What Buyers Are Actually Buying

What Buyers Are Actually Buying in the Okanagan Real Estate Market Right Now

Buyers Are Not Gone. They Are Just More Careful.

One of the biggest myths in today’s Okanagan real estate market is that buyers have disappeared.

They have not.

Buyers are still out there.

But they are acting differently than they did during the faster markets of 2020, 2021, and early 2022.

They are taking more time.
They are comparing more homes.
They are watching prices closely.
They are thinking about monthly payments.
They are asking better questions.
They are not rushing into homes that feel overpriced.

That does not mean homes are not selling.

They are.

But the homes that are selling usually have one thing in common:

They make sense.

They make sense for the price.
They make sense for the location.
They make sense for the lifestyle.
They make sense for the buyer’s budget.
They make sense compared to the other homes on the market.

That is the key.

In this market, buyers are not just buying homes.

They are buying value, lifestyle, and confidence.

The Okanagan Market Is Split

The Okanagan real estate market is not one simple market right now.

Some homes are moving quickly.
Some homes are sitting.
Some sellers are getting strong activity.
Some sellers are not getting many showings.

In May 2026, the Central Okanagan market had:

• 443 sales

• 1,070 new listings

• 3,530 active listings

• 8 months of inventory

• 59 average days to sell

• 38 median days to sell

• $748,000 median sale price

• $852,618 average sale price

Those numbers show a market with choice.

Buyers are not desperate. They have options.

But that does not mean every buyer has unlimited power.

Well-priced homes are still moving. Entry-level homes are getting attention. Lifestyle properties are still attracting buyers. And some areas are performing better than others.

So the better question is not, “Are buyers buying?”

The better question is:

What are buyers choosing?

Buyers Are Chasing Value

The first thing buyers are looking for right now is value.

That does not always mean cheap.

It means the home feels worth the money.

A buyer may still pay a strong price if they can clearly see why the home is worth it.

But if a home feels overpriced compared to similar options, they may move on quickly.

That is why older single-family homes between roughly $800,000 and $1 million are still an important part of the market.

Many of these homes were built in the 1980s and 1990s. They may not always be brand new or fully modern, but they often offer things buyers still care about:

• More space

• Larger lots

• Mature neighbourhoods

• Better layouts for families

• Suite potential

• Renovation upside

• More value than some newer homes

For many move-up buyers, this segment makes sense.

They may not want to stretch into a much higher price point. But they still want a real house, a yard, and enough space for their family.

When these homes are priced well, they can still move.

In some cases, homes in this range are selling in about 38 days, which shows that buyers will act when the value is clear.

Buyers Are Chasing Lifestyle

The second thing buyers are still buying is lifestyle.

This is a major reason people move to the Okanagan in the first place.

They want more than four walls and a roof.

They want the life that comes with the home.

That could mean:

• A lake view

• A quiet street

• Walkability

• A pool

• A larger yard

• A suite for family or income

• Access to beaches

• Access to trails

• A better school area

• A newer home with less maintenance

• A neighbourhood that fits their stage of life

This is why areas like South East Kelowna, Kettle Valley, and Black Mountain have seen stronger activity.

These areas are different, but they all offer something buyers can picture.

South East Kelowna can offer space, rural feel, orchards, privacy, and larger properties.

Kettle Valley can offer schools, family-friendly streets, trails, parks, and Upper Mission lifestyle.

Black Mountain can offer views, newer homes, golf nearby, and better value compared to some other newer-home areas.

These are not just properties.

They are lifestyles.

And buyers will still move when the lifestyle and price line up.

Buyers Are Looking for Affordability

Affordability is still one of the biggest forces in the market.

Even when buyers want more space, the monthly payment matters.

This is why entry-level apartments under $400,000 are getting attention.

For many first-time buyers, this may be the most realistic path into the market.

Detached homes may be too expensive.
Newer townhomes may be too expensive.
Larger condos may be too expensive.

So buyers are looking for a starting point.

That starting point may be an older apartment, a smaller condo, or a unit in a building that is not perfect but still allows them to enter the market.

These buyers are not always looking for their forever home.

They are looking for the first step.

And in a market where rent is still expensive, ownership can become attractive again if the numbers make sense.

Older Townhomes Under $500,000 Are Getting Attention

Townhomes are also part of the affordability story.

In May 2026, the townhome market was mixed overall, but older townhomes under $500,000 were one of the faster-moving parts of the segment.

That makes sense.

A townhome can offer more space than an apartment, but at a lower price than a detached home.

For some buyers, it is the middle ground.

They may want:

• More bedrooms

• A small yard

• More storage

• A better layout for kids or pets

• A garage or carport

• Lower maintenance than a detached home

This is especially important for young families, first-time buyers, and buyers who need more space but cannot afford a single-family home.

