Kelowna Condo Market: Which Buildings Are Holding Value?

Kelowna Condo Market: Why Some Buildings Are Up While Others Are Down

The Average Kelowna Condo Number Is Not Enough Anymore

Saying “Kelowna condos are down” sounds simple.

But it is also too lazy.

The better question is: which building are we talking about?

If you own a condo in Kelowna, the average market number may not tell you what your unit is worth. Some buildings are still above their 2021–2022 peak. Others are down double digits.

That is why Living in Kelowna as a condo owner now requires a deeper look.

Not just city-wide averages.

Not just headlines.

Not just what your neighbour thinks their unit is worth.

You need to know how your specific building is performing.

Quick Answer: Are Kelowna Condos Up or Down?

The honest answer is: both.

Some Kelowna condo buildings have gained value since the 2021–2022 peak. Others have pulled back.

That is the point.

The Kelowna condo market is not one single market anymore. It is a collection of smaller building-level markets.

A modest, well-run building in a practical price range may be holding very well.

A higher-priced downtown tower that peaked at a large price per square foot may be under more pressure.

So when someone asks, “How is the Kelowna condo market?” my answer is usually:

Show me the building.

Why Building-Level Condo Data Matters

For condo owners, your value is not based only on the average condo price.

Your value depends on:

• Building-by-building price per sq. ft.
• 2021–2022 peak price vs. today
• Sales volume in that building
• Days on market
• Sold-to-list ratio
• Strata fees
• Insurance
• Depreciation report
• Reserve fund
• Floor plan
• View
• Parking and storage
• Buyer demand for that specific location

That is why Kelowna real estate advice has to be more specific now.

A condo in downtown Kelowna is not the same as a condo in Glenmore, Rutland, Lower Mission, West Kelowna, or Lake Country.

Even two buildings on the same street can perform differently.

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The 2021–2022 Peak Still Shapes Today’s Condo Market

A lot of condo owners are still anchored to 2021 and 2022 prices.

That makes sense.

Those years were strong. Buyers were active. Interest rates were lower. Investors were confident. Many people believed values would keep moving one way.

Up.

But today’s market is different.

Borrowing costs are higher. Buyers are more careful. Investors are running the math harder. Strata documents matter more. Monthly carrying costs matter more.

That does not mean every condo is down.

It means the market is more selective.

And for people Living in Kelowna, that selectiveness matters.

Four Kelowna Condo Buildings That Show the Real Story

Here are four building examples that help explain why averages can mislead.

These are based on price per square foot from the 2021–2022 peak compared with more current sales data.

This is where the market gets interesting.

A 1977 building is up 41%.

A 2006 building is up 29%.

At the same time, a newer downtown building is down 18% from peak pricing.

Another downtown building is down 15%.

So the lesson is not:

Old good. New bad.

That would be too simple.

The real lesson is:

The Kelowna condo market is building-specific.

Why 1915 Pacific Court Held Value So Well

1915 Pacific Court is a great example of why older does not always mean weaker.

At the peak, the building was around $264 per sq. ft.

Today, it is around $374 per sq. ft.

That is a 41% increase.

Why can that happen?

Because lower-priced, practical buildings often start from a more reasonable base. When buyers are more cautious, affordability matters. Monthly payments matter. Useful space matters.

For some buyers Living in Kelowna, a modest building with a better price point can make more sense than a flashy new tower with a higher monthly cost.

Why 515 Houghton Road Is Another Resilience Example

515 Houghton Road tells a similar story.

Its peak price was around $309 per sq. ft.

Today, it is around $399 per sq. ft.

That is a 29% increase.

This shows that some mid-market buildings have performed better than people might expect.

They may not get the same attention as waterfront towers, but they can offer what many buyers want:

• Better affordability
• Practical layouts
• Lower entry price
• More usable square footage
• Strong owner-occupier appeal

That matters in today’s Kelowna real estate market.

Why 1471 St Paul Street Shows the Other Side of the Market

Now look at 1471 St Paul Street.

This building peaked around $952 per sq. ft.

Today, it is around $779 per sq. ft.

That is an 18% decline from peak pricing.

Does that mean the building is bad?

No.

It means the peak price was high.

When buyers were confident and money was cheaper, some downtown condos traded at very high price-per-square-foot numbers. Today, buyers are more careful. They are comparing monthly payments, strata fees, rental rules, and resale risk.

A good building can still be under pressure if the original peak price was too aggressive.

Why 1088 Sunset Drive Also Pulled Back

1088 Sunset Drive also shows pressure from peak pricing.

At the peak, it was around $624 per sq. ft.

Today, it is around $533 per sq. ft.

That is about a 15% drop.

This is another reminder that premium buildings can be more sensitive when the market shifts.

The higher the starting point, the more buyers question the value.

For condo owners, this is important.

If you own in a premium building, your pricing strategy has to reflect today’s buyer math — not just the best sale from 2021 or 2022.

What Sales Volume Tells Us

Sales volume matters because one sale does not make a market.

A single sale can be affected by:

• A renovated unit
• A distressed seller
• A buyer who overpaid
• A superior view
• Extra parking
• A poor floor plan
• A special circumstance

That is why the best building-level analysis should use enough sales to avoid bad conclusions.

The data set used for this type of comparison was filtered to buildings with at least five sales in each comparison window, which makes the price-per-square-foot trend more reliable.

But before pricing an individual condo, I would still pull the most recent active, pending, sold, expired, and cancelled listings from Matrix.

