Are real estate prices dropping in Kelowna?

Kelowna experienced strong price growth through 2020 and 2021 as remote workers and retirees relocated from Vancouver and Calgary. Prices corrected in 2022 and 2023 as interest rates rose, and the market has been more balanced since. Some segments, particularly higher-end detached homes and waterfront properties, saw meaningful price adjustments from peak levels. For what this means for where to buy, see the best areas to live in Kelowna.

Kelowna's long-term demand drivers remain strong: desirable climate, lifestyle, and limited geography constrain supply. The question is less whether prices will drop further and more whether now is the right time for your specific situation. A knowledgeable local agent can give you a clear picture of current absorption rates and pricing trends. Find a real estate agent in Kelowna to get a current market update.