Q3 2026 Update
Nine months into 2026, the Central Okanagan luxury market is tracking almost exactly where it was a year ago. 242 single family homes above $1.5 million sold between January and September, against 236 in 2025, and the median price rose 2.1% to $1,890,000.
The third quarter was firmer. Sales rose 8% year over year, the median reached $1,995,000, and homes sold 10 days faster, despite an August slowed by wildfires.
Supply remains the challenge for sellers. 417 homes are listed above $1.5 million, about 15.5 months of inventory, against roughly 6 in a balanced market.
Pricing
Active listings are asking a median $582 per square foot. Homes sold this year achieved $496. That 17% gap is down from 20% at mid-year, and it's concentrated between $2 million and $3 million, where sellers are asking 21% more than buyers have paid.
Neighbourhoods
Kelowna North and Dilworth Mountain each hold under four months of supply, with McKinley Landing, Upper Mission and Black Mountain under ten. Upper Mission was the busiest area, with sales up from 33 to 42. At the other end, Kelowna South, Lakeview Heights, Glenmore and Kettle Valley each carry more than twenty months of inventory.
Takeaways
Price to what buyers have paid, not to what neighbours are asking. Well priced homes, including at the top end, sold quickly and close to list in the third quarter.
Negotiating room remains across most of the segment, particularly between $2 million and $3 million. In the tighter areas, well priced homes are not waiting long.
The Full Report
The full report covers every price band, days on market, negotiation trends, twelve neighbourhoods and new construction.
Source: Association of Interior REALTORS® MLS. Single family detached homes in the Central Okanagan sold at $1.5M or more, January 1 to September 30, 2026, compared with 2025. Active listings as at October 7, 2026.
