Kelowna Market Update

Kelowna Market Update – March 2025

In March 2025, Kelowna’s housing market demonstrated steady activity, supported by a healthy inventory as the region approached the spring season. The Association of Interior REALTORS® reported 1,143 residential unit sales across its jurisdiction, marking an 11.9% increase compared to March 2024 and a rise from February’s 914 units. This Kelowna market update highlights the region’s resilience and continued appeal to homebuyers entering the spring cycle.

New residential listings in March totaled 3,214, reflecting a 3% increase year-over-year. The total active listings reached 8,374, up 8.3% from the previous year. Notably, the Central Okanagan region, which includes Kelowna, experienced the highest percentage increase in active listings for the second consecutive month, with a 14.3% rise compared to March 2024.

Benchmark prices in the region showed positive trends. Single-family homes in the South Okanagan saw the highest year-over-year increase at 7.2%, reaching $771,100. Townhomes across all regions experienced price increases, with the South Okanagan leading at 6.4%, bringing the benchmark price to $529,100. Condominium prices varied; while the South Okanagan saw a 3.6% decrease, the Central Okanagan, including Kelowna, recorded a 4.1% increase—another key highlight in this Kelowna market update.

Association President noted that, despite somewhat subdued activity compared to previous years, the region experienced the typical seasonal uptick associated with the spring market. She also mentioned that broader economic uncertainties, such as tariffs, may be contributing to a cautious atmosphere, yet home sales and inventory levels remain healthy due to sustained demand for housing.

Overall, this Kelowna market update shows that the local real estate market in March 2025 reflects a balanced environment with steady sales, increasing listings, and rising benchmark prices—indicating a resilient market as it moves deeper into the spring season.