That gives the clearest picture of what buyers are doing right now.

Days on Market Shows Buyer Confidence

Days on market is one of the best signs of buyer confidence.

If units in your building are selling quickly, that usually tells us buyers trust the price, the building, and the location.

If units are sitting, buyers may be hesitating.

That hesitation could be caused by:

• Price
• Strata fees
• Building condition
• Too much competition
• Weak floor plans
• Rental restrictions
• Insurance concerns
• Poor presentation

Across the broader condo market, buyers are taking longer to make decisions than they did during the peak.

They are looking.

They are comparing.

They are negotiating.

They are not rushing.

That matters if you are selling.

Sold-to-List Ratio Shows Negotiation Room

Sold-to-list ratio tells us how close properties are selling to their asking price.

In parts of the current Okanagan market, sale-to-list ratios around the 96% to 97% range suggest many buyers are negotiating roughly 3% to 4% below list price.

That is not a crash.

But it is also not a seller-dominated market.

It means pricing properly matters.

If you list too high, buyers may not even write an offer. They may just move on to the next condo.

For people searching Kelowna homes for sale, choice matters.

And when buyers have more choice, overpriced listings get exposed faster.

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The Market Did Not Crash. It Got Smarter.

This is the key point.

The Kelowna condo market did not simply collapse.

It sorted.

Buyers are asking better questions now.

They want to know:

• Is the strata healthy?
• Are fees reasonable?
• Is there a depreciation report?
• Are major repairs coming?
• Is the reserve fund strong?
• Does the building allow rentals?
• What are the rules around short-term rentals?
• Is the price supported by recent sales?

That is a healthier market in many ways.

It is not as easy.

But it is more honest.

What This Means for Kelowna Condo Owners

If you own a condo in Kelowna, your building may be performing better than the headlines suggest.

Or it may not be.

That is why pricing your condo based on broad averages can be risky.

Before listing, you should know:

• How your building has performed since the 2021–2022 peak
• What similar units have actually sold for
• How many active listings are competing with you
• How long units are taking to sell
• Whether buyers are paying strong prices per sq. ft.
• Whether your strata fees are helping or hurting value
• Whether your floor plan is still in demand

For condo owners Living in Kelowna, this is the information that matters.

Not the average.

The building.

What This Means for Buyers Moving to Kelowna

If you are moving to Kelowna, this market can create opportunity.

But you need to be careful.

The cheapest condo is not always the best deal.

A lower-priced unit in a weaker building can cost more over time if fees rise, repairs are coming, or resale demand is thin.

A more expensive condo in a stronger building may actually be the safer purchase.

That is why Living in Kelowna is not just about finding a nice view or a good location.

It is about understanding the full ownership picture.

[Image Placeholder: Suggested royalty-free photo of a couple reviewing condo listings on a laptop near a window]

What About West Kelowna and Lake Country Condos?

Buyers are not only looking in downtown Kelowna.

Some are comparing West Kelowna for value, views, golf, wineries, and lake access.

Others are looking at Lake Country for newer communities, trails, schools, and a quieter version of the Okanagan lifestyle.

That means every condo building needs to be judged in context.

A downtown buyer may care about walkability.

A West Kelowna buyer may care about views and space.

A Lake Country buyer may care about lifestyle, newer construction, and access to both Kelowna and Vernon.

The buyer profile matters.

Why Online Estimates Can Be Misleading

Online estimates can miss the most important details.

They may not know:

• Your view
• Your floor level
• Your renovation quality
• Your parking stall
• Your storage locker
• Your building’s recent sales
• Your strata documents
• Your current competition

That is why a proper condo valuation should be reviewed by a person who understands the local building-level market.

A computer may see a condo.

A local market review sees the building.

FAQ: Kelowna Condo Market Questions

Are Kelowna condos down from the peak?

Some are. Some are not. The better question is how your specific building has performed since the 2021–2022 peak.

Are older condo buildings riskier?

Not always. Some older buildings have held value very well. The key is reviewing strata documents, maintenance history, depreciation reports, reserve funds, insurance, and upcoming repairs.

Are newer condos safer?

Not automatically. Newer condos may offer modern design and amenities, but if the original price was too high, resale values can still come under pressure.

What is the best way to price a Kelowna condo?

Start with recent sales in the same building. Then compare similar buildings nearby. Review price per sq. ft., days on market, sold-to-list ratio, active competition, condition, view, parking, storage, and strata health.

📥 Download our free Kelowna Home Buyer’s Guide today.

Final Thoughts: The Right Building Still Wins

The Kelowna condo market is not one simple story.

Some buildings are up.

Some are down.

Some are flat.

Some are quietly stronger than people think.

That is why the average market number is not enough anymore.

If you are Living in Kelowna, thinking about selling, or comparing condos across Kelowna, West Kelowna, and Lake Country, you need building-level data.

The better question is not:

“Are Kelowna condos up or down?”

The better question is:

“How is this building performing?”

That is where the real answer is.

Ready to Understand What Your Condo Is Worth?

If you own a condo in Kelowna, your building may be stronger than you think.

Or it may need a more careful pricing strategy.

Mark & Maddie can help you review your building, your competition, recent sales, price per sq. ft., buyer demand, and your best next move.

Contact Mark & Maddie for Kelowna real estate help today.

Phone: 778-946-6454
Email: [email protected]

Mark Coons Personal Real Estate Corporation, BBA, CE
Team Lead, Selling Okanagan Group
eXp Realty Kelowna
Relocated to Kelowna in 2018