South Okanagan Real Estate Market Update: October 2026

South Okanagan Real Estate Market Update: October 2026  

The South Okanagan real estate market is cooling compared to the same time last year. Sales are down across every property type, benchmark prices have slipped and homes are taking longer to sell. For buyers, that means more leverage than we’ve seen in a while. For sellers, it means pricing and preparation matter more than ever.

Here’s my breakdown of the latest numbers, the bigger picture across the Okanagan and what it all means for you if you’re planning a move.

South Okanagan Market Update in a Nutshell

Here are the key numbers from my latest South Okanagan market update, compared to the same time last year: 

• Single-family home sales are down 23.2%
• Benchmark prices are down 4.6%
• The average time to sell a home is up 48%
• Townhouse sales are down 21%
• Condo sales are down 30%

Taken together, these numbers tell a clear story. Compared to a year ago, fewer buyers are active in the South Okanagan and homes are sitting on the market longer.

 

 

South Okanagan Home Prices by Property Type

The latest MLS Home Price Index figures from the Association of Interior REALTORS for September show how different property types are performing in our area.

Single-Family Homes

The benchmark price for a single-family home in the South Okanagan was $718,400 in September, down 6.2% from September 2025. What stands out is that the South Okanagan was the only sub-region in the Okanagan and Shuswap/Revelstoke areas where single-family benchmark prices fell. Every other sub-region saw an increase.

Townhouses

Townhouse benchmark prices fell in every sub-region, and the South Okanagan saw the biggest drop at 5.7%. The benchmark townhouse price here was $486,700 in September.

Condos

Condos are the bright spot across the wider region. Condo benchmark prices rose in every sub-region compared to last year, with the largest increase of 6.6% in Shuswap/Revelstoke.

The Bigger Picture: Okanagan Housing Market Trends

Looking at the whole Association of Interior REALTORS region, the market appears to be finding its footing after a tough few months.

• There were 1,141 residential sales in September, the same as in August but down 8% from September 2025
• New listings came in at 2,289, up from 2,062 in August but down 13.4% from a year ago
• Active listings totalled 9,185, down from 9,378 in August and down 6.8% from last year

Association President Ryan Mayne noted that “well-priced homes are being picked up relatively quickly.” That matches what I see on the ground. Inventory isn’t piling up, which helps keep conditions balanced, but buyers are being selective.

What This Market Means for Buyers

If you’ve been waiting for the right time to buy in the South Okanagan, conditions are more in your favour than they’ve been in a while.

You Have More Leverage

With homes taking longer to sell and fewer buyers competing, you have more room to negotiate on price, conditions and closing dates. Sellers whose homes have been on the market for a while are often more open to reasonable offers.

Downsizers and Retirees Have an Opportunity

Many of the buyers I work with are moving to Oliver and the South Okanagan from larger cities where real estate is more expensive. With single-family and townhouse benchmark prices down locally, that home equity may go even further right now.

If you’re downsizing, this is a good time to look at ranchers and townhomes. I always encourage clients over 65 to think long term and look at one-level living, so they can stay in their home longer and avoid another move later.

Take Your Time, But Don’t Wait Forever

A cooler market gives you time to do your homework and make a thoughtful decision. But well-priced homes are still selling. When the right one comes along, be ready to act.

What This Market Means for Sellers

Selling in a cooling market takes a different approach than selling when buyers are lining up.

Price It Right from the Start

This is the most important thing you can do right now. Overpriced homes are the ones sitting on the market, while well-priced homes are still selling relatively quickly. A comparative market analysis based on current data, not last year’s prices, will help you set a price that attracts buyers.

Make Your Home Stand Out

With more time on market and selective buyers, presentation matters. Before listing, I give my sellers a quick list of things they can do to get their home ready, so it makes the best first impression possible.

Adjust Your Expectations

If you’ve been watching prices from a year or two ago, the numbers may look different today. That doesn’t mean you can’t sell well. It means the strategy matters more.

Is Now a Good Time to Buy or Sell in the South Okanagan?

It depends on your situation. If you’re buying, this market gives you more choice and more negotiating power. If you’re selling and also buying in the South Okanagan, a softer market can work in your favour on both sides, because you may get a better deal on your next home.

The right timing comes down to your long-term plans, your finances, your lifestyle goals and what you want your next chapter to look like.

Frequently Asked Questions About the South Okanagan Real Estate Market

Is the South Okanagan a buyer’s market right now?

Conditions are shifting in buyers’ favour. Sales are down, homes are taking longer to sell and benchmark prices have slipped, which gives buyers more leverage than they’ve had in recent months.

Are home prices dropping in the South Okanagan?

Yes, compared to last year. In my latest market update, benchmark prices were down 4.6% from the same time last year. The September benchmark price for single-family homes in the South Okanagan was $718,400, down 6.2% from September 2025, and townhouse benchmark prices fell 5.7% to $486,700.

How long does it take to sell a home in the South Okanagan?

Homes are taking longer to sell than they were a year ago. In my latest market update, the average time to sell was up 48% compared to the same time last year, it’s taking 104 days to sell a home. Well-priced homes are still selling.

Should I wait to buy a home in the South Okanagan?

There’s no perfect time to buy. A cooler market gives buyers more choice and negotiating power, so if you’ve found a home that fits your long-term plans, budget and timing with your life plans, now can be a good time to act.

Get a Personalized South Okanagan Market Analysis

Market statistics tell you what’s happening across the region, but every home and every neighbourhood is different. If you’d like to know what these numbers mean for your property or your home search, let’s talk.

I’ll start with a discovery call to learn about your goals, then put together a comparative market analysis and a clear overview of the current market in your area. No pressure. No sales pitch. Just real talk to help you make a smart move.

Jeffrey Sefton, Seniors Real Estate Specialist, SRES®
Real Broker, Okanagan Home Team
OkanaganRealEstateSearch.com

 

The market data in this post comes from the Association of Interior REALTORS via CREA, with September 2026 MLS Home Price Index benchmark figures. Information is deemed reliable but not guarantee