If you're trying to figure out whether now is a good time to buy or sell in Kelowna, the honest answer depends entirely on what you're buying. Right now, the Central Okanagan isn't one real estate market. It's three, and each one is telling a different story.Detached homes are climbing in price even in conditions that technically favour buyers. Condos are giving buyers real leverage, with prices still trending down. Townhomes sit in between, and may be the segment worth watching most closely heading into fall.Here's a full breakdown of July's numbers.
Sales Activity
July saw 438 total sales across the Central Okanagan. That's a slight pullback from June, but summer months typically slow down in this market, so the dip isn't a concern on its own. Year to date, 2026 sales are tracking roughly in line with 2025, which puts this at what I'd call a normal market by the last four years' standards. Not a recovery, not a further slide.Broken down by category:
- Detached homes: 226 sales in July, up 3.7% year over year
- Townhomes: 70 sales, up almost 15% year over year
- Condos: 107 sales, down 7% year over year
Inventory Levels
Total inventory sits at just over 3,000 listings, down 14% from this time last year. That's a meaningful drop, and it typically gets tighter still as we move into fall and winter. Fewer listings usually means more competition for the homes that are priced well and in good condition, which could start to firm up prices further.
Months of Supply by Property Type
Months of supply tells us how long it would take to sell through all current inventory at the current sales pace. Anything above 6 months favours buyers, 4 to 6 months is balanced, and under 3 months favours sellers.
- Detached homes: Still a buyer's market overall, but supply is down 13% from last year, meaning the market is tightening. Well-priced, well-maintained homes are selling. Overpriced or dated homes are sitting.
- Townhomes: 8 months of supply, unchanged from the previous month. Supply here is up about 8% year over year, keeping this a buyer-favourable segment for now.
- Condos: 8.8 months of supply, up slightly from last month, but down 13% from a year ago. Buyers still have the upper hand, but the gap is narrowing.
The composite benchmark price, covering all property types combined, came in at just under $805,000 in July. That's up from $767,000 in February and roughly $50,000 to $60,000 higher than where prices sat back in 2024. Despite still being about 11% below the 2022 market peak, the trend since early 2024 has been steadily upward.
- Detached homes: $1,072,000, up 1.8% from June and up 2.3% year over year. Prices have been climbing steadily since March, and there's no sign of a downturn here despite 8 months of available supply.
- Townhomes: $709,000, up slightly from June but still down 2.4% year over year. Prices appear to have found a floor around February and have gained roughly $30,000 since. This segment offers a notable discount, about $350,000 less than a detached home, making it a genuinely affordable entry point.
- Condos: $490,000, down nearly 1% from June and down 2% year over year. Prices have been trending downward for the past 12 months and are close to where they sat right after the 2022 correction.
If you're a first-time buyer or looking to downsize, condos are worth a serious look right now. You have inventory to choose from, room to negotiate, and prices that have room to soften further, though that window may not stay open forever if competition picks up. Townhomes are also worth considering if you want more space than a condo without the price tag of a detached home, particularly with signs that pricing is stabilizing.
What This Means If You're Selling
If you own a detached home, the trend is in your favour. Prices are climbing and inventory is tightening, both of which support your position, provided your home is priced accurately and shown well. If you own a condo, expect more competition for buyer attention and be realistic about pricing given the ongoing downward pressure in that segment. Townhome owners are likely in the most stable position of the three, with prices holding relatively steady over the past two years.
Want the Full Breakdown?
I cover all of this in more detail, including the year-over-year charts for each segment, in this month's video. Watch it here: https://youtu.be/h9pRQAJKGAo
Have a question about what any of this means for your specific situation? Text me directly at 250-469-3329.