Kelowna Real Estate Update | Septmeber 2025

Kelowna’s Real Estate Market Throws a Curveball: Sales Climb, But Prices Tell a Mixed Story

August delivered an unexpected twist in Kelowna’s real estate market. Sales are picking up steam, yet prices are headed in different directions depending on what you're looking to buy. Whether you're thinking about jumping in as a buyer, preparing to sell, or just keeping tabs on the market, here’s what you need to know heading into the fall season.

Sales Are Up, Especially Condos

Let’s start with the good news: sales are rising. August saw a 14% increase in total residential sales compared to last year. Here’s the breakdown:

Single-family homes: 157 sales (up 6.8% year over year)
Townhomes: 47 sales (up 4.4%)
Condos: 101 sales (up 31%)

This uptick shows that more people are successfully buying and selling than we saw last year, even if we’re not quite back to 2023 levels yet.

Inventory Remains High, But It's Starting to Dip

Inventory is still elevated compared to previous years, but it's come down from the highs we saw earlier in 2025. As we head into fall, that typical seasonal decline in listings is starting to show up. Even with the drop, we remain above the 10-year average.That means buyers have more choice, and sellers face stiffer competition.

Prices: Holding, Sliding, or Climbing Depending on the Property Type

Here’s what’s happening in each segment of the market:

Single-Family Homes

Benchmark price: $1,050,900
Monthly change: Up 0.6%
Year-over-year: Up 3.2%
Prices have been trending upward since October 2024 and remain relatively stable despite the high inventory.

Prices are also up about $70,000 from where they were after the 2022 correction. Over the past decade, single-family home prices in Kelowna have doubled.

Townhomes

Benchmark price: $721,900
Monthly change: Down 0.4%
Year-over-year: Nearly flat (down 0.1%)
Prices have been volatile and are down almost 14 % from the 2022 peak.

We are roughly back to 2021 pricing levels in this segment.

Condos

Benchmark price: $497,000
Monthly change: Down 1.5%
Year-over-year: Down 1.7%
Prices are down 10 % from the 2022 market peak.

After a spring rally that pushed prices above $516,000, the condo market has softened again. This segment has the most inventory and the most downward pressure on price. Still, condo prices have doubled over the past decade and remain higher than they were pre-2022 boom.

Buyers Are Negotiating and Winning

The sale-to-list price ratio shows that most buyers are securing about 3 to 4% off the asking price on average:

Single-family homes: Selling at 97.3% of list price
Townhomes: 97.7%
Condos: 96.2%

This confirms that buyers have some negotiating power, and most sellers are not getting full list price.

Months of Inventory Shows a Strong Buyer’s Market

This stat tells us how long it would take to sell all current listings at the current sales pace:

Single-family homes: 9.5 months
Townhomes: 9 months
Condos: 8.8 months

A balanced market typically sits between 4 to 6 months of inventory. We are well above that in all three categories.Some homes are still selling quickly, but they tend to be well priced and move-in ready. Overpriced homes are sitting longer, or not selling at all, and adding to inventory.

What This Means as We Head Into Fall

For Buyers:
You have options and negotiating power. With prices flat or slipping in some areas, this is a good time to shop smart and be selective.
For Sellers:
Pricing and presentation are critical. Homes that are priced appropriately are still moving, but those priced too high are getting little traction.

Bottom Line

August brought stronger sales activity, but the market continues to be uneven. Whether this momentum carries into the fall or stalls due to buyer caution and lingering inventory is still uncertain.If you are a buyer, this market gives you choice and leverage. If you are a seller, success depends on a smart pricing strategy and strong presentation.

P.S. Want to explore some of the most affordable homes currently available in Kelowna? Check out this video! Know someone who would benefit from monthly insights like this delivered straight to their inbox? Forward them this newsletter or send them to https://www.youtube.com/@tyrellboake/videos