Kelowna Real Estate Statistics (2026)

Kelowna is one of the fastest-growing housing markets in Canada and the largest city in the Okanagan Valley, British Columbia. It is known for its strong population growth, desirable lifestyle and standard of living, and expanding economy, and attracts both private homebuyers and investors alike. 

Over the last ten years, Kelowna has experienced significant price growth, which has been driven by migration, a limited number of available homes, and strong demand. Although Kelowna’s real estate market has cooled somewhat since the record highs seen during the pandemic years, it remains one of the most expensive housing markets in British Columbia outside Metro Vancouver. 

Kelowna Real Estate Statistics for Canadians

• The population of the Kelowna Census Metropolitan Area was around 222,200 residents according to the 2021 Census.
• The city’s population grew by approximately 13% between the 2016 and 2021 Censuses, which was one of the fastest growth rates among metropolitan areas in Canada.
• In May 2026, the benchmark home price in Kelowna was around $785,000.
• In May 2026, the benchmark price for detached homes was around $1.063 million, townhouses around $732,000, and condominiums approximately $498,000.
• Benchmark home prices remained relatively stable compared with a year earlier, with detached homes recording modest gains while townhouse and condominium benchmark prices were slightly lower.
• Over 5,500 residential properties were sold across the Central Okanagan area during 2025.
• Market conditions remained balanced during May 2026, with the number of homes available for sale remaining well above pandemic-era levels.
• Around 70% of Kelowna’s households live in owner-occupied homes, which is slightly above the national average.
• Kelowna’s benchmark prices are around 35–40% lower than Vancouver’s.
• Benchmark home prices remain more than 60% higher than they were before the pandemic.

Kelowna Housing Market Overview

Kelowna is the largest city in the Okanagan Valley, and it is one of the fastest-growing urban centres in Canada. According to Statistics Canada, the population of the Kelowna Census Metropolitan Area was around 222,200 residents in the 2021 Census. This was approximately 14% higher than in the 2016 Census and one of the highest growth rates among Canadian metropolitan areas during that period. 

In recent years, the region has attracted significant migration from other parts of British Columbia as well as from Alberta, Ontario, and other provinces. Lifestyle factors, retirement migration, and remote working opportunities have all contributed to the city’s population growth. Kelowna’s economy is supported by a range of industries, including tourism, healthcare, education, technology, agriculture, construction, and professional services. The area’s continued economic growth has supported demand for homes across the region. 

Kelowna is located on the shores of Okanagan Lake, and it is known for its mild climate, vineyards, orchards, and year-round outdoor recreational opportunities. It offers a combination of urban amenities and outdoor lifestyle, making it a popular destination for professionals, families, and retirees alike. Ongoing investment in education, commercial development, and infrastructure has further strengthened Kelowna’s position as the cultural and economic centre of the Okanagan Valley. 

Kelowna House Prices

Outside of Metro Vancouver, Kelowna is one of the most expensive housing markets in British Columbia. The benchmark residential property price was around $785,000 in May 2026. While prices softened following higher interest rates, they have remained substantially above pre-pandemic levels.

Benchmark prices by property type in May 2026 were approximately:

• Detached homes: $1.063 million
• Semi-detached homes: $810,000
• Townhouses: $732,000
• Condominium apartments: $498,000

Detached homes dominate the upper end of Kelowna’s housing market, especially in neighbourhoods near Okanagan Lake and established residential areas. The average detached home in Kelowna costs twice as much as a condominium, which reflects the previous, placed on larger family homes. 

Property values in Kelowna have risen considerably during the last ten years. In 2015, the average home in the region cost around $400,000-$450,000. By 2019, prices had increased to approximately $500,000-$550,000 before accelerating more sharply during the pandemic housing boom. Despite recent price adjustments, average home prices in Kelowna remain significantly higher than in 2025, supported by the area’s strong population growth, limited land availability, and sustained demand. 

Kelowna Real Estate Sales

Kelowna has one of the most active regional housing markets in British Columbia. Over 5,500 residential properties were sold across the Central Okanagan area during 2025. While this was a lower figure than during the peak years of 2020 and 2021, sales were still strong by historical standards. 

Detached homes account for the largest share of transaction value in Kelowna, while condominiums and townhouses represent an increasing share of total sales. In recent years, sales activity has been slightly subdued due to higher mortgage rates, but demand has remained relatively resilient because of continued population growth and in-migration into the region. 

Market conditions in Kelowna have also been influenced by seasonal patterns, with stronger activity typically occurring in spring and early summer. Despite short-term fluctuation, long-term interest in homes remains supported by Kelowna’s lifestyle appeal, climate, and expanding economic base. 

Housing Supply in Kelowna

The availability of homes increased during 2025. The number of homes available for sale was approximately 20% higher in 2025 than in the previous year. The increased supply meant that buyers had more choice and contributed to more balanced housing market conditions. 

The increase in available homes reduced some of the competitive bidding conditions that characterised Kelowna’s housing market during the pandemic housing boom. Despite the improvement, the overall housing availability remains constrained due to population growth and geographic limitations. Since the region is surrounded by mountains, lakes, agricultural land reserves, and protected areas, future development opportunities are limited. 

Kelowna Condo Market Statistics

Condominiums now represent a growing share of Kelowna’s residential properties. In May 2026, the benchmark condominium price was around $498,000, making them one of the most affordable entry points into homeownership in the city. 

While the prices of condominiums remain lower in Kelowna than in Vancouver or Victoria, they are priced higher than in many Prairie cities. Residential apartment development has expanded in Kelowna in recent years, especially in Downtown, Lower Mission, and neighbourhoods around the University of British Columbia Okanagan campus.

Because of their lower price, condominiums attract first-time buyers, retirees, investors, and those seeking seasonal homes in the area. Growth in the rental market has supported investor interest in condominiums, especially in well-located developments close to educational facilities and employment centres. 

Homeownership in Kelowna

Kelowna’s homeownership rate is above the Canadian average. In the 2021 Census, the ownership rate was around 70% compared to the national average of 66.5%. This was similar to Calgary (69%) and Hamilton (69%), slightly below Surrey (73%), and considerably higher than Victoria (64%), Vancouver (48%), and Montreal (41%).

The relatively high homeownership rate reflects the large number of family households and retirees living in Kelowna. Homeownership rates in the city increase considerably with age and income. Couples and families are much more likely to own their homes than single individuals, while retirees account for a significant portion of local homeownership. 

Kelowna Housing Affordability

In May 2026, the benchmark price for all types of residential property was approximately $785,000 in Kelowna. This was lower than benchmark home prices in Greater Vancouver (around $1.21 million) and average home prices in Victoria (around $890,000).

However, it remained significantly higher than in several other Canadian cities, including Ottawa (approximately $710,000), Montreal (approximately $675,000), Calgary (approximately $652,000), Edmonton (approximately $447,000), and Winnipeg (approximately $436,000).

Detached homes costing over $1 million have become increasingly common throughout much of the region, making them out of reach for many first-time and middle-income buyers. As a result, many of these households either turn to townhouses and condominiums as more affordable options or stay renting for longer. However, rents in the region have risen, too, which makes it more challenging for prospective property buyers to save for a down payment. 

Kelowna Real Estate Forecast

Current real estate forecasts suggest that Kelowna’s housing market will remain stable through 2026 and into the next year. Long-term demand is expected to stay supported by continued population growth, retirement migration, and buyers relocating from other provinces. 

While improved housing availability might help moderate the pace of price growth in Kelowna, geographic constraints on development and ongoing migration into the region are expected to support property values in the region.