Is Canada Really Going to Build Enough Homes?
Canada’s housing agency (CMHC) just released a bold report: to make housing affordable again, we need to double the number of homes built each year until 2035. That’s a huge goal—and for Kelowna real estate, the pressure is already on.
Kelowna Housing Affordability: Why It Still Feels Out of Reach
We’ve known for years that Kelowna homes aren't affordable for many buyers. Yes, housing starts have increased recently, but the homes now being completed were planned 2–3 years ago. Looking ahead, new construction is expected to slow due to rising costs, worker shortages, and limited electricity capacity in some areas until at least 2027.
What’s Being Built in Kelowna Now?
Most future construction is focused on townhomes and apartments, not single-family homes. That’s a shift. For developers and home builders in Kelowna, the emphasis on infill multifamily projects is both a challenge and an opportunity. But with new Net Zero building codes coming into effect, costs and timelines are rising—especially for higher-performance builds.
Will Home Prices in Kelowna Drop? Probably Not
CMHC and the BC Real Estate Association (BCREA) both agree: without more workers, better technology, and major investments, Canada is unlikely to build fast enough to lower prices significantly.
Even the federal government admits that 2019 home prices are out of reach—unless we magically double the number of homes built annually. That’s not happening any time soon.
What This Means If You're Buying or Selling a Home in Kelowna
Don’t try to time the market. Focus on the bigger picture.
✅ Ask yourself:
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How long do I plan to live in this home?
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Does it fit my future lifestyle (5–10 years from now)?
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How many similar homes are even on the market right now?
For Buyers:
Now may be the best time to act—especially for single-family homes and townhomes. These properties will likely hold or gain value due to limited future supply.
💡 Tip: Two-bedroom condos or units with a view tend to hold value better over time than studios or basement-level apartments.
For Sellers:
There are still serious buyers in the market. If you're thinking of downsizing, upsizing, or cashing out, now may be a good time to list before inventory builds up again.
📲 Want advice tailored to your real estate goals in Kelowna?
Text or call Mark & Maddie at 778-744-0872, or explore our current listings, infill development opportunities, and buyer tips at sellingkelownarealestate.com.
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