Kelowna Condo Market 2026: Average Prices, Trends & Forecast
Real numbers, not spin. I'm breaking down what $492K actually gets you, where prices are headed, and the honest answer to whether you should pull the trigger.
Last updated: October 2026 · Updated monthly
Giuseppe Gaspari
REALTOR® | Okanagan Real Estate Specialist
Born and raised in Kelowna. Helping families find their perfect Okanagan home.
Last updated: October 2026
As of October 2026, the average Kelowna condo sells for about $491,955 (Jan-Sep 2026), up roughly 1% year-over-year and still about 10% below the 2022 peak average of $548,394. Inventory sits at 9 months with a median of 83 days to sell, which puts this into buyer's market territory. For the full Kelowna housing market across all home types, see my Kelowna Home Prices 2026 report.
| Year | Avg Condo Price | YoY Change | vs 2022 Peak |
|---|---|---|---|
| 2026 (Jan-Sep) | $491,955 | +1.0% | -10.3% |
| 2025 | $484,000 | +0.8% | -11.7% |
| 2024 | $480,000 | -2.8% | -12.4% |
| 2023 | $494,000 | -9.9% | -9.9% |
| 2022 (peak) | $548,000 | +22.6% | peak |
| 2021 | $447,000 | +22.1% | -18.4% |
| 2020 | $366,000 | n/a | -33.2% |
Source: Association of Interior REALTORS® MLS® System, Central Okanagan, data to September 30, 2026.
Let me cut through the noise for you. If you've been doom-scrolling real estate headlines wondering if Kelowna's about to crash (or if you missed the boat), here's what's actually happening: we've cooled from the pandemic insanity, but there's no fire sale. Prices are down from the 2022 peak, there's more inventory, and you can actually sleep on a decision for once.
I remember showing condos in 2021 where my clients literally had to decide in the parking lot. Offer deadline in 3 hours. No inspection. No thinking. That was nuts. Today? You can actually tour a place twice before making an offer. Revolutionary, I know.
Below, I'm breaking down what the numbers actually mean for you. Not the spin you'll get from other sources, but what I'm telling my own clients right now.
Average Condo Price in Kelowna (2026)
AVERAGE CONDO PRICE
$491,955
Up 1.0% from last year | Down 10.3% from 2022 peak
Average sale price, Jan-Sep 2026. Source: Association of Interior REALTORS® MLS® System, Central Okanagan, data to September 30, 2026.
Kelowna Condo Average Price by Year
Here's the trend at a glance. Prices peaked in 2022, dipped through 2023, and we're now sitting around $492K, up about 1% from this time last year but still 10% off the peak.
Based on average condo sale prices (2026 is Jan-Sep). Source: Association of Interior REALTORS® MLS® System, Central Okanagan, data to September 30, 2026.
Condos vs. Townhomes, Jan-Sep 2026
We don't have a price breakdown by bedroom count this round, so here's the honest version: the overall average, the overall median, and where townhomes sit against both.
Average Condo Price
$491,955
+1.0% year-over-year
Median Condo Price
$435,000
Flat year-over-year
Townhomes (Median)
$670,000
-2.2% year-over-year
Source: Association of Interior REALTORS® MLS® System, Central Okanagan, data to September 30, 2026.
Condo Median Price by Area (Past 12 Months)
| Area | Median Price | Sales (12 Mo) |
|---|---|---|
| McKinley Landing | $742,500 | 10 (small sample) |
| Lakeview Heights (West Kelowna) | $646,450 | 16 (small sample) |
| Kelowna North (Downtown) | $510,000 | 206 |
| Shannon Lake (West Kelowna) | $470,000 | 21 |
| Lower Mission | $457,450 | 184 |
| Springfield/Spall | $422,450 | 92 |
| North Glenmore | $415,000 | 47 |
| Westbank Centre (West Kelowna) | $405,000 | 89 |
| Glenmore | $399,900 | 37 |
| Kelowna South | $383,750 | 84 |
| Rutland North | $320,000 | 61 |
| Rutland South | $300,000 | 23 |
Source: Association of Interior REALTORS® MLS® System, Central Okanagan, data to September 30, 2026.
