Let's be real—trying to wrap your head around the Kelowna real estate market can feel overwhelming. You see gorgeous condos popping up online, hear whispers about market shifts, and you’re left wondering, "Where do I even start?"

That's a completely normal feeling, and it’s exactly why we put this guide together. Think of it as a straightforward, no-fluff resource for everything you need to know about buying a condo in Kelowna, BC.

Your Journey to Kelowna Condo Living Starts Here

The Okanagan housing market has its complexities, but finding the right condo shouldn’t be one of them. Our job is to give you the clarity and confidence to make a move that feels right for you. No jargon, no sales pitch—just a friendly chat with someone who genuinely knows Kelowna real estate.

We'll break down what’s really happening in the market right now, dive into the unique vibe of each neighbourhood, and make sense of the important stuff like strata fees and bylaws.

Who This Guide Is For

We built this guide for anyone thinking about a condo purchase in the Okanagan. It’s packed with practical, actionable advice, whether you're:

• A first-time buyer excited to finally own your own place.

• An investor looking for a smart opportunity in a growing city.

• Someone downsizing ready to embrace the vibrant, low-maintenance Kelowna lifestyle.

What's Happening in the 2025 Market?

First things first, you need to know the current rhythm of the market. Throughout 2025, the Kelowna condo market has seen some significant price softening, pulling back from the peak levels we saw previously. In November 2025, the median condo price landed at $420,000, which is an 8.2% decline from the same time last year.

This shift is mostly driven by more listings hitting the market and buyers taking a more cautious, measured approach. While prices have come down, it’s a market reset, not a return to the prices of a decade ago. You can dig deeper into the numbers in the latest Kelowna market report.

Below is a quick snapshot of what these trends mean for different types of buyers.

2025 Kelowna Condo Market At A Glance

Key Factor          Current Situation (Late 2025)         What This Means For You

This table shows a market that's shifting in favour of buyers. It’s a great time to be looking, provided you have a solid strategy.

We don’t just pull data from a spreadsheet. We connect these numbers to what our team at Vantage West Realty sees with clients on the ground, every single day. Our job is to translate market trends into meaningful advice for your specific goals.

From the bustling streets of Downtown to the quieter corners of Glenmore, we’ll give you the local insights you can’t find anywhere else. Our team, led by AJ Hazzi, is built on straight talk and real expertise—it’s how we’ve earned over 1,000 positive reviews. We’re here to be your partner, making sure you feel supported and informed every step of the way.

Making Sense of the 2025 Kelowna Condo Market

So, what’s really going on with condo prices in Kelowna? It can feel like you’re getting mixed signals, but a clearer picture emerges when you dig into the numbers. The market for a condo in Kelowna BC has been adjusting throughout 2025, moving away from the frantic pace we all got used to in previous years.

For buyers, this means more breathing room. There are more listings to choose from, which dials down the pressure to make a snap decision. This shift is giving buyers a bit more power at the negotiating table—something we haven’t seen in quite a while.

The key takeaway is that the market has settled into a much more balanced rhythm. This is a direct result of more condos being available and buyers taking a more patient, considered approach to weighing their options and budgets.

What's Driving the Current Price Trends

A few key factors are shaping the Kelowna condo market right now. One of the biggest influences has been the provincial changes to short-term rental rules over the past couple of years. This single change brought a wave of former vacation properties onto the long-term market, significantly boosting the overall supply of condos for sale.

This bump in inventory has been a major driver behind the price softening we've seen. It’s a classic supply-and-demand scenario playing out right here in the Okanagan: when buyers have more choices, sellers need to price their properties more competitively to stand out.

The chart below gives you a clear visual of the median price trend for Kelowna condos over the last year.

As the data shows, the median condo price has steadily eased from $457,000 in late 2024 down to $420,000 by November 2025, which really reflects this market adjustment.

A Closer Look at Condo Prices By Neighbourhood

Of course, "Kelowna" is a big place, and prices can vary quite a bit depending on where you're looking. A two-bedroom unit in the heart of downtown will have a very different price tag than a similar-sized place in Rutland.

Here’s a quick snapshot of what you can expect to pay for a standard 2-bedroom, 2-bathroom condo in Kelowna's most popular neighbourhoods in 2025.

Kelowna Condo Median Price Ranges By Neighbourhood

This table gives you a solid starting point, but remember these are just averages. A brand-new build with a lake view will always command a premium, while an older, well-maintained building might offer a more accessible price point.

