March 2026 Interest Rate Update

The Bank of Canada announced on March 18 that it is holding its overnight rate at 2.25%, keeping the prime lending rate at 4.45%. While this decision was widely expected, it continues to shape how buyers and sellers approach the Kelowna real estate market this spring.

From what I’m seeing on the ground here in Kelowna, this kind of rate stability is helpful. Buyers are feeling a bit more confident knowing rates aren’t jumping again right now, but they’re still being careful with their decisions. Affordability is still a factor, so we’re seeing more thoughtful showings, second visits, and negotiation compared to the fast-paced markets we’ve had in the past.

For sellers, this means strategy matters more than ever. The homes that are priced right and show well are still moving and in some cases attracting multiple offers. But if a property is overpriced or doesn’t present well, it’s much more likely to sit. Buyers have options right now, and they’re taking their time.

Overall, Kelowna is sitting in a more balanced market. That’s not a bad thing. It creates opportunity on both sides, but it also means you need to be dialled in with your approach whether you’re buying or selling.

If you’re planning a move this year and want a clear strategy based on what’s actually happening in the Kelowna market right now, I’m always happy to help. Feel free to reach out anytime and I can put a plan together that works for you.