Market Rebounds From August Fires but Remains Quiet

September real estate activity saw a rebound from August numbers as buyers and sellers returned post-wildfires, though overall transaction volume continues to mirror the slower, below-average pace seen throughout 2026.

North Okanagan Breakdown:

• Sales: Rebounded sharply compared to August's fire-impacted low (which saw a 34% YoY drop). While September sales might seem underwhelming, coming in 17% below last year’s numbers, context is key: September 2025 was a very strong month—finishing just 3.7% below the 10-year average.

• Listings & Inventory: New listings fell 22% year-over-year (and 9% below the 10-year average). Active listings fell 11% YoY and sit just 5% above the 10-year average, keeping overall inventory relatively tight.

• Prices: Values remain resilient despite lower sales volume. The median sales price rose 2.3% year-over-year (though down 1.5% from August). The overall Benchmark Price is up 4.9% year-over-year, while the Single-Family Benchmark Price rose 5.6% year-over-year.

Regional Snapshot:

• Central Okanagan: Sales fell 13% year-over-year and 21% below the 10-year average.

• South Okanagan: Sales dropped 22% year-over-year and finished 32% below the 10-year average.

• Provincial Benchmark: Across British Columbia, residential sales were down 8.9% year-to-date and 25.8% below the 10-year average.

Interest Rates:

• The Bank of Canada held its overnight policy rate at 2.25%. The next rate announcement is October 28.

Looking Ahead:

While September brought a clear bounce-back from August's wildfire disruptions, overall activity remains historically muted—much like we have seen all year. September sales came in 17% below the 10-Year Average and Year-to-Date sales sit 10% below 2025 levels (though up slightly from 2024’s 10-year lows).

However, with both Sales-to-New-Listings and Sales-to-Active-Listings ratios rising over August, the North Okanagan market has shifted solidly into Balanced market territory heading into the final quarter.

Sales

North Okanagan Unit Sales were down 17% Year-over-Year (129 vs 155) and come in 17% below the 10 Year Average (156). 
If you recall August saw 111 sales which was 37% below the 10 Year Average.

Median Sales Price

• Median Selling Price was $635,000, which was up 2.3% Year-over-Year ($633,500), but down from August ($645,000). 

Benchmark Price

• Single Family Home Benchmark price is $793,000, which is up 5.6% Year-Over-Year but down from Aug ($794,300)
• Townhome Benchmark price is $563,400, which down 1.1% Year-over-Year and down from Aug ($545,900).
• Condo Benchmark price is $324,300, which up 4.4% Year-over-Year and up from Aug ($302,400). 
• The Overall Composite Benchmark Price for the North Okanagan was up 5% Year-over-Year ($686,600 vs $654,000) and up from Aug ($680,400).
   

New Listings hitting the market were down 22% Year-over-Year (222 vs 283) which is about 9% below the 10-Year average (243).  



Active Listings are down 11%Year-over-Year (942 vs 1056), which puts the North Okanagan about 5% above the 10 year average (897).

The overall North Okanagan is in a Balanced Market.

The Sales to Active Listings ratio is 14% (up from 11% in Aug).
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 58% (up from 53% in Aug).
Between 40-60% is considered a Balanced Market. 


 

Central Okanagan

Unit Sales in the Central Okanagan were down 13% Year-over-Year (320 vs 367), which is 21% below the 10 Year Average of 404.  
 

Benchmark Price 

• Single Family homes price $1,057,200 which is up 3.4% Year-over-Year but unchanged from Aug ($1,056,700)
• Townhome price $696,600 which is down 5.5% Year-over-Year but unchanged from Aug ($698,600)
• Condo price is $496,700 which is up 2% Year-over-Year and up from Aug ($465,700)
• The Overall Composite Benchmark Price for the Central Okanagan was up 2% Year-over-Year ($797,500 vs $781,700) and up from Aug ($788,000)

Sept saw 778 New Listings hit the market, which is down 20% Year-over-Year (972) and 7% below the 10-Year Average of 836.

And the 2953 current Active Listings is down 10% Year-over-Year (3279).

With a Sales to Active Listings ratio of 11% and Sales to New Listings ratio of 41% the Central Okanagan continues to straddle the line between a Buyers Market and a Balanced Market.  

Most Markets Remain Balanced Admist Mounting Headwinds
 

Vancouver, BC – October 14, 2026. The British Columbia Real Estate Association (BCREA) reports that 5,254 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) Systems in September 2026, down 8.9 per cent from September 2025. The average MLS^® residential price in BC in September 2026 was down 2.4 per cent at $924,279 compared to $946,767 in September 2025.

Total MLS^® residential sales dollar volume was $4.9 billion, down 11 per cent from the same time the previous year. BC MLS^® unit sales were 25.8 per cent lower than the ten-year average for the month of September.

“Home sales dipped in September after an encouraging summer as spiking oil prices prompted speculation of impending Bank of Canada rate hikes,” said BCREA Chief Economist Brendon Ogmundson. “However, we are also seeing inventory levels decline on a monthly basis, which should help markets remain in balance.”

Year-to-date, BC residential sales dollar volume is down 7 per cent to $48.11 billion, compared with the same period in 2025. Residential unit sales are down 5.9 per cent year-over-year at 51,310 units, while the average MLS^® residential price is down 1.1 per cent to $937,644.