Cale Nahorney
REALTOR® · Royal LePage Kelowna · Kelowna, BC
If you've been watching the Vernon market or waiting on the sidelines trying to figure out when to move I want to give you a grounded look at where things actually stand heading into spring 2026. There's a lot of noise out there, and a lot of conflicting signals. So let me cut through it with what I'm seeing and what the data is telling us.
The North Okanagan Market Is in Recalibration Mode
The word I keep coming back to is recalibrating. After a surprisingly strong December 2025, January pulled back to more typical seasonal levels and that's not a red flag, it's just how this market tends to breathe. The Association of Interior REALTORS® reported 79 residential unit sales across the North Okanagan in January 2026, a modest 1.3% dip compared to January 2025. Meanwhile, active listings sat at 663 up slightly year-over-year, though new listings actually fell by about 15% compared to the prior January.
What this tells me: sellers aren't flooding the market with new inventory, but there's still more selection out there than we were seeing a couple of years ago. That gap between sales pace and listing volume is what defines the current buyer-friendly conditions. Buyers have leverage they simply didn't have in 2022 or 2023.
What Prices Are Doing in Vernon
This is where I want to be careful, because the numbers vary depending on what you're measuring. For condominiums, the North Okanagan benchmark price came in at $324,800 in January 2026 down about 2% year-over-year. That's a meaningful shift for condo buyers: you're getting more for your dollar than you were twelve months ago. If you've been priced out of the condo market or looking for an entry point into Okanagan real estate, Vernon is one of the more accessible markets in the region right now.
For detached homes, pricing has held up better. Listing prices for single-family homes in Vernon are sitting in the range of the high $700s to low $800s for typical properties, while higher-end and view homes push that average considerably higher. The overall trend for detached homes has been relatively flat to modest growth not the kind of appreciation we saw in 2021, but also not a freefall. The BC Real Estate Association's outlook suggests provincial prices should stabilize and grow in the 1–2% range through 2026, and that lines up with what I'm seeing on the ground in Vernon.
Townhouses deserve a mention too. This segment has seen some price softening, which has created opportunities particularly for buyers who want more space than a condo without stretching into full detached home territory.
"Vernon is one of the more accessible markets in the region right now and the value is still here."
Interest Rates: Where They Stand and What It Means
The Bank of Canada held its policy rate at 2.25% at the March 18, 2026 announcement no cut, no hike. Variable mortgage rates are currently sitting around 3.3% at the low end, while the best fixed rates are hovering around 3.8%. That's meaningfully lower than where we were at the peak of the rate cycle, and it's gradually bringing more buyers off the sidelines.
I want to be honest with you: rates are unlikely to drop significantly in the near term. Most forecasters expect the Bank to hold near current levels through mid-2026. The era of historically cheap money isn't coming back, but what we have right now is a fairly stable rate environment one where buyers can plan with some confidence. If you've been waiting for rates to fall to 2020 levels before buying, you may be waiting a long time, and in the meantime you're sitting out a market that's more buyer-friendly than it has been in years.
Development in Vernon: A City Growing Into Itself
One thing that often gets overlooked in a market update is the trajectory of the community itself and in Vernon, that picture is genuinely exciting. A company called Arrowleaf Real Estate recently submitted an application for Via District, described as a mixed-use, master-planned community unlike anything previously proposed in Vernon. The plan includes purpose-built rental housing, condos, retail, office space, hotel accommodations, and community amenities.
Whether or not this specific project proceeds exactly as proposed, it signals something important: developers see Vernon as a market worth betting on. This is a city with a growing population, a strong outdoor recreation draw, and increasing infrastructure investment. The North Okanagan has all the ingredients, including four seasons, Okanagan Lake access, a real downtown, and proximity to both Kelowna and the broader Interior, without the price premium that the Central Okanagan carries.
What This Means If You're a Buyer Right Now
If you've been eyeing Vernon, this spring is a window I wouldn't ignore. Elevated inventory means real choice. Prices particularly in the condo segment have softened from recent peaks. And with rates relatively stable, your purchasing power today is predictable. The combination of negotiating room and reasonable financing conditions doesn't last forever.
The BC Real Estate Association is forecasting rising sales activity through 2026, which typically precedes price movement. Getting in ahead of that shift has historically been the right call.
What This Means If You're a Seller
If you're selling in Vernon right now, pricing strategy matters more than it has in a while. Homes that are priced accurately and presented well are still selling but buyers have enough selection that overpriced listings are sitting longer. The sellers I'm working with who are having the best results are the ones who came into this market clear-eyed: they priced to the current conditions, not the conditions of two years ago.
If that sounds like a conversation you need to have, I'm happy to walk you through a no-pressure comparative market analysis.
"Price to the current conditions, not the conditions of two years ago."
Vernon continues to be one of my favourite markets to talk about. It doesn't get the same headlines as Kelowna, but that's part of what makes it interesting the value is still here, the lifestyle is exceptional, and the fundamentals are sound. Whether you're thinking about making a move this spring or just starting to explore your options, I'd love to connect.
Let's Talk
Thinking about buying or selling in Vernon?
I offer no-pressure market consultations whether you're ready to move or just starting to think about it.
Cale Nahorney
REALTOR® · Royal LePage Kelowna · Kelowna & the Okanagan
calenahorney@icloud.com · 250-863-7780