Michael A. Jones - PREC* | Royal LePage Kelowna

November pushed the market deeper into its winter rhythm. Last month showed a slowdown forming. This month confirms it. Sales fell sharply while new listings tightened hard, pulling the sales-to-new-listings ratio higher even as demand stayed cautious. Buyer psychology, not borrowing costs, continues to set the pace. Prices held mostly stable, but activity cooled across every segment.

For context, you can revisit last month’s reports here:
YourKelownaHomes.com Report
Real Estate Novelist Report

The Central Okanagan includes Peachland, West Kelowna, Kelowna, and Lake Country.

Bar chart showing total properties listed and sold in the Central Okanagan for November 2025

Overall Market Activity

  • Total Sales: 302 (down 21.71% MoM, down 9.31% YoY)
  • Sales Volume: $253,000,000 (down 26.93% MoM, down 10.19% YoY)
  • Active Listings: 3,611 (down 7.82% MoM, down 0.71% YoY)
  • New Listings: 660 (down 28.26% MoM, down 9.46% YoY)
  • Absorption Rate: 8.36% (up 13.51% MoM, down 9.03% YoY)
  • Days on Market (Avg): 78 (up 2.63% MoM, up 5.41% YoY)

New listings collapsed in November, dropping more than 28% month over month. Sales followed suit. Absorption rose slightly only because inventory tightened. Buyer caution remains the dominant force. The market sits quiet but orderly heading into winter.

Sales-to-New-Listings Ratio: 45.7% (balanced market)

HPI benchmark chart for Central Okanagan November 2025

Property Type Breakdown

Single Family Homes (Excludes Lakefront & Acreage)

  • Sales: 133 (down 22.22% MoM, up 8.13% YoY)
  • Average Price: $1,078,116 (up 5.26% MoM, up 1.27% YoY)
  • HPI Price: $1,021,000 (down 2.43% MoM, down 2.12% YoY)
  • Median Price: $917,000 (up 1.89% MoM, down 2.45% YoY)
  • Days on Market: 70 (up 14.75% MoM, flat YoY)
  • New Listings: 232 (down 32.56% MoM, down 4.92% YoY)
  • Absorption: 11.50% (up 15.02% MoM, down 0.49% YoY)

Insight: Sales pulled back sharply while prices held firm. Average price rose over 5%, but the benchmark slipped. This mix points to fewer lower-end sales, not a price surge. New listings fell off hard. Well-priced homes still move. Overpriced homes sit.

Condos / Apartments

  • Sales: 75 (down 10.71% MoM, down 23.47% YoY)
  • Average Price: $479,439 (up 1.12% MoM, down 4.57% YoY)
  • HPI Price: $486,700 (down 0.57% MoM, up 2.96% YoY)
  • Median Price: $420,000 (down 2.21% MoM, down 8.19% YoY)
  • Days on Market: 76 (up 1.33% MoM, up 20.63% YoY)
  • New Listings: 163 (down 28.51% MoM, down 10.93% YoY)
  • Absorption: 10.07% (up 7% MoM, down 23.35% YoY)

Insight: Condos continue to feel the most pressure. Sales dropped. Days on market stretched. Median price slipped. Benchmark held steady, showing stability beneath the surface. Inventory tightened as sellers waited out winter.

Townhomes

  • Sales: 37 (down 32.73% MoM, down 26.00% YoY)
  • Average Price: $705,022 (up 8.93% MoM, up 5.56% YoY)
  • HPI Price: $752,800 (up 6.99% MoM, up 3.61% YoY)
  • Median Price: $655,000 (up 1.55% MoM, up 2.35% YoY)
  • Days on Market: 76 (up 22.58% MoM, up 26.67% YoY)
  • New Listings: 73 (down 49.31% MoM, down 31.78% YoY)
  • Absorption: 8.60% (down 20.23% MoM, down 36.99% YoY)

Insight: Townhome sales cooled sharply. Prices lifted because fewer entry-level units sold. Benchmark and median show steady underlying demand. Supply tightened as owners held back listings. Buyers still have choice, but not excess.

Inventory to sales chart for November 2025

Bank of Canada Rate Update: The next announcement is December 10, 2025 (view here). The policy rate sits at 2.25%. Canada’s 5-year bond yield trades near 2.81%. Bond markets signaled stability all month. Rate cuts earlier this fall continue to support price floors, not demand surges.

This report is for informational purposes only. Always consult with a licensed professional before making real estate decisions.

Market Takeaway

November delivered a softer, quieter market. Listings pulled back. Sales eased. Prices held mostly stable. Buyers remain cautious and selective. Earlier Bank of Canada rate cuts continue to hold the floor but haven’t sparked new demand. With inventory tightening into winter, the market stays balanced. Sellers who price in line with today’s buyers succeed. Those chasing last year’s numbers wait longer.

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Additional Graphics

Single Family Homes

 

Townhomes

 

Condos

 

Royal LePage Kelowna Market Report

 

Royal LePage Kelowna Sales Comparison