Cale Nahorney
REALTOR® · Royal LePage Kelowna · Kelowna, BC
Spring has a way of waking things up in the Okanagan the orchards, the lake, and yes, the real estate market. If you've been sitting on the sidelines waiting for the right time to buy in Kelowna or the surrounding Central Okanagan, here's a straight, honest look at where things stand right now and what that means for you as a buyer heading into spring 2026.
The Market Has Shifted And That's a Good Thing for Buyers
For most of the past few years, buyers in Kelowna faced a relentless seller's market, with low inventory, bidding wars, and prices that felt like they were always just out of reach. That dynamic has changed meaningfully. Right now, Kelowna sits in buyer's market territory, with the sales-to-new-listings ratio hovering in the 40 to 45% range. What that means practically is that supply has caught up with demand, and buyers have something they haven't had in a while: leverage.
There are more homes to choose from, more time to make thoughtful decisions, and more room to negotiate. I'm seeing buyers go back for second showings, get inspection conditions in their offers, and in many cases, negotiate price reductions that simply weren't possible two or three years ago. This is a fundamentally different buying environment, and for those who are prepared, it's a real opportunity.
"Buyers have something they haven't had in a while: leverage. More homes, more time, more room to negotiate."
What the Numbers Are Telling Us
Let's talk specifics, because the data right now is genuinely interesting.
In March 2026, the Central Okanagan recorded 296 units sold a month-over-month sales increase of 22.6% compared to January, which tells me momentum is building as we move into spring. Inventory also climbed 10.6%, giving buyers even more options as the season picks up. The North Okanagan added another 102 units sold, with both regions sitting at roughly 11 to 12 months of supply firmly buyer's market conditions.
On pricing, the median home price in the Central Okanagan has softened compared to where it was a year ago. We're seeing year-over-year price adjustments in the range of 10–17% depending on property type and neighbourhood. The price-to-list ratio, which had dipped to around 90% in January, bounced back to 95.5% in February a signal that as activity picks up heading into spring, sellers are starting to see stronger offers again.
What this tells me is that the window of maximum buyer advantage may be narrowing. We're not in a frenzied seller's market, but we're also seeing early signs of momentum building. Spring typically brings more buyers off the bench, and when demand increases against a finite supply of well-priced homes, conditions can shift faster than people expect.
Interest Rates: Finally Some Stability
One of the biggest questions I get from buyers right now is about interest rates and I get it. The past few years have been a rollercoaster. The good news is that the Bank of Canada held its overnight rate at 2.25% in its March 2026 announcement, keeping the prime lending rate at 4.45%. After years of rapid rate hikes and uncertainty, this kind of stability matters.
It doesn't mean rates are rock bottom, but it does mean you can plan with more confidence. Buyers who were holding off because they weren't sure what borrowing would cost them can now get pre-approved and actually lock in a number to work with. That certainty is valuable, and I think it's one of the key reasons we're starting to see more buyers re-engaging with the market this spring.
"Know your number before you start shopping. The right opportunity in this market can move quickly."
If you haven't spoken with a mortgage specialist yet, that should be your first step. Know your number before you start shopping, because the opportunities in this market can move quickly when the right property shows up.
What to Look For This Spring
Here's what I'm watching as we head deeper into spring:
Single-Family Detached Homes
Established Kelowna neighbourhoods have seen some of the more significant price corrections over the past year. Buyers who might have been priced out during the peak years are now back in the conversation.
Condos & Townhomes
These continue to attract strong interest from first-time buyers and investors alike. With affordability still a challenge at the higher end, attached product in the $500,000–$750,000 range is seeing solid activity.
Lake Country & West Kelowna
Both areas are worth watching closely. They attract buyers looking for slightly more space or a slower pace without straying too far from Kelowna's amenities. Supply is adequate, and motivated sellers in these markets are pricing competitively.
My Honest Take
I don't think this is a market where you should rush. But I also don't think sitting on the fence indefinitely is the smart play either. Buyer conditions are as favourable as they've been in years, interest rates have stabilized, and the data shows that activity is picking up as spring sets in.
The buyers who do well in a market like this are the ones who are educated, pre-approved, and move with intention when the right property comes along.
If you're thinking about buying in Kelowna or anywhere in the Okanagan this spring, I'd love to have that conversation. I work this market every day let's talk about what's out there and whether now is the right time for you.
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