New Townhome Market Snapshot – Kelowna North & South (2022+ Builds)
Taking a closer look at the new townhome and half-duplex market in Kelowna North and South, we’re starting to see clear signs of oversupply and slower absorption. For this snapshot, “new” is defined as homes built in 2022 or later so we’re comparing product with similar land acquisition costs and construction timelines.
Active Listings vs. Sales – New Townhomes (2022+)
The chart below shows how active listings have climbed while sales volumes remain low for new townhomes and half duplexes in Kelowna North and South. Through 2023 and into 2025, inventory has consistently outpaced sales, creating a clear imbalance between supply and demand.
Active listings vs. sales – new townhomes and half duplexes (built 2022+) in Kelowna North & South.
Time frame: Jan 2020 to Oct 2025.
Months of Inventory & New Listings
Months of inventory has remained elevated for this segment. With 26 active listings and only one sale in October, the market is sitting at roughly 26 months of inventory for 2022+ townhomes in Kelowna North and South. That’s deep buyer’s‑market territory, especially when you factor in that November began with the same 26 active listings, plus expired and relisted inventory.
Pricing: Original List Price vs. Sold Price
Pricing for new townhomes is choppy because there are so few completed sales each month. A single high‑end sale can move the median price by hundreds of thousands of dollars. That’s why it’s important not to over‑interpret any one month’s numbers.
Median original list price – new townhomes and half duplexes (2022+) in Kelowna North & South.
Median sold price – new townhomes and half duplexes (2022+) in Kelowna North & South.
In recent months, median sold prices have swung from the high‑$700s to over $1.5M, purely because the mix of what sold changed — not because the whole segment jumped that much in value. For October, the median sold price for this narrow slice of product was about $789,900, but September’s median was $1.554M and August was around $937,000. With sample sizes this small, pricing needs to be anchored to very specific, recent comparables rather than broad medians.
Current Pricing Snapshot for 2022+ Builds Under $1M
To get a cleaner read on demand-level pricing, it helps to strip out the luxury units. When we cap the list price at $1M and focus on new builds (2022+) in Kelowna North and South, the median list price on the market today is approximately $725,000. That’s a more realistic target band for most buyers shopping in this part of the market.
How New Construction Compares to the Wider Townhome Market
This is where the disconnect really shows up. Land and construction costs in Kelowna North and South have climbed sharply over the last five years, which means many new projects need higher prices just to break even. But buyers are still comparing them to older townhomes across the city that were built when land and build costs were lower.
Looking at all townhomes and half duplexes under $1M in Kelowna North and South (any age), there were 3 sales in October and 43 active listings. When we expand the search to similar price points across the broader Central Okanagan, October recorded 41 sales from 261 active listings, with a median sale price around $630,000.
If we narrow that bigger pool back down to 2022+ construction under $1M but include the expanded areas of Kelowna, the median sale price in October was about $700,500 on 5 sales. Months of inventory for those newer units sits closer to 15 — still high, but notably better than the 26 months we see when we isolate only Kelowna North and South new builds.
Which Areas Are Leading New Townhome Sales?
When we zoom out and look at where new townhome buyers have actually been transacting, we see some clear standouts. Glenmore, Kelowna South, Kelowna North, and the University District have all been strong performers for 2022+ construction under $1M, with Glenmore out in front.
New townhome and half‑duplex sales by area (approx. last 2 years, selected segments).
Expanded view of townhome and half‑duplex sales by area over a longer time frame.
Total townhome and half‑duplex sales by area (Jan 2023 to Oct 2025, under $1M).
Over the past two years, Kelowna South and Kelowna North have not kept pace with areas like Glenmore, Rutland North, and Lower Mission when it comes to overall townhome sales counts. That suggests buyers are willing to drive a little farther or choose different neighbourhoods if the pricing and product mix feels more aligned with their budgets.
Key Takeaways for Sellers and Builders
For sellers of new townhomes in Kelowna North and South, the message is clear: this is a price‑ and value‑sensitive market with a lot of competition. Buyers have options — both in older resale product and in other neighbourhoods where new construction is priced closer to the local demand curve.
For builders, the data reinforces what many are already feeling on the ground: it’s getting harder to make duplex and townhome projects pencil out at today’s achievable sale prices. With higher land and construction costs locked in, and with buyers resisting big jumps in price per square foot, some projects are likely to be delayed, re‑phased, or repositioned.
For homeowners and investors who already own in this segment, the story isn’t all negative. Oversupply can be temporary, especially as completions slow and population growth continues. But in the short term, setting realistic expectations around pricing, time on market, and incentives will be critical to getting deals done.
Mark and Maddie Coons
Selling Kelowna Real Estate Group
Tel: 778-744-0872
