Condo market prices slump
Photo: Colin Dacre
Kelowna’s condo market is slumping while prices of single-detached homes continue to grow, according to Royal LePage.
In an update this week, the real estate firm says the median price of a detached home increased 6.9% year over year to $1,179,900 in the first quarter of 2025.
The median price of a condo increased 4.3% to $488,600 during the same period, but on a quarterly basis, condominium prices have softened, decreasing 0.7%.
“Activity in the market has been steady since the end of last year, with the exception of the condo segment. But there’s no question that broader economic and political factors are weighing on buyers’ minds. The U.S. trade dispute is creating uncertainty, and further degradation of cross-border relations has the potential to soften what is usually a busy spring season in Kelowna,” Royal LePage Kelowna broker and owner Francis Braam said.
“While interest rates have come down significantly from this time last year, the latest rate cut by the Bank of Canada didn’t move the needle much.
“On the construction side, things have slowed. Condo developers are stalled due to oversupply in the market, and single-family home builders are cautious given the increased cost of materials and labour.”
Looking ahead, Braam anticipates current market conditions will be maintained into the spring and summer months.
Nationally, the aggregate price of a home in Canada increased 2.1% year over year to $829,400 in the first quarter of 2025. On a quarter-over-quarter basis, the national aggregate home price rose a modest 1.2%.
Royal LePage says B.C. and Ontario saw softer sales while Quebec, the Prairies and Atlantic Canada are demonstrating “surprising resilience” amid economic uncertainty.
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