The high end buyer is playing a significant role in Kelowna’s housing market and it’s playing havoc with our averages.  Over the first half of 2017 there were 164 homes that sold over $1 million which represented 10.5% of the total homes sold (1,561).  Compare and contrast to only five years ago when the million dollar plus home sales represented 2.8% of the overall market.  Going back even further, ten years ago the million dollar plus market was 1.2% of the overall market.

Kelowna Homes Over 1 Million


Average Home Sale Price Over $700,000

So what happened?  Is this a good thing for our community?  Will it continue?  I remember a time when a million dollar home was talked about in our office with people curious about who the buyer was and even more curious about the home.  These days, although a million dollar home sale is still a lot of money and the home is likely going to be nice, it doesn’t have the same impact as it once did.  With 164 of these homes selling so far this year, it’s pushed our average sale price to over $700,000 making it unrealistic for local first time buyers to enter the marketplace in a detached house, and oftentimes even unrealistic for them to gain entry into the market with even a condo unless they have significant help from a parent.

This trend will surely continue indefinitely as prices in the rest of Canada continue to rise and equity rich buyers from other parts of the country either relocate here for employment or retire.  There will be bumps and bruises along the way as interest rates and energy prices impact housing prices in Kelowna but the trend is upward and there doesn’t seem to be any slowdown on the horizon.

Andrew Smith - RealtorLiving in Kelowna,
Andrew Smith

Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information or view here Kelowna new homes for sale



The trademarks MLS®, REALTOR®, and the associated logos are owned or controlled by The Canadian Real Estate Association. Used under license.


This listing content provided by has been licensed by REALTOR(r) members of The Canadian Real Estate Association


REALTOR®, REALTORS® and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA).   These certification marks identify real estate professionals who are members of CREA and who must abide by CREA’s By-Laws, Rules and the REALTOR® Code.  The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. 


The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association, who are responsible for its accuracy.  CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.


The listing content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals.  Any other reproduction, distribution or use of the content, in whole or in part, is specifically forbidden.  The prohibited uses include commercial use, “screen scraping”, “database scraping”, and any other activity intended to collect, store, reorganize or manipulate data on the pages produced by or displayed by this website. 

Pin It on Pinterest