A lot of people have been asking where the spring market is. The honest answer is that it has been here, just not at the level anyone was hoping for. Sales are up from where they were in January, which is normal for this time of year, but May still came in as the weakest May we have seen in a decade outside of the pandemic year of 2020. Here is a full breakdown of what happened in May 2026 across the Central Okanagan.
Sales Activity
There were 431 sales across the Central Okanagan in May, which is up from April as we typically see heading into spring. Year-over-year though, total sales are down 3.8%, and the numbers by property type tell three very different stories.
Single family home sales are down 8.3% from this time last year and barely moved from April to May. The town home market is the softest segment right now, with sales down 26% year-over-year and two consecutive months of declining activity. That is a meaningful drop and it is showing up in prices as well.
The condo market is where things get interesting. Sales in that segment were up 25% year-over-year, which is the kind of number that stands out in an otherwise sluggish report. After a small dip from March to April, condo sales climbed again in May. That level of activity at the entry level is a signal that more buyers are coming into the market, and first-time buyers in particular may be driving that movement. It is too early to call it a full recovery for condos, but it is a shift worth paying attention to.
Inventory Levels
Total inventory across the Central Okanagan is down about 7.5% from this time last year, which sounds encouraging until you compare it to where things were in 2022. We currently have roughly twice the number of listings on the market compared to May of 2022, when there were only around 1,400 active listings.
Single family inventory is down 5.5% year-over-year but still elevated compared to the last few years. Town home inventory continues to grow. Condo inventory is the exception, down 17% from this time last year, which aligns directly with the surge in condo sales. Fewer listings and more buyers competing for them is a tighter market dynamic than what we are seeing in the other segments.
Months of Supply
Months of supply is the number I watch closely because it tells you who has the leverage in a negotiation. Right now, the overall market sits at nine months of available inventory. To put that in plain terms, one out of every nine homes listed for sale is selling in any given month.
A balanced market sits between four and six months of supply. Anything above six months favours buyers. At nine months across the board, we are firmly in buyer's market territory, and the trend is moving in the wrong direction. Earlier in the year it looked like months of supply was declining toward a more balanced market. Since then it has reversed course and climbed higher, driven by sluggish sales and continued inventory growth.
Town homes are sitting at 8.4 months of supply, which reflects those weak sales numbers directly. The apartment and condo segment is around nine months as well, though that number is down 14% from this time last year, consistent with the improving sales activity in that category.
What This Means for Buyers and Sellers
If you are a seller, pricing accurately and being realistic about your timeline matters more right now than it has in years. With nine months of supply on the market, buyers have options and they know it. Overpriced listings are sitting.
If you are a buyer, you have selection and negotiating room, particularly in the single family and town home segments. The one exception worth noting is the condo market, where tightening inventory and rising sales suggest conditions are getting more competitive than they were six months ago. If you have been waiting on the entry level, the window of least competition may already be closing.Prices are holding for now, but with months of supply continuing to climb and sales still soft across most of the market, there is not much supporting price growth in the near term.
If you have questions about what any of this means for your specific situation, reach out directly. I am happy to walk through the numbers with you.