Price Trends for Different Condo Sizes

It’s also important to understand how these trends are playing out across different types of condos. Not all units are seeing the same level of price adjustment.

• One-Bedroom Condos: These have been the most stable. They're a popular entry point for first-time buyers and are always in demand, which helps them hold their value.

• Two-Bedroom Condos: This is the most common condo size, and it's where we see the market average really playing out. They offer great flexibility for couples, small families, or anyone needing a home office.

• Three-Bedroom Condos: These larger, more family-focused units have seen the most significant price softening. Their higher price points make them more sensitive to shifts in buyer affordability and overall market sentiment.

"Understanding these nuances is key. We're seeing great opportunities emerge, especially for buyers looking for larger spaces. It’s about knowing where to look and when to act."

This market reset has opened up a window of opportunity. While no one can perfectly predict the future, the current conditions are definitely favourable for buyers who are ready to make a move. For a deeper dive into what's ahead, you can explore our detailed Kelowna real estate market forecasts.

Our team at Vantage West Realty connects this data to what we see on the ground every day, helping our clients understand what these numbers mean for their personal real estate goals. We’re here to give you the context behind the headlines.

Finding the Right Neighbourhood For Your Lifestyle

Finding the perfect condo in Kelowna BC is about finding your community. Kelowna is a city of distinct neighbourhoods, each with its own personality and pace. You’re not just buying a property; you’re buying into a lifestyle.

Are you dreaming of walking to cafes and the waterfront promenade? Or is a quieter spot with easy access to parks and beaches more your speed? Let's explore Kelowna's key condo neighbourhoods and see which one feels like home.

Downtown Kelowna: The Heart of the City

If you thrive on the buzz of city life, Downtown Kelowna is where you want to be. It’s the vibrant core of culture, dining, and entertainment. Imagine stepping out your door with Okanagan Lake, Waterfront Park, and the farmers' market right at your fingertips.

• Who it’s for: Young professionals, couples, and downsizers who crave an energetic, car-optional lifestyle.

• What you'll find: A mix of brand-new luxury high-rises, like the landmark Water Street By The Park development, alongside established, well-maintained buildings. Condos here often boast incredible lake and city views.

Pandosy Village and the South Pandosy Area

Just south of the core, the Pandosy area offers a chic, boutique vibe. It has the energy of downtown but feels more relaxed and community-oriented. You'll find unique shops, cozy cafes, and some of Kelowna's best beaches are just a short walk away.

This area is a top choice for anyone who values walkability but prefers a distinct neighbourhood feel over the high-rise density of downtown. To get a better sense of what makes this area so special, check out our guide to some of Kelowna's most walkable neighbourhoods.

Lower Mission: Family-Friendly and Active

The Lower Mission has long been a favourite among families and active individuals. It’s known for its excellent schools, sprawling parks, and easy access to the H2O Adventure + Fitness Centre and the Capital News Centre. It offers a slightly more suburban feel while still being incredibly close to the lake.

The real appeal of the Lower Mission is its balance. You get beautiful, quiet residential streets, but you're never more than a few minutes away from sandy beaches or your next grocery run. It’s the best of both worlds.

Glenmore: Central and Convenient

Glenmore is a fantastic, centrally located neighbourhood that offers incredible value. Tucked into a valley, it makes getting to downtown, the university (UBCO), or the airport an absolute breeze. With plenty of parks, trails, and amenities, it's a practical and popular choice for a wide range of buyers.

• Who it’s for: First-time buyers, young families, and anyone who needs easy access to different parts of the city.

• What you'll find: A great mix of newer low-rise condo developments and established townhome complexes, often at a more accessible price point than areas closer to the lake.

Rutland: Value and Community

As Kelowna’s largest neighbourhood, Rutland offers some of the most affordable real estate in the city. It’s a diverse, self-contained community with a strong sense of identity. You’ll find every amenity you could possibly need here, from major shopping centres to local parks and the Rutland Recreation Park.

This neighbourhood is a fantastic entry point into the Kelowna real estate market. For buyers and investors focused on getting the most for their money, Rutland consistently delivers. The condo options are varied, ranging from older, well-cared-for buildings to newer developments that bring modern living to this established community.

