10/02/2026
September gave us a bit of a mixed bag 🍂. We recorded 320 residential sales across the Central Okanagan, excluding lots but including manufactured homes. That’s down 12.8% from last September, while new listings fell almost 20% and active inventory dropped nearly 10% to 2,927 homes. Despite fewer listings, the absorption rate was only 10.9%, keeping us firmly in buyer’s market territory. Year to date sales, however, are only 2.8% behind 2025.
Pricing was interesting. I prefer watching the median price because it gives us a better picture of what the typical property is selling for without a few expensive sales skewing the numbers. Single family homes reached $965,000, up 4.3% from last September. Condos were $423,000, down 3%, while townhomes came in at $652,500, down 11.1%. The overall residential median was $730,000, just 1% below last year. What stands out more is time. Residential properties took 77 days to sell versus 69 last year. Buyers are still buying, but they certainly aren’t rushing.
There was also plenty happening outside real estate. The newly called provincial election seemed to coincide with activity stalling toward the end of September from what I saw on the ground. We can’t say the election caused it, but uncertainty can put larger decisions on pause. The Bank of Canada held its rate at 2.25%, while employment softened nationally and in B.C. Add trade uncertainty, higher energy prices and continued geopolitical concerns, and buyers had plenty of reasons to be cautious.
Heading into October, confidence will be the big thing to watch. We have fewer homes for sale, but that hasn’t translated into stronger sales. Sellers still need to be realistic with pricing, while buyers continue to have negotiating power. October should give us a better idea whether the fall market was simply delayed or people are waiting for some of the uncertainty to clear. 🏡🍂
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