Is Kelowna In a Buyers or Sellers Market (2026)?

As of August 2026, the Kelowna and Central Okanagan real estate market is currently sitting in balanced to buyer-friendly conditions with 6.8 months of inventory, and a 11.6% sales-to-active-listings ratio.

Supply in the Central Okanagan has returned to healthier historic levels, with overall market conditions sitting in balanced territory — currently trending slightly buyer-friendly depending on the specific property type.

How To Determine A Buyers or Sellers Market: SALR & MOI

Real estate market balance is determined by two key metrics: Months of Inventory (MOI) and the Sales-to-Active-Listings Ratio (SALR).

Sales-to-Active-Listings Ratio (SALR) calculates the percentage of active listings that sell within a given month as [Sales ÷ Active Listings]. It is used primarily by regional real estate boards across British Columbia, including the Association of Interior REALTORS® and the BC Real Estate Association (BCREA), to track immediate market velocity and pricing pressure.

• Above 20%: Seller’s Market (High demand, upward price pressure)

• 12% to 20%: Balanced Market (Equilibrium between buyers and sellers)

• Below 12%: Buyer’s Market (Excess inventory, downward price negotiation power)

Months of Inventory (MOI) measures how long current active inventory would last at the prevailing rate of sales if no new properties came to market (Active Listings ÷ Monthly Sales). Used primarily by real estate analysts and national & provincial tracking bodies like the Canadian Real Estate Association (CREA) & CMHC to measure supply-and-demand balance over time. It measures how long current active inventory would last at the prevailing rate of sales if no new properties came to market.

• Under 4 Months: Seller’s Market (Rapid inventory absorption)

• 4 to 6 Months: Balanced Market (Healthy pace of absorption)

• Over 6 Months: Buyer’s Market (Increased inventory gives buyers leverage)

Current Actual Metrics in The Central Okanagan & Kelowna Area, Aug 20th publication:

Sales-to-Active-Listings Ratio (SALR) sits at ~11.5% to 14.5% overall. Single-family homes sit near the ~14% balanced mark, while condos and townhomes sit closer to ~10.5% to 11.5% in buyer-leaning territory.

Months of Inventory (MOI) are at ~6.5 to 8.0 months overall with single-family detached homes around 6.5 to 6.8 months, while apartment/condo inventory hovers between 7.5 to 8.5 months.

2020–2022: Extreme Seller’s Market

Nationally, historic emergency rate cuts by the Bank of Canada unleashed ultra-cheap capital, while hyper-local interprovincial migration and remote work flexibility drove an unprecedented influx of buyers into the Okanagan seeking lifestyle-oriented living. Simultaneously, local housing inventory dropped to historic lows as inventory absorption vastly outpaced new construction completions.

• Market State: Intense Seller’s Market

• Data Trends:

  • Months of Inventory (MOI): 1.0 to 2.5 months (historically tight inventory; anything under 4 months favors sellers).

  • Sales-to-Active-Listings Ratio (SALR): 35% to 55%+ (drastically higher than the 20% seller threshold; multiple offers and sales over list price were standard).

  • 2020–2021: Total sales broke regional records, with active inventory down over 50% year-over-year by late 2021.

  • Early 2022: Central Okanagan single-family home average prices crested over $1.2M in March 2022, with list-to-sale ratios exceeding 102%.

• Key Dynamics: Driven by record-low interest rates and widespread pandemic-era migration into the Okanagan, demand surged while inventory dropped to historic lows (active listings frequently dipped below 500 units in early 2022).

Primary Sources: Okanagan Mainline Real Estate Board (OMREB) / Association of Interior REALTORS® (AIR).

2022–2024: Rapid Correction to Balanced Conditions

At the macro level, the Bank of Canada executed its most aggressive rate-hiking cycle in modern history to curb inflation, severely constraining mortgage borrowing capacity. Locally in Kelowna, the abrupt drop in purchasing power combined with the post-pandemic return-to-office mandates caused regional sales to plunge and active listings to rapidly accumulate.

• Market State: Rapid Transition Balanced Market

• Data Trends:

  • Months of Inventory (MOI): 4.5 to 6.5 months (transitioned directly into balanced territory, briefly reaching 8–10 months during seasonal lulls).

  • Sales-to-Active-Listings Ratio (SALR): 12% to 18% (dropped directly into the 12%–20% balanced market range).

  • Late 2022–2023: Active listings surged over 60% compared to 2021 lows. Days on market doubled as buyers stepped back.

  • 2023–2024: Single-family benchmark prices settled back down into the 980,000–1,050,000 range, while listing inventory stabilized.

• Key Dynamics: The Bank of Canada’s aggressive interest rate hiking cycle (starting spring 2022) immediately cooled buyer purchasing power. Sales dropped precipitously by late 2022 (down 30%+ year-over-year), and inventory began rebuilding across all property types.

Primary Sources: Association of Interior REALTORS® (AIR) / British Columbia Real Estate Association (BCREA).

2024–2026: Balanced to Buyer-Friendly Conditions

Macroeconomically, sustained elevated interest rates held demand muted despite gradual central bank easing, keeping broader sentiment cautious. On the micro level, strict provincial short-term rental restrictions pushed non-principal investor properties onto the market, while significant completions of new multi-family developments expanded buyer choice and pushed Kelowna inventory levels to multi-year highs.

• Market State: Balanced / Buyer-Leaning (Segment Dependent)

• Data Trends:

  • Months of Inventory (MOI): 6.4 to 8.0 months overall (e.g., ~6.7 months for single-detached, and hovering between 6.7 to 9.0 months for apartments).

  • Sales-to-Active-Listings Ratio (SALR): 10.5% to 14.5% (regularly dipping below the 12% buyer-friendly threshold, particularly for condos and townhomes).

  • Inventory & Days on Market: Total regional active inventory hovered near 9,000–9,800 units through mid-2026. Average days on market range between 55 to 78 days depending on property type.

  • Pricing: Central Okanagan single-family benchmark prices sit at ~$1,053,700–1,072,400, townhomes at ~$707,500–709,500, and condos at ~$490,700–495,100.

  • List-to-Sale Ratio: Averages ~96.4%, showing sellers are accepting negotiated discounts off asking price.

• Key Dynamics: Increased active inventory, higher borrowing costs relative to 2020–2021, and new short-term rental restrictions have expanded buyer choice. While top-tier single-family homes retain steady value, the condominium and townhome segments have shifted noticeably toward buyer-friendly territory.

Primary Sources: Association of Interior REALTORS® (AIR) / Canadian Real Estate Association (CREA).

Data Summary Overview

Read On

Looking to make a strategic move in today’s balanced market or want deeper neighborhood-level insights?

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