Kelowna Real Estate Market Update: November 2025

The October numbers are in for the Kelowna real estate market, and they're telling three very different stories depending on which segment you're looking at. Whether you're considering buying or selling, understanding these trends will help you make informed decisions and avoid costly mistakes.

Overall Market Performance

Residential sales are down 3.6% year-over-year, but before you panic, there's important context here. Last October saw an unusual jump from September, and when we look at the bigger picture, 2025 is actually outperforming the last two years in terms of total sales activity.Inventory is up 6% year-over-year, and we're starting to see that typical seasonal downturn where fewer properties hit the market during winter months. However, compared to the 10-year rolling average, inventory levels remain significantly elevated. This means buyers have plenty of choices, but it also means sellers need to be strategic with their pricing.If you're testing the market with an inflated price, you're not just hurting your own chances of selling. You're actually making your competition look better and helping them sell faster.

Single-Family Detached Homes: A Potential Turning Point

This is where things get interesting. The benchmark price for single-family homes jumped 2.2% month-over-month to $1,042,000 in October. That's an increase of about $20,000 from September.Year-over-year, single-family homes are up 6.1%, which represents more than $60,000 in appreciation compared to last October. While prices are still down almost 12% from the market peak three years ago, they're up slightly from where we started the year in January.We saw some softening through the summer months, but this recent uptick from September to October has me wondering if we've reached the bottom of the market correction in this segment. Looking at the trend over the past 12 months, prices have generally moved upward. I don't believe we're heading for a crash in single-family detached homes in Kelowna or the Okanagan. In fact, we might be seeing the beginning of continued appreciation.The months of inventory in this segment improved to 7.7 months, down from 9.2 months the previous month. This move closer to a balanced market (typically 4-6 months of inventory) could be one reason why prices have stabilized and even increased month-over-month.

Townhomes: A Market Worth Watching Closely

The townhome market showed some unusual movement in October. The benchmark price dropped 5% month-over-month to just under $700,000. That's a significant drop of about $40,000 from one month to the next, which honestly made me double-check the data.Year-over-year, townhome prices are down 3%, and they're down 17% from the market peak. When you see this kind of dramatic single-month change, you have to wonder if there was something unusual in the calculation or if it's just an anomaly. Looking back at July 2024, we saw a similar spike that then corrected the following month.This is definitely a segment that requires close monitoring over the coming months. Townhomes currently have 7.8 months of available inventory, which places them firmly in buyer's market territory.

Condos: Continued Downward Pressure

The condo market continues to face challenges, though the rate of decline is slowing. Prices came down 1% month-over-month, which is not as significant as we've seen in previous months. This could signal that we're approaching a bottom in this segment, or at least that the downward pressure is easing.Year-over-year, condo prices are actually up 1%. However, when you look at the trend over the past five to six months, there's been a steady decline. Prices are down 12% from the market peak.Here's the critical factor: there are over 800 condos currently listed on the MLS. And that doesn't even include inventory that developers are holding. With this level of supply, there will continue to be downward pressure on prices.If you have a condo listed right now and you're priced even slightly high, you're essentially chasing a falling knife. We don't know where the bottom will hit. The best strategy to improve your chances of selling is to get ahead of the market and price your property appropriately from the start.The condo segment has 9.4 months of available inventory, up from the previous month, which is one of the major factors continuing to push prices down.

What Buyers Can Expect to Pay

The price ratio (what buyers actually pay versus the most recent list price) tells us that across all segments, properties are selling for approximately 97% of their last list price. This means buyers can generally expect to negotiate a discount of about 3% on average.

What This Means for You

If you're a buyer in this market who's been waiting for prices to stabilize, the single-family home and townhome markets might be signaling it's time to act. The correction we saw earlier in the year appears to be leveling out, particularly in single-family homes.For condo buyers, if you can afford to wait a bit longer, that might be the wise choice as prices continue to adjust. However, if you find a property you really like, the current buyer's market conditions mean you're in a strong negotiating position.If you're a seller, pricing strategy is everything right now. With elevated inventory levels across all segments, buyers have choices. Your property needs to be priced competitively from day one to attract serious interest.In general, the Kelowna and Okanagan markets don't appear to be heading for a crash. We've experienced a correction, but the market has been relatively flat over the past nine to ten months. The single-family home segment shows particular strength and stability.

Need Help Navigating This Market?

Every buyer and seller's situation is unique. If you're wondering how these market trends affect your specific circumstances, whether you should buy now or wait, or how to price your property for a successful sale, I'm here to help.Reach out to discuss your real estate goals and get personalized advice based on your situation. Making informed decisions now will help you build wealth and move forward with confidence.Want the full breakdown with all the charts and detailed analysis? Watch the complete November market update video here.