Kelowna housing market: Is it stuck and stagnant or resilient and recovering?

The Kelowna housing market is clearly looking for a catalyst to shake things up.

For the past few months, sales and prices have remained little changed, indicating the sector is stuck, stagnant and sluggish.

For instance, just-released data from the Association of Interior Realtors shows 157 single-family homes sold in the Central Okanagan in September, the exact same number that changed hands in August and down from July's 198 sales.

The benchmark selling price of a typical single-family home is also fairly inert.

In September it was $1,020,800, off a bit from $1,050,900 in August and $1,045,000 in July.

The reason it remains above the magical $1 million mark, even in a static market, is that sellers aren't really willing to discount price to find a buyer.

So, buyers either have to pay unaffordable prices or give up on their search.

Rather than call the market lethargic, the 2,600-member Association of Interior Realtors puts a different spin on it.

"After being impacted by economic factors (continued high inflation and interest rates, tough economy and eroding consumer confidence) in the first half of the year, today's trends reflect resilience and recovery," said association president Kadin Rainville.

"Real estate markets rarely move in a straight line and modest fluctuations from month to month are a normal part of the cycle."

Rainville points to the fact that sales and prices are stronger than September 2024 that the market is gaining strength and stability.

That's certainly true with sales of single-family homes because the 157 sales in September 2025 is an impressive 34% bump from September 2024.

But, it's barely true for price because September 2025's $1,020,800 is a scant 0.3% more than September 2024.

When it comes to townhouses, there were 54 sales last month, up from August's 47, but down from July's 61.

The benchmark selling price of a typical townhouse in Kelowna in September was $736,500, up from $721,900 in August and $734,700 in July.

For condominiums, sales were 102 in September, up ever so slightly from 101 in August, but down from 115 in July.

Last month, the benchmark selling price of a condo was $494,500, a slip from $497,000 in August and $504,500 in July.

The average number of days it takes to sell a property is also an indicator if the market is hot or not.

The Kelowna market is not particularly hot with it taking 61 days for the typical single-family home to sell, up 9.1% from last year.

Townhouses are selling a little quicker at 60 days average, down 5% from last year.

Yet, condos take an average of 78 days to sell, up a substantial 36% from last year.

Again, Rainville sees the silver lining.

"While today's balanced conditions may ease the sense of urgency, it's a sign of a healthy market finding its footing, providing buyers more breathing room and allowing sellers to navigate their options with confidence, which ultimately creates a healthier environment for thoughtful decisions on both sides," he said.