Kelowna Luxury Real Estate Market Update — October 2026

LUXURY MARKET UPDATE

If you're shopping at the higher end of the Kelowna real estate market right now, the numbers are working in your favour. There's significant inventory on the market, and at the current pace of sales it would take well over a year to sell everything that's listed. That's a challenging situation if you're trying to sell heading into winter — but not every part of the luxury market is behaving the same way.

The Luxury Market Overall

For this update I looked at condos above $700K, townhomes above $900K, and single-family homes above $1.5 million, using data through the end of September 2026.

Dividing 722 by 44 gives roughly 16 months of inventory — clearly a buyer's market, and a complete flip from four or five years ago. The absorption rate is 6.1%, meaning about six of every 100 luxury listings sold in September. Sales were down 8% from 48 last year.

Breakdown by Segment

Segment	Price Floor	Active Listings	Sept Sales	Inventory	Avg Discount
Single Family Homes	$1.5M+	433	22	19.7 months	~5%
Townhomes	$900K+	130	12	10.8 months	~3.8%
Condos	$700K+	159	10	~16 months	~3.4%

Single-Family Homes Above $1.5 Million

There are 433 active listings, down 5.5% from 458 last year, with 22 sales in September — essentially the same as last year. That works out to about 19.7 months of inventory. Homes that sold took around 84 days on average, and buyers are negotiating almost 5% off the last list price, and closer to 7.5% off the original ask.

For perspective, 2024 was brutal at 38 months of inventory, so things have improved, but the market is still geared firmly toward buyers. The highest sale in September was almost $6 million for a single-family home.

The $4M–$5M Dead Zone

The $1.5–$2 million range accounts for the majority of luxury sales, with 131 sales so far this year. The $4–$5 million bracket looks like the toughest part of the market, with only three sales and 10 active listings. What's counterintuitive is that properties above $5 million have actually had a better time selling than that bracket just below — at the ultra-premium end you're dealing with a global, rate-resistant buyer pool. The $4–5M range catches buyers who are more sensitive to market conditions.

Luxury Townhomes Above $900K

There are 130 active townhome and half-duplex listings, down slightly from 136 last year. Only 12 sold in September — down from 15 last year — putting inventory at about 10.8 months. This is the tightest segment of the three. Average days to sell was about two and a half months, compared with 47 days last year. Prices ranged from $905,000 to $1.2 million, and 58% of sales fell between $900K and $1 million. Buyers are negotiating about 3.8% off the last list price.

Luxury Condos Above $700K

There are 159 listings — down about 4.2% from 166 last year — and only 10 sales in September, putting inventory around 16 months. Average days to sell was 81, actually down from 99 last year. The list-to-sale ratio is 96.6%, so there's room to negotiate but not dramatically. The top sale was a $3 million condo.

What This Means for Buyers

• You have time and leverage. With 16 months of supply, there's no urgency. Lots of choice, longer days on market, and meaningful room to negotiate. A well-crafted offer at 3–5% below list is realistic and often welcomed.
• Townhomes are the tightest segment. At 10.8 months of inventory, luxury townhomes have less supply pressure and potentially more price stability than SFH or condos.
• Watch the $4M–$5M range. Sellers in that bracket may be more motivated than those above $5M, where a different buyer pool keeps demand steadier.
• Long days on market = opportunity. If a property has been sitting, the seller has likely recalibrated their expectations. That's when deals get made.

What This Means for Sellers

• Price accurately from day one. With 84 days average on market, an overpriced listing will sit and collect stigma. A price reduction signals weakness. Get it right upfront.
• Presentation is everything in a buyer's market. When buyers have 722 options, the homes that show best win. Professional staging and photography are not optional.
• Plan for negotiation. Build a realistic expectation that buyers will come in below asking. The data says ~4% off last list is normal right now — and closer to 7.5% off the original price on SFH.
• The right buyer is out there. 44 luxury properties sold last month. Homes are trading — it takes the right strategy, the right price, and the right agent.