Michael A. Jones - PREC* | Royal LePage Kelowna

February brought more listings and fewer sales to Vernon and the North Okanagan. Inventory climbed. Single family prices rose. Condos moved faster than any other segment.

Year-over-year comparisons show softer volume. But days on market improved significantly across all property types. The market is not stalled. It is recalibrating.

For context, you can revisit last month's report here:
Vernon & North Okanagan Market Update — February 2026

The North Okanagan includes Vernon, Coldstream, Armstrong, Enderby, and surrounding areas.

Market at a Glance (Residential Only)

  • Residential sales: 88 homes (down 22.1% year-over-year)
  • Residential sales volume: $62.1M (down 16.3% year-over-year)
  • New residential listings: 227 (down 5.0% year-over-year)
  • Active listings (all types): 1,206 (up 5.2% year-over-year)
  • Average days on market: 86 (down from 103 last year)
  • List-to-sell ratio: 96.92%

February saw fewer transactions year-over-year, but that tells only part of the story. Days on market dropped 17 days compared to last February. Sellers captured 96.92 cents on every listed dollar. Inventory grew, giving buyers more selection without tipping the market into buyer's territory. These are balanced conditions, not a soft market.

Property Type Breakdown

Single Family Homes (Excluding Lakefront & Acreage)

  • Sales: 42 (down from 51 last year)
  • Average price: $880,624 (up 16.2% year-over-year)
  • Median price: $759,500 (up 7.0%)
  • Days on market: 85 (down from 89)
  • Inventory: 309 homes
  • Sell-to-inventory ratio: 13.59%

Insight: Single family prices climbed. The average jumped over $123,000 year-over-year. The median rose to $759,500, up 7.0%. That gap between average and median points to upper-end sales pulling the average higher. Fewer transactions occurred, but the ones that did close commanded more money. Days on market improved slightly. This segment shows pricing strength even as sales volume softens.

Townhomes & Duplex-Style Properties

  • Sales: 14 (down from 22 last year)
  • Average price: $492,374 (up 0.3% year-over-year)
  • Median price: $502,500 (up 7.6%)
  • Days on market: 75 (up from 70)
  • Inventory: 115 units
  • Sell-to-inventory ratio: 12.17%

Insight: Townhouse sales fell 36% year-over-year. Prices held steady on average and rose on median. Buyers in this segment are not responding to current inventory levels at volume. Days on market increased modestly. This segment is not distressed. It is simply not moving as quickly as last year. Realistic pricing will continue to matter here.

Condos & Apartments

  • Sales: 14 (flat year-over-year)
  • Average price: $271,643 (down 12.4% year-over-year)
  • Median price: $275,750 (down 2.9%)
  • Days on market: 65 (down from 108)
  • Inventory: 77 units
  • Sell-to-inventory ratio: 18.18%

Insight: Condos lead all property types on sell-to-inventory ratio and days on market improvement. Sales held flat while the market cleared faster. Days on market dropped 43 days year-over-year. That is the largest improvement of any segment. Average prices declined, which reflects the mix of units sold, not a collapse in values. The median held near $276,000. If you are watching this segment, speed matters. The fastest-moving units are not waiting 65 days.

How North Okanagan Compares

The Central Okanagan recorded 296 residential and non-residential sales in February at a total volume of $237 million. The average transaction across all property types came in near $800,000.

North Okanagan residential average: $705,735. The gap between the two regions continues to favour buyers willing to look north of Kelowna.

Single family homes at $759,500 median here remain well below comparable Kelowna detached product. Condos at $275,750 offer entry-level ownership at a price point that the Central Okanagan has largely left behind. That value gap does not close overnight. It continues to attract buyers from higher-priced markets.

Bank of Canada Rate Update: The next announcement is March 12, 2026 (view here). The policy rate currently sits at 3.25%. That announcement will set the tone for spring borrowing costs. Buyers finalizing pre-approvals should have a conversation with their broker before March 12. Any rate movement will affect carrying cost calculations immediately.

Market Takeaway

February confirmed a market in transition, not decline.

Inventory grew. Sales softened year-over-year. But prices rose in single family and condos moved faster than any month in recent memory. Days on market improved across all residential types. Sellers captured over 96 cents on the dollar.

The 96.92% list-to-sell ratio leaves limited room for aggressive low offers. Price your offers based on comparable sales, not wishful thinking. Sellers with well-priced homes are still achieving near-asking results.

Spring typically brings increased buyer activity to the North Okanagan. The March 12 Bank of Canada announcement is the next key variable. If rates hold or drop, expect more buyers to act. February's fundamentals support that outcome.

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This blog post is for general informational purposes only and should not be taken as professional advice. Always consult a licensed REALTOR® for real estate matters, a qualified tax professional for tax matters, and a lawyer or notary public for legal matters before making decisions.