Canada’s Best August Since 2021 — What It Actually Means for Kelowna Real Estate
Kelowna real estate isn’t the national market. While Canada just recorded its strongest August since 2021, the Okanagan story is more nuanced. Here’s what the latest CREA data means for buyers and sellers in Kelowna, West Kelowna, Lake Country, and Peachland—and how to move wisely this fall.
The National Snapshot (CREA)
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Sales ↑ 1.1% month-over-month (August)
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Sales ↑ 1.9% year-over-year
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National average price: $664,078 (↑ 1.8% y/y)
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Months of supply: 4.4 (tightest since January)
But: Gains aren’t uniform. BC dipped -1.3% y/y, while Saskatchewan, Manitoba, and Quebec posted double-digit growth. Much of the “best August” headline is being pulled by more affordable regions.
The Okanagan Reality: Steady, Selective, and Different
Central Okanagan August sales (all property types):
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2025: 361
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2024: 317
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2023: 359
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2022: 388
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2021: 533 (peak)
That’s four years of flat, steady volumes (317–388 range) since the 2021 peak—not a breakout. Townhomes/half-duplexes softened in August (56 sales, down from 75 in July). Translation: balanced conditions, with more negotiation room in condos and townhomes.
Why Outside Markets Matter to Kelowna (Feeder Effect)
Kelowna isn’t a bubble—it’s a lifestyle market influenced by migration and equity built elsewhere.
Image above taken from Association of Interior Realtors home buyer survey August 2021
During August 2021 (record month):
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47% buyers were local
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25% Lower Mainland
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11% Alberta
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7% other BC
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2% SK/MB
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5% Maritimes
As of July 2025: ~69% local, 14% Lower Mainland, 7% Alberta.
Image above taken from Association of Interior Realtors home buyer survey July 2025 (August 2025 is not available yet)
When Saskatchewan/Manitoba/Quebec strengthen, equity moves—and Kelowna is a prime destination for that capital. That’s exactly what our condo/townhome segment needs to clear inventory.
What This Means Right Now
For Sellers (Kelowna, West Kelowna, Lake Country, Peachland)
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Price to the market, not the headline. Overpricing = sit time + price cuts.
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Leverage balance. Well-priced homes still attract serious buyers.
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Segment strategy: If you’re listing a townhome/condo, expect savvy buyers and negotiate from data (recent comps, DOM, incentives).
For Buyers
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Window open (but narrowing). Balanced inventory + negotiability today.
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If national momentum + feeder equity continue, local inventory can tighten.
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Focus on value: legal suites, rental flexibility, low-maintenance strata, proximity to schools, hospital, UBCO, transit, and amenities.
Seasonal Pulse: Why Fall Matters Here
August isn’t a perfect Kelowna bellwether (smoke, travel, holidays). September–October typically brings serious buyers back. If the Bank of Canada nudges confidence with cuts, expect activity to re-accelerate into Q4.
Bottom Line for Kelowna
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Canada: Momentum up, supply tightening.
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Kelowna: Steady, selective, balanced—opportunity for both sides.
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Regionals: Rising SK/MB/QC activity is a future tailwind for the Okanagan.
If you’re selling, price smart and be prepared to negotiate terms.
If you’re buying, don’t assume this window lasts—shop now while selection + leverage exist.
Quick FAQs
Is Kelowna following Canada’s August surge?
Not directly. The Okanagan is steady and balanced, with pockets of negotiability—especially condos/townhomes.
Will outside provinces affect Kelowna demand?
Likely yes. As buyers build equity in SK/MB/QC (and with Lower Mainland/Alberta still active), migration can lift local absorption.
Best time to buy in Kelowna?
When inventory is balanced and rates/terms are negotiable—right now fits that profile for many segments.
Best strategy to sell this fall?
Price to the last 30–60 days, not 2021. Tighten presentation, offer flexible terms, and target local + feeder audiences.
Mark & Maddie
Selling Kelowna Real Estate Group | eXp Realty
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