Kelowna, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $950,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 0.6% |
Apartment
| Median price | $450,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 1.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $750,000 |
| 3 bedrooms | $950,000 |
| 4 bedrooms | $1,200,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $400,000 |
| 2 bedrooms | $450,000 |
| 3 bedrooms | $550,000 |
Demographics
| Current Population (2025) | 145,000 |
| Previous Population (2020) | 140,000 |
| Population Change | 3.6% |
| Total Private Dwellings | 65,000 |
| Occupied Private Dwellings | 61,000 |
| Population Density (per km²) | 58.0 |
| Land Area (km²) | 250.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Kelowna, British Columbia, is currently experiencing a period of steady growth. With a median house price of $950,000 and a year-over-year increase of 2.8%, the housing sector shows signs of moderate appreciation. Similarly, the apartment market is witnessing a gradual rise in value, with a median price of $450,000 and an uptrend of 1.5% year-over-year. This growth can be partially attributed to Kelowna’s expanding population, which has grown by 3.57%, indicating sustained demand for housing in the region.
Investment Opportunities and Potential
Kelowna’s real estate market presents several investment opportunities. The consistent rise in property values suggests that investing in residential properties could yield positive returns in the medium to long term. Given the city’s population growth and its reputation as a desirable place to live due to its lakeside location and favorable climate, demand for both houses and apartments is expected to remain robust. Thus, investors may find potential in purchasing rental properties or engaging in development projects aimed at meeting the housing needs of the growing population.
Future Market Outlook
The future outlook for Kelowna’s real estate market remains optimistic. Factors such as ongoing population growth, coupled with the city’s economic development initiatives aimed at attracting businesses and talent, should continue to support housing demand. Although the market is not immune to broader economic conditions that could affect interest rates and borrowing costs, current trends indicate that Kelowna will maintain its upward trajectory in property values. Investors and homebuyers should monitor local developments closely but can generally expect a stable market environment going forward.
