Why It’s Still a Buyer’s Market in Kelowna — Even with Rising Sales
If you’ve glanced at the latest headlines, you might’ve seen that home sales across the Central Okanagan jumped nearly 40% this September compared to last year. That kind of increase sounds like a hot market — but dig a little deeper, and the story changes. Despite the uptick in activity, Kelowna is still very much a buyer’s market this fall.
The Numbers Tell a Different Story
September brought 398 sales across the Central Okanagan, up from 286 the year before. But inventory stayed steady, with just over 4,100 active listings — meaning there’s still plenty of choice out there. Homes are also taking longer to sell, averaging 78 days on market, compared to 66 last fall.
The sales-to-inventory ratio sits around 11.5%, and that’s the key number to watch. Anything below 15% typically indicates a buyer’s market — a space where those looking to purchase have the upper hand.
So while the higher sales volume shows renewed confidence, the balance still tips toward buyers who have the time and leverage to make smart, strategic moves.
What This Means for Buyers
If you’ve been sitting on the sidelines waiting for the “right time,” this might be it. Prices are generally stable — up slightly from last year but not running away — and sellers are becoming more flexible on terms and timing.
Buyers are gaining room to negotiate, explore more listings, and compare options. This is especially true in the single-family and condo markets, where there’s more inventory and longer selling times. Whether you’re looking for a home in West Kelowna, a downtown condo, or a family property in Lake Country, you have choices and time to make them.
The other advantage? Fewer bidding wars. The frenzy we saw a few years ago has cooled, replaced by a more level playing field where due diligence and smart negotiation pay off.
What Sellers Need to Know
It might sound like buyers are in the driver’s seat — and for now, that’s mostly true. But sellers still have opportunities to make strong sales, especially if their property is priced right and shows well.
Homes that are well-prepared, professionally marketed, and realistically priced are still selling within a few weeks. It’s the overpriced or under-presented homes that tend to linger.
In this type of market, presentation and pricing strategy matter more than ever.
Buyers are cautious, not absent — and they respond quickly when a home looks move-in ready and feels like a fair value. That’s where experience and market knowledge come in. Knowing how to position your home in a slower but stable market can make the difference between a quick offer and months of waiting.
A Market Finding Its Balance
What we’re seeing in Kelowna and the wider Okanagan this fall is a market finding its rhythm again. The steep corrections of 2023 and the hesitation of early 2024 have settled into something much healthier — realistic prices, thoughtful buyers, and sellers who understand today’s conditions.
If you’re buying, you have room to negotiate and time to choose wisely.
If you’re selling, the right preparation and pricing can still get you a strong result.
And for both sides, it’s a reminder that real estate isn’t just about timing the market — it’s about understanding it.
Thinking About Your Next Move?
Whether you’re considering buying your first home, upsizing, or getting ready to list, this fall’s conditions might offer the balance you’ve been waiting for.
If you’d like a clear picture of what’s happening in your neighbourhood — or a personalized strategy to help you move confidently in today’s market — I’d love to help.
— Gillian Krol, Okanagan Realtor
Helping you make smart, confident moves in every market.
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