If you’re in the market to buy a condo in Kelowna, B.C., current conditions may be working in your favour.
Local realtor James Roffel says the city is now firmly in a buyer’s market, driven by a surge in available listings.
That shift, however, is creating growing challenges for sellers.
“There’s more inventory than we’ve seen in years, record inventory last year, and for buyers right now there’s more choice than they’ve ever had,” he said.
The situation is being intensified by new developments entering the market, competing directly with existing resale units. Brendon Ogmundson, chief economist with the BC Real Estate Association, says developers are under pressure to move product.
“Those new units are very motivated,” Ogmundson said. “Developers don’t want to carry inventory. There are discounts available, lots of incentives, so a lot of motivated inventory competing against the resale inventory.”
While the market remains challenging for sellers, Roffel says success is still possible, but it requires the right approach.
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“If someone’s looking to sell right now, price and presentation is everything when it comes to a listing, especially in a condo market,” he said.
The shifting landscape isn’t limited to ownership. Kelowna’s rental market is also undergoing a notable change. As of late last year, the city’s vacancy rate sat at 6.4 per cent, tightening margins for condo owners hoping to rent out their units.
“It’s a lot tougher to get the price you may want to cover the cost of the condo that you own,” Roffel said. “We’ve seen so many purpose-built condos right now that rent prices have come down.”
Looking ahead, Ogmundson says there are signs the ownership market could begin to stabilize, though a major rebound is not expected immediately.
“Demand is picking up,” he said. “I think 2026 is going to be a bit stronger. 2025 is not a blockbuster year by any means, but a little bit more normal in terms of activity.”
Future market conditions could also be influenced by policy decisions, particularly if the City of Kelowna seeks exemptions to short-term rental restrictions.
Ogmundson warns that elevated inventory levels, if left unaddressed, could have long-term consequences.
“There’s a number of things we need to do to reduce the inventory of unsold units,” he said. “If that inventory stays at elevated levels for a long time, it just means stagnant new construction, and we won’t get a lot of new supply in the future.”
For now, experts say Kelowna’s condo market continues to favour buyers, while sellers and landlords adjust to a new and more competitive reality.
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