Kelowna Real Estate Market Update – December 2025
The Kelowna real estate market in 2025 was a year of adjustment. Inventory rose, sales slowed, and buyer behavior shifted — yet home prices remained historically strong. While national headlines focused on housing corrections in Toronto and Vancouver, Kelowna told a different story.
Here’s a clear breakdown of what happened in the Kelowna housing market in 2025, what it means right now, and how buyers, sellers, and developers should be thinking heading into 2026.
Kelowna Real Estate Market Overview (2025 by the Numbers)
At a high level, the Kelowna market saw more supply and less urgency, but not a major price correction.
2025 Kelowna Housing Market Snapshot:
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Total Sales: 4,311
(~21% below the 10-year average) -
New Listings: 11,953
(~13% above the 10-year average — includes relists, not just new inventory) -
Average Inventory: 3,541 homes
(~37% above the 10-year average) -
Months of Inventory: ~10
(A balanced market is ~6.6 months) -
Average Sold Price: ~$858,000
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Median Sold Price: ~$742,000
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Median Days to Sell: ~51 days
(Slower than the historical ~41-day average)
The takeaway:
There were more homes for sale and fewer buyers, which slowed sales activity — but prices largely held.
What This Really Means for Kelowna Buyers and Sellers
Even though 2025 felt like a buyer’s market, it was not a cheap one.
The median Kelowna home price of $742,000 is:
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Only about 3% below the 2022 market peak
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Still roughly 55% higher than the 2016–2019 pre-boom average (~$479,000)
For Kelowna Home Buyers
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More selection than in recent years
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More room to negotiate
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Fewer bidding wars
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Best conditions since before 2020, especially in condos and townhomes
For Kelowna Home Sellers
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Pricing accuracy matters more than ever
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Overpriced listings sit
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Well-priced homes still sell, even in slower conditions
Is the Kelowna Real Estate Market Crashing?
Despite the headlines, Kelowna is not experiencing a housing crash.
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Sales in 2025 increased compared to 2024
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Activity remains below long-term averages
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National sentiment is heavily influenced by Toronto and Vancouver, but Kelowna behaves differently
Kelowna’s limited land supply, lifestyle appeal, and continued population growth continue to support prices — particularly for single-family homes and townhomes.
How Different Property Types Performed in Kelowna
Not every segment of the market behaved the same in 2025. Understanding these differences creates real opportunities.
Single-Family Homes in Kelowna
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Total Sales (2025): 2,084
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Year-over-Year Increase: +12.8%
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Months of Inventory: ~9
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December 2025 Median Price: $911,000
Why this matters:
Single-family homes saw a clear rebound in 2025. According to CMHC, only about 5% of new construction supply is currently single-family homes, which means existing inventory is likely to continue being absorbed.
➡️ Heading into 2026, buyers may see fewer choices and more competition in this segment.
Townhomes in Kelowna
Townhomes quietly remained one of the healthiest segments of the market.
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Sales have increased gradually since 2022
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December 2025 Median Price: $622,500
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Months of Inventory: ~8
Townhomes appeal to:
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First-time buyers
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Downsizers
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Buyers priced out of detached homes
This keeps demand relatively stable even in slower markets.
Condos and Apartments in Kelowna
Condos were the softest segment in 2025.
This part of the market has been impacted by:
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Short-term rental restrictions
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Changes to tenancy laws
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Reduced investor participation
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A surge in apartment construction
CMHC reports that approximately 88% of new construction is apartments, and many would-be buyers are choosing to rent instead.
December 2025 Apartment Market Stats:
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Median Price: $398,750
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Months of Inventory: ~14 (buyer-favoured)
➡️ Condos currently offer the most negotiating power for buyers.
Opportunities Created by This Market
Because segments are moving at different speeds, strategy matters more than timing.
Downsizers
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Sell in a stronger segment (single-family)
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Buy in a softer segment (condos or townhomes)
Upsizers
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Less competition at higher price points
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Improved negotiating power compared to peak years
First-Time Buyers
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More listings to choose from
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Less pressure to rush
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Important to watch mortgage rates and future supply tightening
Developers & Builders: Kelowna Infill and Multifamily Outlook
For Kelowna developers and home builders, 2025 reinforced several key trends:
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Long-term housing demand remains strong
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New single-family construction is limited
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Some risk of oversupply in certain apartment submarkets
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Townhomes and small-scale infill multifamily projects continue to perform well
Infill projects in established Kelowna neighbourhoods often outperform large apartment developments due to:
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Scarcity
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End-user demand
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Zoning changes and provincial density policies
December 2025 Kelowna Real Estate Stats (Month-over-Month)
All Property Types:
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Sales: ⬇️
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New Listings: ⬇️
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Inventory: ⬇️
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Median Sale Price: ⬆️ $731,000
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Average Sale Price: ⬆️ $893,149
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Months of Inventory: ➡️ 11
What to Watch in the Kelowna Real Estate Market in 2026
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Continued absorption of single-family inventory
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Ongoing softness in condos
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Limited new low-density housing supply
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Buyers and sellers adjusting to the “new normal”
The market appears to be slowly turning, but conditions will continue to vary significantly by property type and price range.
Frequently Asked Questions About Kelowna Real Estate
Is now a good time to buy a home in Kelowna?
For many buyers, yes. There is more choice and negotiation power than in recent years, especially for condos and townhomes.
Will Kelowna home prices drop in 2026?
A major drop is unlikely due to supply constraints, particularly for single-family homes.
Is Kelowna a good place to invest in real estate?
It depends on the asset class. Condos face challenges, while townhomes and infill developments remain attractive.
What is the strongest real estate segment in Kelowna right now?
Single-family homes and townhomes are currently outperforming condos and apartments.
Mark & Maddie | Personal Real Estate Corporation | BBA | CE
Team Lead, Selling Okanagan Group — REALTOR® | eXp Realty Kelowna
Relocated to Kelowna in 2018
778-744-0872 | [email protected]