The trade-off is that older townhomes may come with older finishes, higher strata fees, or upcoming maintenance.

So buyers still need to do their homework.

But the demand makes sense.

When affordability is tight, practical homes get attention.

Buyers Are Paying Attention to Monthly Cost

Buyers are not just looking at the sale price.

They are looking at the full monthly cost.

That includes:

• Mortgage payment

• Property taxes

• Strata fees

• Insurance

• Utilities

• Maintenance

• Renovation costs

• Potential special levies

• Rental income if there is a suite

This matters because two homes with the same purchase price can feel very different once the monthly cost is included.

For example, a condo with a lower price but very high strata fees may not feel as affordable as it first looks.

A single-family home with a suite may feel more manageable because the rental income helps offset the payment.

A newer home may cost more upfront but could have lower maintenance costs.

An older home may be cheaper but need updates.

This is why buyers are being more careful.

They are not only asking, “Can I buy it?”

They are asking:

Can I comfortably carry it?

That is a much smarter question.

Buyers Are Comparing Everything

In a slower or more balanced market, buyers compare more.

They compare price.
They compare condition.
They compare location.
They compare days on market.
They compare what recently sold.
They compare what else they can buy.

This is why sellers need to be realistic.

Your home is not being judged in isolation.

It is being judged against every other option the buyer can see.

If a buyer is looking at homes between $850,000 and $950,000, they may compare homes in several areas.

They may look at Black Mountain, Glenmore, Rutland, Shannon Lake, West Kelowna, and Lake Country.

They may compare a newer home with a smaller yard against an older home with more land.

They may compare a home with a suite against one without a suite.

They may compare a renovated home against one that needs work.

This is where some sellers get caught.

They think their home is competing only with homes nearby.

But buyers often think wider than that.

They are comparing options across the whole lifestyle and price range.

Buyers Want a Clear Reason to Act

This may be the most important point.

Buyers today need a clear reason to act.

That reason could be:

• The price is sharp

• The location is hard to beat

• The home is move-in ready

• The property has a suite

• The lot has future potential

• The view is special

• The floor plan is better

• The home is rare for the area

• The seller is flexible

• The monthly cost makes sense

Without a clear reason, buyers may wait.

This is not because they are not serious.

It is because they do not feel pressure to act on homes that do not stand out.

That is the reality of a market with more choice.

What This Means for Buyers

For buyers, this market has opportunity.

There is more inventory than we had during the hottest years. Some sellers are negotiable. Some homes have been sitting longer than expected.

But that does not mean every property is a deal.

Buyers should be asking:

• Why has this home not sold?

• Is the price fair compared to recent sales?

• What else can I buy at this price?

• Are there upcoming repairs or strata issues?

• Is the seller motivated?

• Does the home fit my life for the next 3 to 7 years?

• Will this still make sense if the market takes time to improve?

The goal is not just to buy something.

The goal is to buy something that makes sense.

What This Means for Sellers

For sellers, this market is giving clear feedback.

If buyers are not booking showings, the market may be saying the price or presentation is off.

If buyers are viewing but not writing offers, the market may be saying the home does not feel strong enough compared to the competition.

If offers are coming in low, the market may be saying buyers see risk, repairs, or better value elsewhere.

That feedback is not always easy to hear, but it is useful.

The sellers who do best in this market are usually the ones who listen early and adjust quickly.

That does not always mean a huge price reduction.

Sometimes it means better marketing.
Sometimes it means staging.
Sometimes it means better photos.
Sometimes it means clearer messaging.
Sometimes it means fixing small issues before listing.
Sometimes it means being more flexible with terms.

But if the market is speaking, sellers should pay attention.

The Big Takeaway

Buyers are still buying in the Okanagan.

But they are buying differently.

They are chasing value.
They are chasing lifestyle.
They are watching monthly payments.
They are comparing more options.
They are choosing homes that make sense.

That is why some homes are still moving and others are sitting.

This market rewards clarity.

For buyers, that means knowing what matters most and being ready when the right home appears.

For sellers, that means understanding what buyers are actually choosing and positioning your home accordingly.

The question is not just:

What is for sale?

The better question is:

What are buyers willing to act on right now?

That answer can make all the difference.

Want to See What Buyers Are Responding To?

I built an Okanagan Market Dashboard to help make the market easier to understand.

It turns 10 years of Central Okanagan real estate data into a simple visual report, including:

• Sales trends

• Inventory levels

• Prices

• Days on market

• Months of inventory

• Property type trends

You can view it here:

Okanagan Market webpage

Thinking about buying or selling in the next 3 to 12 months? Let's get in touch

Mark Coons Personal Real Estate Corporation, BBA, CE
Team Lead, Selling Okanagan Group
REALTOR® | eXp Realty Kelowna
Kelowna Realty Market Insight
Relocated to Kelowna in 2018
778-946-6454
[email protected]