Where's the Value?

Home prices are up in some categories, sales are down across the board, and buyers are taking their time. So, what's really happening in the Kelowna real estate market?

October was another interesting month for Central Okanagan real estate. With elections, a Bank of Canada interest rate increase, and plenty of economic uncertainty, it's no surprise that some buyers and sellers have been sitting on the sidelines.

As we head into the final two months of 2026, let's look at the October numbers, what we're seeing in the market, and where the opportunities are for buyers and sellers.

October 2026 Kelowna Real Estate Statistics

Single-Family Homes: Prices Up, Sales Down

• Median Sale Price: $964,000 | Up 4% year-over-year

• Active Listings: 1,313 | Down 16%

• Homes Sold: 141 | Down 24%

Single-family home prices increased compared to October 2025, despite a significant decline in sales activity.

With fewer homes available, supply and demand may be playing a role in supporting prices. We're also seeing some activity in the luxury market, which can influence the overall median sale price.

The takeaway? Buyers are still purchasing homes, but they're being selective about what they're buying and what they're willing to pay.

Townhomes: A Roller Coaster Year Continues

• Median Sale Price: $710,000 | Up 10% year-over-year

• Active Listings: 412 | Down 5%

• Homes Sold: 43 | Down 22%

Townhomes have had an interesting year, with prices and sales activity moving up and down throughout 2026.

It's a category that appeals to a wide range of buyers, including first-time buyers, move-up buyers, downsizers, and those looking for a change in lifestyle.

With that much buyer diversity, we expected townhomes to be one of the stronger-performing segments this year. Instead, we've seen considerable fluctuation.

October's 10% increase in median price is encouraging, but the 22% decline in sales shows that buyers remain cautious.

Condos: Prices Under Pressure

• Median Sale Price: $400,000 | Down 7% year-over-year

• Active Listings: 757 | Down 6%

• Homes Sold: 75 | Down 11%

The condo market has been relatively resilient throughout much of 2026, but we're starting to see more pressure on prices.

One factor we're watching is the amount of new development inventory appearing on MLS, giving buyers more options and making it easier to compare new construction with resale condos.

We're also seeing developers adjust their inventory and marketing strategies as market conditions change.

For condo buyers, this is a segment worth paying attention to. There's a good selection of homes available, and opportunities to find excellent value.

What Influenced the October Real Estate Market?

October brought a few events that may have contributed to buyers taking a wait-and-see approach.

The Bank of Canada raised interest rates. On October 28, the Bank of Canada increased its policy rate by 0.25%, bringing it to 2.50%. For buyers considering a mortgage, interest rate decisions remain an important part of their purchasing plans.

Elections created uncertainty. With municipal and provincial elections taking place, we saw some buyers delay decisions until the results were known. Some developers also held back inventory during this period.

Buyers continue to prioritize value. There are homes available across all property categories, but buyers are looking carefully at price, location, condition, amenities, and lifestyle before making a decision.

With some of October's uncertainty behind us, we'll be watching to see whether buyer confidence and activity improve through November.

Buying a Home in Kelowna? November Could Be a Great Time to Look.

If you're considering buying a home in the next four to six months, now is an excellent time to start exploring your options.

Traditionally, the real estate market slows down as we head into November and December. But that doesn't mean the opportunities disappear.

In fact, buyers currently have a great selection of properties to consider.

And here's something important: Finding value doesn't necessarily mean finding the biggest discount.

It's about finding the right home, in the right location, with the features, quality, and lifestyle you're looking for, at a price that makes sense.

Whether you're considering a single-family home, townhome, resale condo, or brand-new development, having someone help you compare your options can make all the difference.

Selling Your Kelowna Home? Don't Assume Spring Will Solve Everything.

If you're thinking about selling, it's tempting to wait until spring and hope prices return to what we saw in 2021, 2022, or 2023.

But today's market is different.

Buyers have choices, they're doing their homework, and they're willing to wait for a home that checks the right boxes.

Pricing your home correctly is about more than choosing a number.

It's about understanding how your home's location, condition, size, layout, amenities, and lifestyle compare to the competition.

Homes that offer good value are better positioned to attract serious buyers, regardless of the season.

What's Ahead for Kelowna Real Estate in November and Beyond?

As we head toward 2027, we're hopeful that greater political and economic certainty will help bring more confidence back to the market.

But we're not expecting things to change overnight.

For now, buyers are in a position to explore a wide selection of properties, and sellers need to remain realistic and competitive.

The opportunity in today's market is finding value. And value looks different for everyone.

Whether you're buying, selling, or simply trying to understand what's happening in Kelowna real estate, we're here to help.

At Nyrose & Associates | RE/MAX Kelowna, we work with both resale properties and new developments throughout the Central Okanagan. That gives our clients a broader view of the market and more opportunities to find the right fit.

Thinking about making a move? Let's talk about your options.

Contact Nyrose & Associates

Market statistics reflect October 2026 Central Okanagan real estate activity, with year-over-year comparisons to October 2025. Market commentary and outlook are based on observations from Darcy Nyrose and the Nyrose & Associates team.