2025 Year in Review: Kelowna Single-Family Home Market
Merry Christmas and Happy New Year from Mark & Maddie.
We’re truly grateful to have you as part of our community here in the Kelowna real estate market. As 2025 comes to a close, we want to zoom in on single-family homes in the Central Okanagan and explain what the numbers are actually saying — without hype.
Was the Kelowna Market “Dead” in 2025?
Short answer: No.
It was slower, more careful, and more negotiated — but not broken.
2025 in one sentence:
More listings, steadier sales, and buyers finally had real breathing room.
From January to November 2025, there were 1,956 single-family home sales in the Central Okanagan:
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Higher than 2024 (1,723 sales)
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Slightly higher than 2023 (1,834 sales)
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Well below the peak years like 2021 (3,212 sales)
So yes, activity cooled from the “wild years,” but the market did not fall apart.
The Real Story in 2025: High Supply
What made the market feel different was inventory.
Active listings averaged about 1,615 single-family homes through most of 2025:
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Almost the same as 2024
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Much higher than 2022 (~946 listings)
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Far above 2021 (~600 listings)
This level of supply changed buyer behavior — and seller outcomes.
Months of Inventory: The Truth Serum
Months of inventory tells us who has leverage.
In 2025, months of inventory mostly sat between 8–11 months, averaging around 9.3 months. That’s still a buyer-leaning market, but slightly healthier than 2024 (about 10.4 months).
November 2025 example:
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1,349 active listings
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141 sales
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≈ 9.6 months of inventory
That’s why buyers could negotiate — and why pricing strategy mattered so much for sellers.
Days on Market Tell the Same Story
Homes didn’t stop selling — they just took longer.
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2025 median days to sell: ~47 days
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2021 median days to sell: ~21 days
The market didn’t “break.”
It slowed down and became pickier.
Kelowna Single-Family Home Prices: Long-Term vs Short-Term
Looking at monthly median prices (Jan–Nov):
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2015 average median: ~$486,000
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2025 average median: ~$976,000
Over 10 years, single-family home prices in Kelowna are still way up.
But compared to recent highs:
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2022 average (Jan–Nov): ~$1.03M
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2025 average (Jan–Nov): ~$976K
That drop matters. The market stopped handing out “bonus money.”
At the same time:
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2025 prices are higher than 2024 (~$946K)
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Slightly higher than 2023 (~$958K)
That’s quiet price stability, even with elevated inventory.
Bill 44 and the Future of Single-Family Homes
One key shift going forward is Bill 44.
The focus is now on:
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Small-scale multi-family
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Infill density
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Fewer brand-new single-family neighbourhoods
Plain English:
We’re not building many new detached homes anymore.
Over time, that can mean:
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Tighter detached supply
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More pressure on well-located single-family homes
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A price “floor” in strong neighbourhoods
This matters for buyers, sellers, and developers thinking long-term.
Why Investors Stepped Back in 2025
Development and investment activity slowed for many reasons:
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Higher construction costs
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Financing challenges
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Policy changes
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Lower short-term returns
As a result, most buyers in 2025 were end-users, not investors.
That doesn’t mean prices only go up.
Real estate still moves in cycles, not straight lines.
What This Means If You’re Buying in Kelowna
2025 was a smart buyer’s market:
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More choice
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More time
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Real negotiation power
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Ability to be picky about layout, location, and condition
What This Means If You’re Selling in Kelowna
Sellers who did well in 2025:
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Priced correctly from the start
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Presented the home properly
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Understood today’s buyer mindset
Sellers who struggled often:
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Overpriced
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Sat on the market
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Chased the market down with price cuts
Looking Ahead to 2026
The pattern is clear:
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Well-located, well-presented single-family homes still sell
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Homes that feel overpriced for their condition struggle — because buyers have options
If you’re trying to decide whether to sell, buy, hold, or develop, the strategy matters more than ever.
If you’d like help understanding your home’s value, or want to talk through your options in the Kelowna real estate market, just reply to this email.
Mark & Maddie
Selling Kelowna Real Estate Group | eXp Realty Kelowna
📞 778-744-0872
📩 [email protected]
