Living in Kelowna: Is Population Growth Still Driving the Real Estate Market?
Why This Matters for Kelowna Real Estate
If you are watching Kelowna real estate right now, one of the biggest questions is simple: are more people still moving here?
The answer is yes.
CMHC’s Kelowna dashboard shows the metro population reached 251,648 in 2024, while net migration into the area was 6,022 people in that same year. That tells us the region is still attracting new residents, even though the market is not as wild as it was a few years ago.
Why Living in Kelowna Still Attracts People
There is a reason people keep searching for Living in Kelowna.
People are drawn to:
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the lake
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the wineries
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four-season lifestyle
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access to hiking, golf, and skiing
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a city that still feels more relaxed than larger urban centres
That mix of lifestyle and growth is a big reason moving to Kelowna stays top of mind for buyers from other parts of B.C. and Canada. This is also part of why nearby areas like West Kelowna and Lake Country continue to benefit from spillover demand. That is an inference based on the region’s ongoing migration and growth trends.
How Much More Housing Will Kelowna Need?
The City of Kelowna says about 44,580 new homes will be needed to address existing shortages and future growth, and a 2025 OCP update rounded that to roughly 45,000 homes between 2021 and 2041.
That is a huge number.
It tells us two important things:
1. Growth is not just a short-term story
Kelowna is still planning for long-term demand.
2. More construction does not automatically mean oversupply
Even with cranes and new developments, the long-term need is still large.
What This Means for Buyers and Sellers
For buyers, this means Kelowna homes for sale are part of a market that still has long-term support behind it.
For sellers, it means demand is still there — but it is more selective now. Buyers are not just buying because Kelowna is popular. They are comparing value, location, and product more carefully.
Best Areas to Watch
If you are researching Living in Kelowna, also watch:
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West Kelowna for value and newer suburban inventory
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Lake Country for lifestyle and space
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central Kelowna for walkability and convenience
Bottom Line
Yes, population growth is still a major real estate trend in the Okanagan.
That does not mean prices only go up. But it does mean Kelowna still has a strong long-term story compared with places that are flat or shrinking.
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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]