How to Read Strata Documents Like a Pro

When you're buying a condo, you’re buying into a community with shared finances, rules, and responsibilities. This is where the strata documents come into play. They might look like a mountain of paperwork at first, but they are your single best tool for figuring out the true health of the building.

Think of it like a detailed background check on your potential new home. It’s the behind-the-scenes look that reveals the real character of the building and how it's managed, well beyond the fresh paint and shiny fixtures.

Key Documents You Need to Review

Diving into these files can feel intimidating, but with an experienced agent guiding you, it’s a totally manageable process. The key is to focus on a few core documents that tell the most important stories about the condo corporation.

Here are the must-reads:

• Bylaws and Rules: These are the rules of the road for day-to-day life in the building. They cover everything from pet policies (size, number, and breed restrictions) and rental permissions to the rules for using common areas like the gym or pool.

• Financial Statements: This is the financial report card for the strata. It shows you exactly how money is being spent, what the annual budget looks like, and the overall health of the Contingency Reserve Fund (CRF).

• Strata Council Meeting Minutes: Reading the minutes from the last two years of meetings is like listening in on past conversations. You’ll get the inside scoop on what residents are actually concerned about, from leaky pipes to upcoming special projects.

• Form B (Information Certificate): This document is a snapshot of the specific unit you want to buy. It details the current monthly strata fees, confirms if there are any outstanding fees, and states the balance of the CRF.

The Contingency Reserve Fund Explained

The Contingency Reserve Fund (CRF) is basically the building’s long-term savings account. It's money set aside specifically for major repairs and big-ticket replacements that happen over time—things like replacing the roof, modernizing the elevator, or repaving the parkade.

A healthy CRF is one of the clearest signs of a well-run strata. If the balance is low, it could be a major red flag. It suggests that when a big repair is needed, owners might get hit with a special levy—an extra, and often hefty, one-time payment.

A strong CRF means the strata council is planning for the future. It’s a proactive approach that protects your investment and prevents you from getting hit with unexpected financial bombs down the road.

What Your Monthly Strata Fees Actually Cover

A lot of buyers ask where their monthly strata fees go. These fees are the lifeblood of the building, covering all the shared operational costs. Getting a handle on them is crucial, and for a deeper dive, you can check out our guide that answers the question, "what is a strata fee?"

Generally, your fees will include:

• Building Insurance: This policy covers the building structure and common areas. You will still need your own personal insurance for your contents and liability inside your unit.

• Maintenance and Repairs: This covers everything from cleaning the hallways and landscaping the grounds to servicing the HVAC systems and other building mechanics.

• Utilities: This often includes utilities for common areas, and sometimes it even covers services like gas, heat, or hot water for individual units.

• Management Fees: If the strata has hired a professional management company to handle the day-to-day operations, their fees are paid from this pot.

• Contribution to the CRF: A portion of your monthly fee is funnelled directly into that all-important long-term savings account.

Going through these documents thoroughly with your Vantage West agent ensures there are no nasty surprises waiting for you after you move in. It's all about making sure the condo in Kelowna BC you fall in love with is also a sound, secure, and well-managed investment for your future.

Your Step-by-Step Guide to Buying a Condo

Alright, you’ve explored the neighbourhoods and you know how to read strata documents. Now for the exciting part—making it happen! Let's walk through the actual process of buying a condo in Kelowna BC.

It can feel like a lot of steps, but we’re here to break it down into a clear, manageable path from starting your search to getting those keys in your hand.

The First Steps: Mortgage Pre-Approval and Finding an Agent

Before you even start scrolling through listings, your first call should be to a mortgage broker or your bank. Getting pre-approved for a mortgage is non-negotiable; it's the most important first step you can take. It tells you exactly what your budget is, which makes your property search focused, realistic, and serious.

Once you know your numbers, it's time to partner with a real estate agent who specializes in the Kelowna condo market. A great agent does more than just send you listings. They’re your strategic advisor, your negotiator, and your guide through every last detail. They’ll help you find properties that match what you're looking for, sometimes before they even hit the public market.

Making an Offer and the Art of Negotiation

You've found the perfect condo—now what? It's time to write an offer. In the current 2025 market, you have more room to negotiate than in previous years, but a strong, clean offer is still key to getting the seller's attention.

Your offer is more than just the price. It also lays out your desired dates for completion and possession, along with any subject conditions. These crucial clauses protect you and your investment.

