Home prices in Kelowna are stagnant

There's the official data and then there's the unofficial gut feeling.

When applied to Kelowna home prices, officially, the median price of a single-family home in the first three months of this year was $1,179,900, up 6.9% from the same time last year, according to the recently released Royal LePage House Price Survey.

For condominiums, officially, the median price in the first quarter of this year was $488,600, a 4.3% bump from Q1 2024, according to the same survey.

"But, anecdotally, I don't think prices have gone up over the past year," said Francis Braam, owner-broker of Royal LePage Kelowna.

"I think what's happened is more single-family homes in the $1.4 million to $2-million-range have sold lately and that pushes the median up. If you're buying a house in Rutland or Old Glenmore or Glenrose, which are traditionally the starter markets in Kelowna, there have been no price increases."

It's an interesting study in an environment of Trump tariffs, rising cost of living, stalled or clawed back income, lack of consumer confidence and mortgage interest rates not coming down quickly enough.

All those factors should be contributing to lower home prices in a softening market.

Sales numbers are fairly insipid, yet, prices have held steady.

"We haven't seen all that much of a Trump effect in Kelowna," said Braam.

The Trump effect is generally dropping home sales and prices as Canadians hold off selling or buying because their paycheque and-or confidence is hit by tariffs.

"The Trump effect is much worse in Windsor," added Braam.

Auto workers in Windsor are being laid off as 25% tariffs on cars take effect.

"Home sales and prices could also be affected by tonight's election and who becomes prime minister and how well they can negotiate with Trump," said Braam.

Any housing statistics are an important economic indicator.

If you're buying or selling you should be intently interested in what's going on in the market.

Even if you aren't buying or selling, it's always fascinating to figure out what your home is worth.

A closer look at the Royal LePage survey shows that in Q1 2024 the median price of a single-family home in Kelowna was $1,103,900, steadily rising to $1,142,200 in Q4 2024 and $1,179,900 in Q1 2025.

For condos it went $468,300 in Q1 2024, $492,000 in Q4 2024 and $488,600 in Q1 2025.

So, for condos not a steady rise, but a little bit of a slide in the past six months.

The survey did provide some forecasts for prices to the end of this year, but the predictions did not include Kelowna.

The forecast is for home prices to go up an average of 5% this year across the country and up 2.5% in Vancouver.

We could assume that Kelowna home prices will inch up in that range, too.

The survey also included some consumer confidence sentiments.

48% of British Columbians are confident in the Canadian economy right now, with only 6% very confident and 38% somewhat confident.

Of the 17% of British Columbians who planned to buy a home this year, half have decided to postpone their plans and half are still going ahead.

The reasons for postponing are numerous from fear of increases in cost of living at 37% and concern about making a big purchase in times of political and economic uncertainty with 30% to hoping for home price drop as a result of the trade dispute at 14% and fear of investments and savings losing value.

8% fear they might lose their job.

_{Thumbnail photos from Realtor.ca}