The Kelowna condo market kept softening as we moved into fall. Sales are not quite as strong as they were last year, condos are taking longer to sell, and even though inventory has come down, buyers still have plenty to choose from.
That makes things very competitive if you are trying to sell right now. The bigger question is whether that pressure is finally showing up in prices too. Here is what I am seeing in the numbers for August 2026 across the Central Okanagan.
For the month of August we recorded 96 condo sales across the Central Okanagan — Peachland, West Kelowna, Kelowna and Lake Country, with most of the volume in Kelowna itself. That is down from 101 last August, and last year was already a slow year.
The comparison that stands out to me is 2023, the year of the West Kelowna wildfire. We are sitting below a year when there was a fire in our own backyard. We did have fires this summer to the south near Summerland and Penticton and to the north near Vernon, and I suspect that dragged on August activity. But it is still not a good sign.
Against the 10-year August average of 122 sales, we are running 21% below normal.
One number that cuts the other way: year-to-date condo sales are 772 versus 739 at this point last year. So on a full-year basis we are ahead of 2025, which is encouraging given how weak last year was.
Month over month is where it looks rough. We went from 107 sales in July to 96 in August, a drop of about 10%. Some seasonal tapering after May is completely normal, but the slide from May onward has been steeper than usual this year.
Breaking the market down by bedroom count tells you a lot more than the headline number does.
| Type | August Sales | Active Listings | Months of Inventory | Market Condition |
|---|---|---|---|---|
| Studio | 1 | 52 | 52.0 | Severe buyer’s market |
| 1 Bedroom | 24 | 163 | 6.8 | Buyer’s market |
| 2 Bedroom | 64 | — | 7.5 | Buyer’s market |
| 3+ Bedroom | 10 | 103 | 10.3 | Severe buyer’s market |
Studios are the toughest part of this market by a wide margin. One sale against 52 listings works out to 52 months of inventory — more than four years to clear at the current pace. If you own one and you can afford to hold it with a tenant in place, that is usually the better play. If you do have to sell, you need to be aggressive on price, because there is very little to differentiate one studio from the next beyond floor and view.
Two-bedroom units are the most active part of the market and the easiest to move, but at 7.5 months of inventory even they sit in buyer’s market territory. Anything above roughly five or six months of inventory is a buyer’s market.
As of the end of August there were 796 condos on the market, down 12.1% from 906 a year ago. Year to date, listings are down close to 10%. Last year set records for inventory in every property type, and condos are no exception — we are finally coming off that peak.
That said, we are still running 31% above the 10-year average. And the 796 figure only counts what is on the MLS. It excludes shadow inventory: completed developer units being sold through their own sales offices. I would estimate another 200 to 300 of those, which puts the true number well over 1,000.
Divide listings by sales and you get 8.3 months of inventory. In theory, if nothing new came on the market, it would take 8.3 months to sell through everything at the current pace. Back in 2021 and early 2022 that line was down at two to three months. A balanced market is where things flow in both directions, and we are nowhere near it.
The list-to-sale price ratio backs that up. Buyers and sellers are negotiating 3.4% off the last list price, for a ratio of 96.6%. There is a lot of negotiating happening out there.
There were 38 expired condo listings in August. A listing contract runs a minimum of 60 days, so every one of those sat unsold for at least two months. In my experience essentially all of them come down to one thing: price.
Days on market is not favouring sellers either. It is taking 79 days on average to sell based on the advertised count, and closer to 100 on a cumulative basis, which counts every day a unit has been listed including earlier attempts and relists within 30 days. Those numbers have been climbing every month since May.
Now the stat everyone wants. The benchmark condo price in the Central Okanagan is $465,000. In real terms that is getting you roughly 1,000 square feet or more — often a two bed, two bath, sometimes with a den.
That price puts us back at September 2021 levels. We were at about $500,000 in April, so we have given up nearly $35,000 in four months, and there is no sign of it stopping yet.
Year over year we are down from $493,000, roughly 5%. Off the peak of $550,000, we are down about $85,000. That is the average. I have seen individual units down $150,000 to $200,000 from peak — and not just brand new builds. One I can think of sold for under $400,000 after the owner paid $550,000. Bad timing for that seller, great timing for the buyer.
Keep in mind this is the 30,000-foot view. Your number will vary by neighbourhood, by building, and by condition.
You have a lot of choice and you can afford to be picky and patient. But I want to be clear about one thing: when the right unit comes up, priced properly and presented well, those are still selling fast. Patience does not mean waiting forever — it means being ready when the good one appears.
Pricing and presentation are everything right now. That is true whether you have a condo, a townhome or a single family home, but it is especially true in a market carrying eight months of inventory. Watch what is actually selling around you, be honest with yourself about whether you need to sell, and price to the market rather than to what you hoped it would be.
If you are buying to live in or hold long term, the combination of 8.3 months of inventory, prices back at 2021 levels and 3.4% average negotiation off list gives buyers more leverage than they have had in years. If you need to sell again in two years, that is a different conversation.
With 52 listings and one sale in August, there is simply far more supply than demand, and one studio looks much like the next. Without a standout floor, view or renovation, price is the only real lever.
I do not know, and anyone who tells you they do is guessing. What I can tell you is the benchmark has fallen roughly $35,000 since April and had not levelled off as of the end of August.
Between 79 and about 100 days on average, depending on whether you are looking at advertised or cumulative days on market. A well-priced, well-presented two bedroom can go far faster than that.
Thinking about buying or selling a condo in Kelowna?
Every building and every neighbourhood is behaving differently in this market. If you want to talk through your specific situation, reach out and I will give you a straight read on where you stand.
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