Here's what the numbers actually mean: Downtown (Kelowna North, $510,000 median) and Lower Mission ($457,450) hold up because people want walkability and lake access, and those things don't lose value. Glenmore and Rutland sit at the affordable end ($300,000-$400,000) because that's where first-time buyers shop. It's not about the neighbourhoods being worse. It's about buyer demographics and unit size.
What Condos Rent For (Investor Math)
If you're buying to rent it out, here's the math that actually matters. These are current Kelowna asking rents against the condo median purchase price, so you can ballpark your gross yield before you dig into strata fees and taxes.
| Unit Type | Median Rent | Median Price | Gross Yield |
|---|---|---|---|
| 1-Bedroom | $1,834/mo | $435,000 | ~5.1% |
| 2-Bedroom | $2,270/mo | $435,000 | ~6.3% |
| All Units (avg) | $2,111/mo | $435,000 | ~5.8% |
A couple of honest caveats. I'm running all three rent figures against the one condo median we have ($435,000) since we don't have a price breakdown by bedroom count this round, so treat the 1-bedroom and 2-bedroom yields as rough, not exact. And that's a gross yield, not your take-home. Once you subtract strata fees, property tax, and vacancy, your net is closer to 2.5-3.5%. The real return on a Kelowna condo is appreciation over time, not monthly cash flow.
Rent figures: rentals.ca National Rent Report, Kelowna, September 2026. Price: Association of Interior REALTORS® MLS® System, Central Okanagan, data to September 30, 2026.
Downtown highrises get all the attention, but some of the best value is in smaller buildings a few blocks back from the water.
Are Kelowna Condo Prices Dropping?
Short answer: no, prices have actually ticked up slightly, about 1% year-over-year, though they're still roughly 10% off the 2022 peak. What has changed is inventory: it's climbed to 9 months, which is the real story for buyers. Here's what the underlying data actually means for your wallet.
Stats are boring until you know what they mean for your wallet. So here's the raw data (sourced from the Association of Interior REALTORS® MLS® System) plus my translation, because I watch these numbers every single week and see how they play out in actual negotiations.
Inventory Levels
9 Months
Months of inventory (September 2026)
That's up from 8 months in September 2025, and it peaked at 14 months back in December 2025. Translation: you have real options right now. You can actually be picky and still close on something good.
6+ Months
The buyer's market rule of thumb
Why this matters: Under 2 months means sellers have all the power. The rule of thumb is that 6+ months tips into a buyer's market. At 9 months, condos are solidly there, buyers have the upper hand.
Days on Market
Median days to sell: 83 days (September 2026)
That number moves around a lot by season. It was 62 days in September 2025, and as recently as May 2026 it was only 36 days. So some of the September jump is seasonal (fewer buyers shopping in late summer), not just a cooling market. Either way, that average hides a huge gap: if you price it right and the unit's in a solid building, you'll still get offers quickly. But if you overprice or it's in an older building with deferred maintenance, you could be sitting there for months watching other listings sell.
What's selling fast: Waterfront, downtown condos under $500K, anything with modern finishes and in-suite laundry (people care about this more than you'd think). What's sitting: Older buildings with sketchy strata docs, overpriced listings where sellers are stuck in 2022 pricing, and condos with no parking. That last one kills deals constantly, even in a walkable area.
Sales Volume
83
Condos sold (September 2026)
For Jan-Sep 2026 overall, 855 condos sold versus 841 over the same stretch of 2025, up about 1.7%. People are still buying, just not in a rush.
1,047
Annual sales (2025 full year)
For context, we hit over 2,100 sales during the peak insanity of 2021. We're well below that now, which is part of why there's more inventory sitting around.
Is It a Buyer's or Seller's Market?
Buyer's Market
Right now? Buyers have the edge. At 9 months of condo inventory, we're past the usual 6-month line where a market is considered buyer-friendly. There's enough on the shelf that you can shop around and negotiate, without sellers panicking and slashing prices across the board.
What This Means for Buyers
- ✓You have time to think. No need to make offers the day you view.
- ✓Negotiating power. Subject-free offers aren't required anymore.
- ✓Sellers are more realistic. Overpriced listings eventually come down.
- ✓Inspection contingencies are back. You can protect yourself.
What This Means for Sellers
- ×You won't get 10 offers on day one (unless you're priced aggressively).
