The Kelowna condo market has picked up compared to 2025, but don't mistake that for a recovery. Sales are marginally better year-over-year, yet inventory still sits near record levels. Buyers hold all the cards. If you're selling a condo right now, pricing and presentation are everything. If you're buying, you have more choice, more time, and more negotiating room than at any point since 2019.
Here's the full July 2026 breakdown for the Central Okanagan condo and apartment market, covering Peachland through to Lake Country.
July 2026 produced 107 condo and apartment sales in the Central Okanagan, down from 115 in July 2025, a decline of roughly 7% year-over-year. That also puts us below the 10-year average by about 18%. Year-to-date, however, sales are slightly ahead of 2025 thanks to a strong May. The market peaked at 176 sales in a single month back in 2021. When rates started rising in 2022, sales cratered to a low of 85. We've drifted upward since, but we're nowhere near recovered.
August is expected to be slow as well. Wildfire smoke from fires north in Vernon and south in the Summerland/Penticton area has blanketed the Okanagan, and that tends to dampen buyer activity. Weather and air quality aren't tracked in market data, but they're real factors that influence showings and urgency.
The breakdown by bedroom type tells a much more useful story than aggregate numbers alone. Here's where buyers and sellers actually sit:
| Type | July Sales | Active Listings | Months of Inventory | Market Condition |
|---|---|---|---|---|
| Studio / Bachelor | 2 | 54 | 27 months | Deep buyer's market |
| 1-Bedroom | 24 | 170 | 7.1 months | Buyer's market |
| 2-Bedroom | 70 | 463 | 6.6 months | Buyer's market |
| 3-Bedroom+ | 11 | 100 | 9.1 months | Buyer's market |
Studios are in brutal shape: 27 months of inventory means it would take over two years to sell off every studio at the current pace. Two sales per month is essentially no market. If you own a studio condo in Kelowna and need to sell, expect a very long process unless you're priced aggressively below comparables.
Two-bedroom units are the core of the Kelowna condo market: 70 of 107 total sales (65%) came from this category. If you're buying a condo with a view to future resale, two-bedroom or larger is by far the smarter move.
At the end of July 2026, 787 condos were listed on MLS in the Central Okanagan, down 18% from 958 at the same time last year, and down nearly 9% year-to-date. That's the good news: supply is contracting. The 10-year average is 623 listings, so we're still about 26% above that baseline.
But here's what the MLS number doesn't capture: shadow inventory. Over the past few years, several large residential towers have completed construction in Kelowna. Developer units that haven't yet sold don't appear on realtor.ca; they're not MLS listings. I estimate there are at least 200–300 additional developer units available, putting the true total supply likely above 1,000 condos across the Central Okanagan. If you're working with a buyer's agent and only looking at MLS listings, you're missing a significant portion of the available market, including some of the newer product.
The overall Kelowna condo market sits at 7.4 months of inventory as of end of July 2026. The generally accepted range for a balanced market is 4 to 6 months. Above 6 months favours buyers; below 4 months favours sellers. At 7.4 months, this is solidly a buyer's market.
The absorption rate for July was 13.6%, meaning 13.6% of the available condo inventory actually sold during the month. In the seller's market of 2021, that number was regularly above 25–30%.
Buyers are negotiating an average of 3.1% off the last list price, resulting in a list-to-sale ratio of 96.9%. That 3.1% discount is meaningful: on a $490,000 benchmark unit, it represents about $15,200. Keep in mind this is based on the last list price; many condos have already been reduced once or twice before selling, so the actual discount from original asking is often higher.
In July 2026, 38 condos expired: listings that sat on the market for at least 60 days with no accepted offer. That's more than one expired listing per day, every day, for the entire month. These sellers learned the hard way that overpriced condos in this market simply don't sell.
The average condo took 72 days to sell based on the final listing period in July 2026, up from about 55 days at the same point in 2025. When you factor in cumulative days (including prior listings and re-lists after price reductions), the average extends to 108 days. That means the typical Kelowna condo seller is waiting 2.5 to 4 months for a sale. In the 2021 market, condos were regularly selling in under 2 weeks.
The benchmark condo price in the Central Okanagan sits at approximately $490,000 as of July 2026, representing a typical two-bedroom, two-bathroom unit. That's down about $10,000 (2%) year-over-year, and down roughly $60,000 (11%) from the market peak in March 2022, when benchmarks hit $550,000.
If you bought at peak pricing in early 2022, your condo is technically worth less than you paid. That said, 2026 buyers are entering at a meaningfully more reasonable price point. Yes, interest rates are higher than they were in 2020–2021, and yes, the cost of living has climbed, but on a pure price-per-square-foot basis, Kelowna condos are more accessible today than they were three years ago.
Brand-new developer units typically price above the MLS benchmark. Older, well-maintained units built in the late 1990s to mid-2000s tend to offer the best value per square foot, particularly those with larger floor plans that newer buildings rarely match.
If you're thinking about buying a condo in Kelowna in 2026, the data points squarely in your favour. You have over 787 MLS listings to choose from (plus developer inventory), months to make a decision, and room to negotiate. The most important thing right now is knowing what to buy: two-bedroom units hold value and sell more easily; studios carry long-term resale risk given chronically high supply. If budget is the driver, consider a well-maintained 2000s-era building over a studio in a newer tower.
Pricing is everything in this market. Thirty-eight expired listings in a single month is a loud signal: buyers are not settling for overpriced product. If you're comparing your condo to what prices looked like in 2022, reset your expectations. The benchmark has dropped 11% since then. Presentation matters: updated kitchens, clean staging, and professional photography reduce your days on market. And if your unit has been sitting over 60 days, a meaningful price reduction (not a symbolic $5,000 drop) is likely needed.
Yes, solidly. At 7.4 months of inventory and 38 expired listings in July alone, buyers have significant leverage. The balanced range is 4–6 months; at 7.4, you're well into buyer's territory.
Approximately $490,000 as of July 2026, down 2% year-over-year and 11% from the March 2022 peak of $550,000.
787 on MLS as of end of July 2026, plus an estimated 200–300 developer units not on MLS. True available supply is likely over 1,000 condos.
72 days on average (last listing), 108 days on average cumulatively when factoring in relists and price reductions.
Two-bedroom and larger condos sell fastest and hold value best. Studios have 27 months of inventory, a very difficult resale environment. If you can, prioritize two-bedroom units, especially in well-maintained 2000s-era buildings with larger floor plans.
Thinking about buying or selling a condo in Kelowna?
Whether you're trying to navigate the buyer's market as a purchaser, or need a realistic pricing strategy to sell, I can help. Reach out directly. No pressure, just straight talk about the data.
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