Okanagan Real Estate Market - August 2025

Kelowna and the wider Okanagan remain a buyer’s market in August, with purchasers generally holding the advantage in negotiations. Yet trends diverge between detached houses and apartments, hinting at a more complex picture beneath the surface.

For detached homes, conditions have shifted slightly toward sellers. Inventory levels have fallen, with months of inventory dipping from 7.8 to 7.3 over the past year, a 6% decline. This tighter supply has coincided with modest price gains. The Central Okanagan benchmark detached house price rose 1% over the past three months to $1,045,000, while the median price climbed 5% to $995,000. For buyers, the urgency to negotiate hard may grow if supply continues to shrink.

Apartments, however, are swinging further in buyers’ favour. Months of inventory have jumped from 6.9 to 9.5, up 38% year-on-year. More choice has put downward pressure on prices. The benchmark apartment price has slipped 2% to $504,500 over the past three months, and the median has fallen 3% to $428,500.

The takeaway for would-be homeowners is clear: in the Okanagan, apartments still offer bargaining power, but the detached segment is beginning to push back. Buyers seeking a house may find now is better than later.