February Market Snapshot

Posted on March 17, 2026 by Mark Nichiporuk

Sales Fall Sharply - Hit a 10 Year Low in the North Okanagan

Items of Note for February

North Okanagan Year-over-Year sales down 22%
Sales 26% below the 10 Year Average - the lowest its been since March 2025 (-28%).
North Okanagan on the fence between a Buyer's and Balanced Market
Central Okanagan sales unchanged Year-over-Year and 22% below the 10 Year Average
British Columbia residential home sales down 9.7% Year-over-Year
Bank of Canada holds rates at 2.25%

If you recall the North Okanagan housing market opened 2026 on relatively solid footing - outperforming much of the province. January sales were down 1% year-over-year and just 10% off the 10 year average. February, however, brought a notable pullback, with only 88 units sold, down 22% Year-over-Year and 26% below the 10-year average. These are the lowest sales figures for the month of February in the past 10 years. Ouch!

Despite softer sales, prices held firm: the median reached $644,000 and the average $705,735, both up 7% Year-over-Year. Benchmark results were mixed, with single-family homes and townhomes edging up while condos dipped.

Inventory climbed to 751 active listings — near a 10-year high, though still well below 2010–2016 levels — keeping the market straddling between a buyer's and a balanced market.

Given the market's resilience through most of 2025, February's dip may prove to be a blip, though speculation about rising interest rates bears watching as we head into spring.

For Buyers: More inventory and a slower sales pace means more options and stronger negotiating leverage, particularly on homes that have sat on the market as new listings surge in March with the start of the spring market.

For Sellers: Prices remain stable but the market is more competitive — accurate pricing, strong presentation, and strategic marketing will be key to a successful spring sale.

Sales

North Okanagan Unit Sales were down 22% Year-over-Year (88 vs 113) and come in 26% below the 10 Year Average (119).

Median Sales Price

Median Selling Price was $644,000, which was up 7% Year-over-Year ($600,000), but down from Jan ($680,000).

Average Sales Price

Average Selling Price was $705,735, which is up 7% Year-over-Year ($656,829), and up from Jan ($685,756).

Benchmark Price

Single Family Home Benchmark price is $781,200, which is up 1.1% Year-Over-Year and up from Jan ($745,200)
Townhome Benchmark price is $553,100, which up 4.6% Year-over-Year and up from Jan ($504,900).
Condo Benchmark price is $303,500, which is down 7.1% Year-over-Year and down from Jan ($324,800).
The Overall Composite Benchmark Price for the North Okanagan was up 2% Year-over-Year ($667,800 vs $654,900) and up from Jan ($636,900).

Benchmark Selling Prices for the North Okanagan since the peak of the market March 2022.

New Listings hitting the market were down 5% Year-over-Year (227 vs 239) which is about 8% above the 10-Year average (211).

Active Listings are up 3% Year-over-Year (751 vs 727), which puts the North Okanagan about 19% above the 10 year average (630) for the month of February.

The overall North Okanagan market continues to straddle the fence between a Balanced Market and a Buyer's Market.

The Sales to Active Listings ratio is 11.7% (unchanged from 11.6% in Jan).
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 39% (down from 45% in Jan).

Days to Sell Average is 86 days. This is down Year-over-Year (103) but up from January (83).

Central Okanagan

Unit Sales in the Central Okanagan for January were unchanged Year-over-Year (273 vs 271), which is 22% below the 10 Year Average of 351.

Benchmark Price

Single Family homes price $1,056,600 which is basically unchanged Year-over-Year and unchanged from January ($1,060,300)
Townhome price $671,300 which is down 8.1% Year-over-Year and down from January ($678,400)
Condo price is $472,000 which is down 7.3% Year-over-Year and down from January ($504,600)
The Overall Composite Benchmark Price for the Central Okanagan was down 2.6% Year-over-Year ($777,500 vs $797,900) and down from January ($791,000)

The chart below shows Benchmark Prices for the Central Okanagan since the market peak March 2022.

December saw 823 New Listings hit the market, which is down 9% Year-over-Year (902) and 12% above the 10-Year Average of 735.

And the 2514 current Active Listings is down 6% Year-over-Year (2688) and is 38% above the 10-year average of 1822.

With a Sales to Active Listings ratio of 11% and Sales to New Listings ratio of 38% the Central Okanagan continues to be in a Buyer's Market but is very close to entering a balanced market.

Okanagan Shuswap Report

Local Residential Real Estate Market Sees Modest Bounce-Back in Sales

KELOWNA, B.C. – March 4, 2026 Residential real estate activity in February experienced a modest rebound following a slower-than-expected January, reports the Association of Interior REALTORS® (the Association).

A total of 838 residential unit sales were recorded across the Association region in February, up from January’s 623 units, and down 8.0% compared to units sold in February 2025.

New residential listings saw a 3% decrease compared to February 2025 with 2,235 new listings recorded last month. The total number of active listings saw a 1.9% decrease in inventory compared to February 2025 with 7,206 recorded across the Association region. The highest percentage increase in active listings across the Association region was recorded for another consecutive month in the North Okanagan with a total increase of 4.2% compared to February last year.

“After a sluggish start to the year in January, sales seemed to return to a more normal pace last month. Although we’re still sitting just below average levels, momentum is building and heading in the right direction,” says Association of Interior REALTORS® President Kadin Rainville, adding that “demand hasn’t disappeared, and with more listings coming online, we may just be seeing a natural lag between renewed interest and finalized sales.”

In the Okanagan and Shuswap/Revelstoke regions, the benchmark price for single-family homes saw decreases last month in the Central and South Okanagan in year-over-year comparisons of 0.9% and 5.7% respectively, coming in at $1,056,600 and 691,900. The townhome housing category recorded the Central and South Okanagan as the only sub-regions that saw a decrease of 8.1% and 6.0% compared to the same time the previous year, coming in at $671,300 and $483,200 respectively. The benchmark price in the condominium housing category saw decreases in all regions compared to February 2025 with the exception of the South Okanagan that saw an increase of 1.4%, coming in at $410,400.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® Mark Nichiporuk to find out more about the real estate market and how I can help you achieve your real estate goals.

British Columbia Report

Market Activity Flounders Througout the Province

Vancouver, BC – March 12, 2026. The British Columbia Real Estate Association (BCREA) reports that 4,516 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) Systems in February 2026, down 9.7 per cent from February 2025. The average MLS^® residential price in BC in February 2026 was down 2.9 per cent at $932,243 compared to $960,572 in February 2025.

Total MLS^® residential sales dollar volume was $4.21 billion, down 12.3 per cent from the same time the previous year. BC MLS^® unit sales were 32.87 per cent lower than the ten-year average for the month of February.

“Housing market activity continues to struggle, with sales declining from every region in the province compared to the same time last year,” said BCREA Chief Economist Brendon Ogmundson. “We hope that improved affordability conditions in most regions and stable rates will motivate prospective demand to enter the market and drive stronger sales activity over the rest of the year.”

Year-to-date, BC residential sales dollar volume is down 17.8 per cent to $7.3 billion, compared with the same period in 2025. Residential unit sales are down 15.8 per cent year-over-year at 7,832 units, while the average MLS^® residential price is also down 2.4 per cent to $929,323.

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