If you’ve been keeping an eye on the Kelowna real estate market, you’ve probably noticed some shifts over the past few months. As of March 2025, the market is seeing more inventory, steady price growth, increased sales activity, and lending rates have been reduced again, with the benchmark rate sitting at a very low 2.75%! Whether you’re thinking about buying or selling, here’s what you need to know:

Sales Are Picking Up!

In February, Central Okanagan stats show us that residential sales were up 9% compared to the same time last year, with 271 properties sold. Not only that, but more homes are hitting the market with inventory levels jumping a massive 20% compared to last year, giving buyers many more options. The best part? Despite all of this, prices are still trending upward, with the average home price reaching $875,192 – a 17% increase from last year! Once we factor in the newly decreased lending rates as of mid-March, the market is looking solid this spring.

February 2024 Compared to February 2025 (Central Okanagan)

• Single-Family Homes: Compared to last year, sales have jumped up 16% and available inventory climbed a massive 21%! The average price is now sitting at just over $1 million – an impressive 10% increase.
• Townhouses: With a 14% rise in sales and 19% increase in available listings, the high demand for townhouses in Kelowna continues. The average price climbed to $752,338, up nearly 12%!
• Condos: Condo sales surged 21%, with inventory growing 18% – A hot market for first-time buyers and investors. With many new developments still underway, condos continue to shine as Kelowna’s hot ticket items.

What Does This Mean for Buyers and Sellers?

As we continue to see market availability, sales and average prices climb, balance is on the horizon this spring – but it’s still leaning in favor of buyers. Looking ahead, prices are expected to rise by about 3%, with sales volume increasing by 4% in 2025. If you’re considering buying, now might be a great time to make the most of the current pricing and low lending rates before prices rise further. For sellers – the market is active, and well-priced homes are moving quickly!

For homeowners looking to explore the potential of newly reduced lending rates and are happy with your current home investment, you can always touch base with your lender to learn more your options for mortgage renewal.

If you want to dive deeper into the numbers or see what’s available, reach out today!