Kelowna Home Prices RISING Against All Odds | Kelowna Real Estate Update April 2025

🏡 Kelowna Home Prices Keep Rising—Even in a Buyer’s Market
Why are prices going up when all signs suggest they should be coming down?
Despite the threat of Tariffs from the US, lower consumer confidence, and political uncertainty, Kelowna’s real estate market is showing surprising strength—especially as we head into the spring season. If you’ve been sitting on the sidelines waiting for prices to crash, you might want to take a second look. Let’s break down what’s really happening and what it means for you—whether you're buying or selling.

👉 Want a quick overview instead? Watch the attached video where I walk through the latest numbers and what they mean for buyers and sellers.

📈 Home Prices: Still Climbing

Single Family Homes:

Benchmark price in March: $1,046,800
Up 1% month-over-month
Up 5.4% from last year
Still down 11% from the 2022 peak, but prices have been steadily climbing since December 2023

Over the past 10 years, single family home prices in Kelowna have doubled. We’re not back to the 2022 highs yet, but the rebound is real.

🏘️ Townhomes: Bouncing Back, But Volatile

March benchmark: $750,600

Up 2.8% month-over-month

Up 2% year-over-year

Still down about $90,000 from the 2022 peak

Prices have generally trended upward over the past six months, but this segment remains unpredictable month to month.

🏢 Condos: Small Dip, But Big Picture is Strong

March benchmark: $504,500

Down 1.7% from February

Still up 4.2% compared to last year

Off about $40–50K from 2022 peak

Like townhomes, condo prices are a bit jumpy, but the 10-year trend shows prices have doubled.

📊 What’s Driving the Numbers?

1. More Listings, But Not All Are “Real” InventoryThere are over 3,000 listings on the market, up 18% from last year. But not every home is truly for sale, or "salealble", as some sellers are listing speculatively, without realistic pricing expectations. Buyers know it.
2. Serious Sellers = Serious SalesHomes priced appropriately for today’s market are still selling quickly, sometimes in multiple offers and even above asking.
For example:

2-bed condo in Kelowna North: Listed at $439,000, recently sold for $442,000 in 20 days
4-bed family home on Dilworth Mountain: recently sold for $500 over asking in just 17 days

3. Less Room to NegotiateThe price-to-sale ratio is tightening:

Single family homes: 97.7%
Townhomes: 97.8%
Condos: 97.3%

This means sellers whose listings are priced for the current market are getting closer to their asking price—buyers don’t have as much wiggle room.

📦 Inventory Levels: Still a Buyer’s Market… Technically

Single family homes: 9.1 months of inventory

Townhomes: 6.9 months

Condos: 8.7 months

These numbers suggest we’re in a buyer’s market—but prices aren’t falling. Why? Because well-priced homes are scarce, in demand and are the ones selling, setting the market.

💡 Key Takeaways

🔑 For Sellers: Price realistically or risk sitting on the sidelines. The days of overpricing and hoping for a windfall are behind us. Buyers are too savvy.
🔑 For Buyers: You’ve got options, but don’t wait too long on the good ones. If a property is well-priced and checks your boxes, move quickly.

As we move further into the busier spring, expect continued price growth, especially for single family homes.
Whether you’re buying or selling this spring, let’s create a strategy that works for you. I’m here to guide you every step of the way.

Let’s chat about your next move—book a call with me today.