What 5 Years of Buyer Data Tells Us About the New Kelowna Real Estate Market
Over the past five years, the Kelowna real estate market has gone through one of the biggest transformations we’ve ever seen.
The latest Association of Interior Realtors® Buyer Survey lines up with what we’re seeing on the ground — who’s buying, why they’re buying, and where they’re moving have all changed.
After being active in this market for over eight years, we’ve watched these shifts unfold in real time. And the story they tell matters — for home buyers, sellers, investors, and developers planning their next move in the Kelowna housing market.
The Game Has Changed
It’s easy to blame high interest rates for today’s slowdown — but rates are only part of the story.
The way people buy and sell homes in Kelowna has completely evolved.
Recent buyer data shows how important it is to position properties strategically, especially for sellers and builders:
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Investors dropped from 14% to just 5% of buyers since 2020.
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First-time buyers now represent nearly 1 in 4 purchases, their highest share in five years.
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Move-up buyers are using the “slower” market to their advantage — selling smaller homes to first-timers and upgrading while prices remain steady.
This data tells us today’s market is intentional, not impulsive.
People are buying for lifestyle, family, and long-term stability, not short-term speculation.
The New Map of Movement
People are still moving — just differently.
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Local-to-local moves now make up 65% of all transactions.
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Migration from the Lower Mainland and Vancouver Island has dropped to 15%.
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Interest is spreading beyond Kelowna toward Vernon, Coldstream, and Penticton, where affordability and new development opportunities are growing.
For developers and home builders in Kelowna, this means infill and multifamily projects have become key to meeting demand for local buyers who want to stay within the Okanagan Valley.
We’re helping more families right now who are trading up or right-sizing — focused on finding the right home, not just any home.
The Affordability Divide
Government policies aimed at affordability have changed who can buy, not just how much they can afford.
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About 33% of all buyers are purchasing with cash.
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Insured (high-ratio) mortgages now make up 15% of transactions.
This shows a clear split between equity-rich homeowners and determined first-time buyers trying to enter the market.
For sellers, this means understanding buyer motivation and financing is more critical than ever.
For developers, it highlights the growing opportunity in attainable housing and well-located multifamily builds that serve both groups.
And while some predict rising foreclosures, Kelowna’s equity levels remain strong — census data shows nearly 40% of local homeowners are mortgage-free.
The Bottom Line: A Smarter, More Strategic Market
The Kelowna housing market has matured.
It’s more thoughtful, more data-driven, and still full of opportunity for those who adapt.
Whether you’re:
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Selling your home and want to reach the right buyers,
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Buying in Kelowna and want to understand timing and value, or
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A developer or home builder planning your next infill or multifamily project…
Now’s the time to align your strategy with what the numbers actually show.
If you’re planning to move before year-end or making 2026 plans, we’re happy to walk you through what’s working right now — with Kelowna-specific market insights that help you make the smartest move possible.
Ready to talk strategy?
Let’s review your goals and the data that supports them.
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Mark and Maddie Coons
Selling Kelowna Real Estate Group
Tel: 778-744-0872