Common subject conditions for a condo purchase include:

• Financing: This gives you time to lock in your final mortgage approval.

• Home Inspection: Essential for checking the health and condition of your specific unit.

• Review of Strata Documents: This allows you and your agent to thoroughly vet the building’s finances, bylaws, and meeting minutes.

• Property Disclosure Statement (PDS) Review: This is a document where the seller discloses any known issues with the property.

Crafting the right offer is a strategic move. We help our clients understand the seller's position and the property's market value to create an offer that is both compelling and smart for their financial future.

From Accepted Offer to Closing Day

Once your offer is accepted, the "subject removal" period begins. This is typically a 7 to 14-day window where you and your team work diligently to satisfy all your conditions. Your agent will coordinate the home inspection and gather all the necessary strata documents for your review. This is when you'll really dig into the details to make sure everything checks out.

After you remove your subjects, the deal is firm! The next steps are mostly handled by your lawyer or notary. They will manage the title transfer, handle the flow of funds, and ensure all the legal paperwork is in order.

Finally, on completion day, the property officially becomes yours. The money is transferred, and the title is registered in your name. Then comes possession day—the moment you've been waiting for when you get the keys and can finally step into your new Kelowna condo. It’s a process with many moving parts, but with the right team guiding you, it’s a smooth and exciting journey.

Kelowna Condo FAQs: Your Questions Answered

When you're exploring the condo market in Kelowna BC, it's natural to have a lot of questions. It's a huge decision, and being curious is smart! Here are some straightforward answers to the questions we hear from clients every single day.

Are Condos a Good Investment in Kelowna Right Now?

Absolutely. Condos are still a solid long-term investment here in Kelowna. The demand for housing stays consistently strong, thanks to that incredible Okanagan lifestyle that keeps drawing people from all over the country. The market adjustments we saw in 2025 have opened up some great opportunities for savvy buyers.

If you're an investor, the real key is digging into the strata bylaws to check for any rental restrictions. You need to make sure the building's rules line up with your goals. For homebuyers, a condo is often the most affordable way into the market, or it can be a fantastic, low-maintenance choice when you're ready to downsize. Our team helps clients break down specific buildings and neighbourhoods to ensure their purchase is a smart financial move.

What Is a Special Levy and Should I Be Worried About It?

A special levy, or special assessment, is an extra one-time charge that condo owners have to pay. It happens when the strata needs to cover a big, expensive project that wasn't in the regular annual budget—like replacing the entire roof or tackling a major plumbing overhaul.

A special levy isn't automatically a red flag. Sometimes, they're planned well in advance for major upgrades that will actually boost the building's value. The important thing is to do your homework.

Reviewing the strata documents is non-negotiable. Pay close attention to meeting minutes and any engineering reports to see if big projects or potential levies are being discussed. A healthy Contingency Reserve Fund is a great sign, as it can often prevent the need for large, unexpected special levies.

How Much Should I Budget for Closing Costs on a Kelowna Condo?

A good rule of thumb is to set aside between 1.5% and 2.5% of the condo's purchase price to cover all your closing costs.

This chunk of money typically covers expenses like:

• Property Transfer Tax (PTT): For most buyers, this is the biggest closing cost.

• Legal Fees: This pays for the lawyer or notary handling the title transfer.

• Home Inspection: A crucial step we insist on for our clients.

• Appraisal Fees: Sometimes required by your mortgage lender.

Good news for some: first-time home buyers in BC might be eligible for a full or partial exemption from the PTT, which can slash these costs significantly. We always give our clients a detailed cost estimate so there are zero financial surprises when closing day rolls around.

Do I Really Need a Home Inspection for a Condo?

Yes! We always, always recommend getting a home inspection, even if the condo is brand new. While the inspection won't cover the entire building's structure (that falls under the strata's responsibility), it's absolutely essential for checking the condition of everything inside your unit.

An inspector will go through the electrical systems, plumbing, heating, and test all the appliances. Crucially, they’ll also hunt for any signs of water damage that could be coming from the units above or beside you. It’s a small investment that buys you an incredible amount of peace of mind and protects your biggest asset.

If you’re thinking about buying or selling a condo in Kelowna BC, the team at Vantage West Realty is here to help you make your next move with confidence. We’ll provide the clarity and expertise you need to navigate the market and achieve your goals. Reach out today to start the conversation.