The condo market is still showing signs of weakness as we head into fall. Sales are weaker than a year ago, condos are taking longer to sell, and buyers still have plenty of choice even as inventory starts to come down. Here's what happened in the Central Okanagan condo market, from Peachland to Lake Country, through the end of September.
We recorded 83 condo sales in September, down sharply from the spring peak. That's 18.6% below the 102 sales of September 2025 and about 23% below the 10-year average of 108. Every month since July has come in below last year, even though earlier months this year ran well ahead, especially May. For perspective, the 2020 and 2021 peak was around 163 to 170 sales a month, so we're roughly 100 sales lower than that.
Two-bedroom condos are by far the most active segment, making up almost 70% of sales, but they also have the most competition.
Studios: 5 sales (two of them at Big White) against 56 listings, or about 11 months of inventory. One-bedrooms: 13 sales and 149 listings. Two-bedrooms: 58 sales and 469 listings, about 8 months of inventory. Three-bedroom and larger: 7 sales and 100 listings, about 14 months of inventory.
If you're buying, you have lots of selection. If you're selling, especially a two-bedroom, you're up against a lot of similar units.
There were 774 condos listed on MLS at the end of September, down 6.5% from a year ago and roughly 10% year to date. That doesn't include the hidden inventory still held by developers in newer buildings, so the real number is probably closer to 1,000. Last year's record was nearly 1,000 on MLS alone. We're still about 32% above the 10-year average, compared with just 260 listings in the seller's market of 2021.
We're sitting at 9.3 months of inventory. A balanced market is 4 to 6 months, and under 4 favours sellers. The absorption rate was only 10.7%, meaning roughly 11 of every 100 listings sold. We'd need to approach 20% to get back to seller's market territory. I expect inventory to keep falling alongside sales, so we stay in a buyer's market.
Buyers and sellers settled on an average of 4.5% off list price, which is roughly $22,000 on a $500,000 condo. In September, 51 listings expired, meaning they sat for at least 60 days without selling, almost certainly because they were overpriced.
Average days on market for condos sold in September was 85, but the cumulative days on market, which counts relisted and re-priced properties, was 121. Sellers who start high and chase the market down are adding about a month to their sale. Pricing at or below recent comparable sales is what sells faster.
The benchmark condo price jumped from about $465,000 in August to $496,000 in September, so the typical condo is right around the $500,000 mark. The median price was about $423,000, which still buys a good two-bedroom, two-bath. Prices are only a few percent, about $10,000, above last year.
The hot price range is $300,000 to $499,000, where 47 or 48 sales made up more than 60% of the market. Three condos sold above $1 million in September, one at around $3 million, which may have nudged the benchmark. Historically, we're back to roughly October 2021 pricing. If you bought after that, you may sell for less than you paid. Since the March 2022 peak, benchmark condo prices are down about $54,000, or roughly 10%, and that's before accounting for higher interest rates and other costs of living.
Unit 302 at 1057 Frost Road in Upper Mission is a new, two-bedroom, two-bath condo with over 1,000 square feet, listed at $499,000. It has a wraparound balcony facing the hillside for extra privacy, a kitchen with an island, separated bedrooms, a separate laundry room, a large walk-in closet, and two parking stalls. Strata fees are just over $300 a month, which is low for that much space. Across the street you have Save-On-Foods, a Dollar store, a pharmacy and a pet food store, so daily needs are close by.
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