the Kelowna condo market and see what the last 10 years of data tell us about the next decade.
This isn’t hype — just a clear, honest breakdown for buyers, sellers, and developers watching the Kelowna real estate market and the Okanagan housing trends.
2025 in One Line:
Lots of condo choice. Slow… but not dead.
During the boom years (2020–2021), you’d find 40–90 active 1-bedroom listings.
In the 2023–2025 market, we’ve been sitting closer to 120–186 listings.
➡️ More than double the supply.
➡️ More time and leverage for buyers.
➡️ More strategy needed for sellers.
It feels slow only because it’s slower than the peak — not because nothing is selling.
Consumer habits shifted faster than developers could build, and condos take 5–10 years from concept to completion. That delay shapes everything happening today.
Sales & Months of Inventory: A Reset, Not a Crash
Breaking down condos by bedroom type shows the same story:
Sales are back to normal.
Inventory is much higher.
That’s what’s creating today’s buyer’s market.
1-Bedroom Condos: Demand Back to Normal
Sales Trend (10-Year View)
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2015–2017: 25–30 sales/month (healthy)
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2020–2021: 35–40/month (COVID surge)
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2023: 10–20/month (slowest year)
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2024–2025: 15–25/month (stabilizing)
Months of Inventory (MOI)
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2023–2025: 8–12+ months → deep buyer’s market
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Late 2025 example: 150 listings / 14 sales = 10.7 MOI
➡️ More days on market
➡️ More price reductions
➡️ More room for negotiation
2-Bedroom Condos: The Most Volatile Segment
Sales Trend
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2015–2017: 80–120 sales/month
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2020–2021: 100–180/month (peak)
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2023: 30–80/month (big slowdown)
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2024–2025: 50–90/month (steady but soft)
MOI
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2023–2025: 6–10+ months
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Late 2025 example: 471 listings / 51 sales = 9.2 MOI
This is the category shaping the whole story — lots of supply, slower absorption.
3-Bedroom Condos: Niche and Very Sensitive
Sales Trend
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2015–2019: 3–10 sales/month
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2020–2021: 10–35/month (big jump)
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2023: 4–11/month
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2024–2025: 6–14/month (steady, but low)
MOI
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2023–2025: 10–15+ months
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Late 2025 example: 95 listings / 9 sales = 10.5 MOI
This segment slows the fastest when confidence drops.
What About Prices?
Short Answer: Prices are down from the peak, but nowhere near a crash.
Kelowna Average Condo Price (All Units)
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~Mid-$200s in 2015
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~Mid-$300s in 2019
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~Mid-$500s peak in 2022
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~Mid-$400s in 2025
What That Means
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Down 10–12% from peak
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Up ~8% vs 2021
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Up ~100% vs 2015
This is a cycle reset, not a return to 2015 pricing.
By Bedroom Type
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1-bedrooms: Most stable
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2-bedrooms: Moderate softening
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3-bedrooms: Heaviest pressure
Why Buyers Are Choosing Resale Over New Builds
Most real end-users want:
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Bigger floor plans
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Reasonable strata fees
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Good parking and storage
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Homes that feel “livable,” not micro-hotel units
Many 2018–2022 buildings were made for investors, not long-term living.
Now that investors stepped back, resale condos offer better value for most people.
The Big Story Developers Should Pay Attention To:
88% of New Homes Being Built in Kelowna Are Rentals
This matters for everyone:
Buyers
Future condo supply will be limited.
Sellers/Owners
Less future competition = stronger long-term value.
Developers & Builders
Purpose-built rental makes more financial sense under today’s fees and financing.
This is exactly why infill multifamily projects are shifting away from strata.
Why So Many Projects Go Rental (DCCs + Costs)
Kelowna DCC Costs Today
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~$27K–$28K per unit in the core
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~$38K–$39K per unit in high-cost areas
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Average: low–mid $30Ks per unit
A 100-unit building = $3.3M+ in DCCs before you even start construction.
Add:
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High land prices
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Construction costs
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Parking
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Amenities
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Design + engineering
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High mortgage rates
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Red tape
And developers say:
➡️ “Rental is safer than condo presale in 2025.”
Building Permits Show the Future: A Coming Condo Shortage
2021–2023:
Record highs — over $1 billion per year, hitting $1.76B in 2023.
This is the big wave of supply we’re feeling now.
2024:
Permits collapsed to $646M — less than half.
2025:
Better, but still far below peak.
Meaning:
Short-term: More listings.
Medium-term: Fewer completions.
Long-term: Resale condos tighten again.
We are not “overbuilt forever.”
We are just digesting the last cycle.
2026–2030 Outlook: Simple and Honest
Short Term (2026–2027)
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Lots of listings
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Strong buyer leverage
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Prices likely flat to soft if rates stay high
Long Term (5–10 Years)
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Population keeps growing
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Most new construction = rentals
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Strata condo supply stays low
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Resale market tightens
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Long-term owners still win
If you're a buyer, the next 12–24 months may be one of the best buying windows in years.
If you're a seller, this is strategy time — not panic time.
Want Help With Your Situation?
Every condo building, floor plan, and location tells a different story.
If you're:
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Buying your first condo
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Debating hold vs sell
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Downsizing or upsizing
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A developer planning an infill multifamily build
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Or just want your building’s real market value
You can reach out anytime.
👉 Browse today’s condos for sale:
https://sellingkelownarealestate.com/home-search/listings
FAQs
Is the Kelowna condo market crashing?
No. Prices are down from the 2022 peak but still far above 2015 levels.
This is a market reset, not a crash.
Is now a good time to buy a condo in Kelowna?
Yes — if you want choice, negotiating power, and softer pricing.
Inventory is high and buyers have leverage heading into 2026.
Is now a bad time to sell a condo in Kelowna?
Not necessarily.
Homes are still selling, but pricing and presentation matter more.
A good strategy can outperform the general market.
Why are so many new buildings in Kelowna rentals?
High DCCs, high construction costs, and high interest rates make rentals safer for developers.
CMHC programs also favour purpose-built rental.
Will condo supply tighten again?
Most likely yes.
Building permits dropped sharply in 2024–2025, meaning fewer new condos will be completed later this decade.
Are resale condos better value than new builds right now?
For many buyers, yes.
Resale units offer bigger layouts, lower fees, and more livable designs than many 2018–2022 investor-style micro-units.
What neighborhoods in Kelowna have the best condo opportunities?
It changes weekly, but strong areas often include:
Downtown Kelowna, Lower Mission, University District, and Glenmore — depending on your price range and goals.
