Kelowna Job Growth and the Economy: What It Means for the Housing Market
The Local Economy Is Not One Simple Story
A lot of people want a clean answer about the Okanagan economy.
Is it booming?
Is it slowing?
Is the housing market safe?
The real answer is more balanced.
Invest Kelowna reported that in Q1 2025, employment rose from 107,600 to 111,067, an increase of more than 3,400 jobs year over year. At the same time, the region’s unemployment rate was 6.4%.
Later, the Regional District said 2025 showed resilience, with housing starts down from 3,790 in 2024 to 2,600 in 2025, but building permit value rising from $1.14 billion to $1.35 billion.
What That Means in Plain English
The economy is not crashing.
But it is also not firing on all cylinders in every area.
That matters for Kelowna real estate because buyers need:
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confidence
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income
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job security
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access to financing
When those things feel mixed, buyers become more careful.
Business Growth Still Helps the Story
Invest Kelowna has also reported more than 34,000 businesses in the Central Okanagan, showing the economy is broader than just one sector.
That matters for people thinking about Living in Kelowna long term.
What This Means for Buyers and Sellers
For buyers
You may have more room to negotiate than in past years.
For sellers
Your home can still sell — but not if it is priced like it is 2021.
For relocators
The region still has a strong lifestyle economy, but job-fit matters more than ever when moving to Kelowna.
Bottom Line
The economy is mixed, but still resilient.
That usually leads to a market where:
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great listings still move
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average listings take more work
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buyers reward value
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Mark Coons, BBA, CE
REALTOR® | eXp Realty Kelowna
Team Lead, Selling Okanagan Group
Relocated to Kelowna in 2018
📞 778-744-0872
📩 [email protected]
