Kelowna Market Update March 2026: Why Single Family Homes Are Holding While Condos and Townhomes Slide

The Kelowna real estate market continues to send mixed signals. A month ago, we saw condo prices jump after months of declining values, but February's data confirms that spike was an anomaly. Townhome prices continue their downward trajectory, yet single family home prices are holding remarkably steady despite sales activity that's low even for this time of year.So what's really happening in the Kelowna market right now? Here's what the February numbers are telling us.

Single Family Homes: Stability Despite Weak Sales

Benchmark Price: $1,056,000 (down less than 1% year-over-year)Despite sales being down 5.7% from last February, prices in this segment have remained remarkably flat over the past year. We're seeing the same pricing we had a year ago, with modest growth over the past three months. The stability here reflects limited inventory movement in a segment where sellers aren't being forced to drop prices aggressively.With 9 months of available inventory, we're still in a buyer's market, but the price resilience tells us sellers aren't under pressure to chase the market down.

Townhomes: Clear Downward Pressure

Benchmark Price: $671,000 (down 8% year-over-year, down $60,000 from last February)The townhome market shows clear and consistent softening. Prices have been declining fairly steadily since September 2025, and we're now sitting about $40,000 below where we were at the bottom of the last market correction.With 45 sales in February and 8 months of available inventory, buyers have significant negotiating power in this segment right now.

Condos: January Spike Was an Anomaly

Benchmark Price: $472,000 (down 7.3% year-over-year)Last month's 7% price jump appears to have been a data anomaly. February's numbers show prices dropping 6.5% from January, bringing us back to levels similar to December 2025. The trend here is clear: condo prices have been sliding since early 2025, and we're now below the previous market correction low from October 2022.With 9 months of inventory (down from 12.5 in January), conditions are improving slightly, but this remains a strong buyer's market.

What This Means for Your Decisions

If you're buying: This is a strong buyer's market across all segments. With 8 to 10 months of inventory available, you have plenty of choices and real negotiating power. There are currently about 40 properties under $300,000 in Kelowna and West Kelowna, creating opportunities especially for first-time buyers. The condo and townhome segments offer the most value right now, with prices continuing to soften.If you're selling: Pricing needs to be precise. In a declining market (particularly for townhomes and condos), being even slightly overpriced means you're chasing the market down. The longer you sit, the further you drift from what buyers are willing to pay. Price where the market is headed, not where it was last month.

Watch the Full Market Analysis

For a complete breakdown of the data, including detailed benchmark price charts, sales trends over the past five years, month-by-month price movements, and what the months of inventory numbers really mean for your specific situation, watch my full February market analysis on YouTube.I break down exactly what these numbers mean whether you're buying your first home, selling in a tough market, or trying to time your next move.