Kelowna Real Estate Market News Prices and Trends Report April 2025

Note: The Kelowna Real Estate Market stats below are taken from the Association of Interior Realtors numbers as of April 4, 2025, and may be subject to minor changes.

Kelowna Real Estate: Single-Family Homes March 2025 

Home Sales

• March 2025: 154 homes sold.
• Month-over-Month: Up 20.1% from 123 in February 2025.
• Year-over-Year: Up 14.3% from 132 in March 2024.

Median Price

• March 2025: $1,027,500.
• Month-over-Month: Down 2.1% from $1,050,000 in February 2025.
• Year-over-Year: Up 11.2% from $912,500 in March 2024.

Inventory

• March 2025 1,474 listings.
• Month-over-Month: Up 18.8% from 1,241in February 2025.
• Year-over-Year: Up 18.8% from 1,241 in March 2024.

Median Days on Market

• March 2025: 37 days.
• Month-over-Month: Down 21.3% from 47 days in February 2025.
• Year-over-Year: Up 5.7% from 35 days in March 2024.

Single-Family Home Takeaways:

March brought a welcome uptick in sales activity, & inventory also jumped,  with buyers having more choice and possibly more negotiating power.

On the flip side, the median price dipped slightly from February, which may reflect sellers adjusting expectations in response to increased supply. Still, prices remain up significantly from this time last year, showing long-term strength.

The notable drop in median days on market may partially be due to more first-time & move-up Buyers moving forward with their plans, now that interest rates have eased.

Note: The numbers, in this post, relate to single-family homes only.

Kelowna Real Estate: Condos March 2025

Condo Sales:

• March 2025: 92 Condos Sold
• Month-over-Month: Up 17.9% from 78 in February 2025.
• Year-over-Year: Up 13.6% from 81 in March 2024.

Median Price:

• March 2025: $414,000.
• Month-over-Month: Down 5.9% from $444,000 in February 2025.
• Year-over-Year: Down 5.5% from $438,500 in March 2024.

Inventory:

• March 2025: 813 Listings
• Month-over-Month: Up 13.2% from 718 in February 2025.
• Year-over-Year: Up 18.5% from 686 in March 2024.

Median Days on Market:

• March 2025: 42 Days
• Month-over-Month: Down 8.7%% from 46 days in February 2025.
• Year-over-Year: Up 10.5% 38 days in March 2024.

Condo Takeaways:

Condo sales gained momentum in March, rising nearly 18% over the previous month. However, with inventory now at a 10-year high, buyers have more choice—and it’s showing in the numbers. The median price dipped both month-over-month and year-over-year, as increased supply and affordability concerns continue to put downward pressure on values.

While the median days on market improved slightly, it’s still higher than this time last year. Ongoing uncertainty around short-term rental regulations may also be tempering demand, especially among investors.

The Bottom line: It’s a more favourable landscape for buyers, while sellers need to price sharply and prepare for longer marketing times in a more competitive condo market.

Kelowna Real Estate: Townhomes March 2025

Townhome Sales:

• March 2025: 61 Townhomes Sold.
• Month-over-Month: Up 29.8% from 40 in February 2025.
• Year-over-Year: Up 1.7% from 60 in March 2024.

Median Price:

• March 2025: $720,000.
• Month-over-Month: Up 2.5% from $702,000 in February 2025.
• Year-over-Year: Up 8.1% from $661,950 in March 2024.

Inventory:

• March 2025: 432 Listings.
• Month-over-Month: Up 10.2% from 392 in February 2025.
• Year-over-Year: Up 17.7% from 367 in March 2024.

Median Days on Market:

• March 2025:  31 Days
• Month-over-Month: Down 11.4% from 35 days in February 2025.
• Year-over-Year: Up 1.7% from 60 days in March 2024.

Townhome Takeaways:

Townhome sales surged in March, posting the strongest month-over-month growth among all property types. While year-over-year sales were relatively flat, the jump in demand compared to February suggests renewed interest, possibly from first-time & move-up buyers or downsizers seeking more space than a condo offers, but with less maintenance than a detached home.

Prices also edged up, reflecting that demand, while inventory continues to build steadily. Despite this, townhomes are selling faster, with a noticeable drop in median days on market.

Bottom line: The townhome segment is showing solid momentum. Buyers may face more competition in the coming months, while sellers in this space appear well-positioned, especially with pricing trending up and days on market trending down.

Top Factors Influencing the Kelowna Real Estate Market – April 2025

1. Will Interest Rate Pause Amid Global Uncertainty?
   The Bank of Canada started rate cuts, which was welcome news for many Buyers, but future cuts may be paused as it watches for economic fallout from newly imposed U.S. tariffs.
   ➤ How it affects Kelowna: Many local buyers have been hoping for further rate cuts this spring, but rising uncertainty may delay further relief. This will potentially slow down buyer decision-making, especially in higher price brackets, as they continue to struggle with affordability.
   📎 BCREA Mortgage Rate Forecast – March 2025
2. Tariffs Triggering Economic Caution
   U.S. tariffs have pushed up economic uncertainty by 432% (according to Canada’s Economic Policy Uncertainty Index). BCREA notes that tariffs could negatively impact B.C.’s economy, dampening both consumer confidence and job growth.
   ➤ How it affects Kelowna: This adds another layer of caution for buyers already weighing affordability. Investors and higher-end buyers in Kelowna may delay purchases amid this economic “wait and see” period.
   📎 BCREA Market Intelligence – February 2025
3. Weaker Economic Outlooks – TD Economics Housing Outlook , for example, is predicting weak momentum ahead. They forecast sluggish housing market conditions across B.C. in 2025, with high inventory and slow job growth limiting price gains.
   ➤ How it affects Kelowna: While sales have recently improved month-over-month, TD’s view supports the idea that this could be a short-lived bump, not a sustained rally. Sellers may need to temper price expectations.
   📎 TD Provincial Housing Outlook – March 2025
4. Rising Inventory Levels
   Inventory in all property types has climbed year-over-year, giving buyers more options.
   ➤ How it affects Kelowna: More selection means less urgency for buyers and stronger negotiating power, especially in segments with the most supply, like condos. Sellers need to continue to price competitively and ensure their homes stand out.
5. Buyer Hesitation Around the Provincial Election
   Political uncertainty—especially around short-term rental policy and housing regulations— is causing some buyers to pause until after the Election.
   ➤ How it affects Kelowna: Investors and out-of-town buyers looking at short-term rentals near UBCO or downtown may delay decisions until after the election outcome is clear. Stability and clear rules will be key for reactivating that segment.
6. Affordability Still a Concern
   Despite softer prices in some segments, mortgage qualification rules and everyday living costs remain high.
   ➤ How it affects Kelowna: First-time and move-up buyers continue to face affordability challenges, particularly for detached homes. This may drive more activity in the condo and townhome markets, where prices are comparatively lower.
7. Slow Return of Confidence Among Buyers
   First-Time buyers seem to be busier in the Market, & generally Buyers are cautiously optimistic but remain sensitive to economic news. A slight drop in days on market suggests some pent-up demand is being released, but many are still waiting for “just the right time” to act.
   ➤ How it affects Kelowna: Sellers who price attractively and prepare homes well are more likely to attract serious interest. Those who overprice may sit longer or need to adjust.

Contact Trish

As always, if you have any questions about your specific home or buying needs, please feel free to contact me as I’m happy to help!

This month’s photo: Downtown Kelowna Board Walk in early Spring.