- ×Buyers will ask for price reductions if you're above market.
- ×Subject conditions are normal again (financing, inspection, strata review).
- ✓But well-priced, well-presented condos still sell quickly.
My honest take:
If you're buying, this is the best market we've had since before the pandemic. You can breathe, do your homework, and negotiate. Inventory at 9 months means you have real options without the desperation of a fire sale. If you're selling, it's not as easy as 2021 when listings sold themselves, and with the median now at 83 days to sell, you need to plan for a longer runway. Well-priced condos in good buildings still move faster than that. The ones sitting longest are overpriced or in buildings with deferred maintenance. Price it right, stage it properly, and you'll still get offers. The market rewards honesty now, not hype. (Honest limitation: 83 days is a one-month snapshot and this market moves seasonally, so don't treat it as a permanent number.)
Want to know what your condo is worth?
I'll run the comps and give you an honest number. No obligation, no sales pitch.
The condo lifestyle: lake views without the lawn maintenance.
Kelowna Housing Market Forecast: What's Next?
Full disclosure: I don't have a crystal ball. Anyone who claims to know exactly where prices are headed in 12 months is either lying or selling something. But I've been in this market long enough to read the signals. Here's my honest read on where we're headed.
Interest Rates (The Big Question)
The Bank of Canada hit pause on rate hikes. If inflation behaves, we could see a small cut by late 2026. And here's why that matters: lower rates mean more people can qualify for mortgages, which means more buyers competing for the same condos. That pushes prices up. Not dramatically, but enough to matter.
People Keep Moving Here
Kelowna condos still cost a lot less than most of the Lower Mainland, and that gap keeps pulling people here. Remote work made the move possible for many of them. They want a lake, wineries, and sunshine, and Kelowna checks those boxes. My read: that steady flow of buyers is a big reason prices are holding flat instead of falling.
New Towers Are Coming (Here's What That Means)
There are several new condo towers going up downtown right now. They'll hit the market in 2026-2027. What does that mean for prices? Well, older buildings might feel some pressure. Buyers will compare a dated unit against a brand new one and often choose to pay more for new construction. So you get this split: older buildings stabilize or dip slightly, new buildings command premiums.
My Price Prediction (For What It's Worth)
I think we stay flat to maybe up 3-5% by the end of 2026. Not a crash. Not a boom. Just steady, boring growth. The days of 20% annual jumps? Those are done. The panic selling? Not happening either. We're entering an era of stability, which honestly, most buyers and sellers will appreciate after the rollercoaster of 2020-2023.
What Could Go Wrong? (Being Realistic)
A recession hits and demand falls off a cliff. Interest rates spike again and buyers freak out. New construction floods the market with way more supply than we need. Any of those could shift things. But honestly? I don't see any of them happening in the next 12 months. The fundamentals are too strong.
Best Time to Buy a Condo in Kelowna
I get this question weekly: "Should I wait for prices to drop more?" Look, I understand the hesitation. Nobody wants to feel like they bought at the wrong time. But here's what I tell people: waiting for the absolute bottom is a losing game. You'll know the bottom happened about 6 months after it already passed. That said, if you're flexible on timing, there are seasonal patterns worth knowing.
Winter (Nov-Feb)
BEST FOR DEALS
Fewest buyers competing. Sellers who list in winter usuallyneed to sell (divorce, job transfer, whatever). Less competition means you have more negotiating power. If you find a unit you love in January, you're probably getting a better deal than if it was listed in May.
Spring (Mar-May)
MOST INVENTORY
Listings hit the market. More options to choose from, but also more competition from buyers. Prices tend to be firmer.
Summer (Jun-Aug)
PEAK ACTIVITY
This is when Kelowna shines and everyone wants to live here. Lots of buyers, lots of listings, lots of action. You'll have tons of options, but don't expect deals. Sellers know it's prime season and they price accordingly.
The real answer (from someone who's seen it all):
The best time to buy is when you find the right unit at a price that fits your budget. I've had clients wait for the "perfect" moment and watch their dream condo sell to someone else. If you're staying 5+ years, timing the season matters way less than just buying the right place. Don't let perfect be the enemy of good.
This is why people move here. The spreadsheets matter, but so does the lifestyle.
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