As expected during the late fall season, the Okanagan real estate market continued to moderate in November 2025. Both the Central and North Okanagan regions recorded year-over-year decreases in sales activity, reflecting the seasonal shift toward winter. While transaction volume slowed, home prices and available inventory remained relatively stable.
Central Okanagan Overview
In November, the Central Okanagan experienced softer conditions compared to the same month in 2024. New listings and total sales declined, aligning with typical fall-to-winter trends, while pricing indicators showed stability.
Market Statistics
New Listings: 660 (↓10.33% from 736 in Nov 2024)
Units Sold: 302 (↓9.31% from 333)
Sales Volume: $252.86M (↓10.19% from $281.54M)
List-to-Sell Ratio: 95.37% (↑ from 94.13%)
Average Days on Market: 78 days (↑ from 74)
Active Listings: 3,611 (↓0.71% from 3,637)
By Property Type:
Single-Family Homes (non-lakefront/acreage):
133 sold | Avg. Price: $1,078,116 | Median: $917,000 | Inventory: 1,157
Condos & Apartments:
75 sold | Avg. Price: $479,439 | Median: $420,000 | Inventory: 745
Townhomes:
37 sold | Avg. Price: $705,022 | Median: $655,000 | Inventory: 401
Analysis: Seasonality played a key role in the November slowdown, with declines in both unit sales and dollar volume. Sellers appear to be retreating as well, contributing to the slight drop in inventory. That said, properties that are priced competitively continue to attract buyers, as reflected in the higher list-to-sell ratio.
Absorption Rate:
302 sales / 3,611 listings = 8.36% absorption, or approximately 12 months of inventory — indicative of a Buyer’s Market.
North Okanagan Overview
Mirroring trends in the Central Okanagan, the North Okanagan also experienced a seasonal slowdown, with moderate reductions in both sales and dollar volume. However, inventory increased, giving buyers more options as the year winds down.
Market Statistics
New Listings: 213 (↓1.39% from 216 in Nov 2024)
Units Sold: 123 (↓3.91% from 128)
Sales Volume: $79.33M (↓5.89% from $84.29M)
List-to-Sell Ratio: 95.87% (↓ from 96.80%)
Average Days on Market: 89 days (↑ from 78)
Active Listings: 1,309 (↑9.45% from 1,196)
By Property Type:
Single-Family Homes (non-lakefront/acreage):
51 sold | Avg. Price: $768,490 | Median: $765,000 | Inventory: 351
Condos & Apartments:
9 sold | Avg. Price: $244,778 | Median: $225,000 | Inventory: 83
Townhomes:
21 sold | Avg. Price: $533,881 | Median: $500,000 | Inventory: 116
Analysis: While sales volume and units sold dipped modestly year-over-year, increased days on market and a softening list-to-sell ratio point to a less urgent buyer pool. The growth in active listings may appeal to buyers looking for choice and negotiation potential.
Absorption Rate: 123 sales / 1,309 listings = 9.40% absorption, or roughly 10.6 months of inventory — also signalling a Buyer’s Market.
Month-to-Month Comparison (June vs. July 2025)
Central Okanagan:
New Listings: ↓28.26% (920 → 660)
Units Sold: ↓21.76% (386 → 302)
Sales Volume: ↓26.90% ($345.9M → $252.9M)
Days to Sell: ↑ from 76 to 78
Active Listings: ↓7.81% (3,917 → 3,611)
North Okanagan:
New Listings: ↓13.06% (245 → 213)
Units Sold: ↓25.00% (164 → 123)
Sales Volume: ↓28.23% ($110.5M → $79.3M)
Days to Sell: ↑ from 85 to 89
Active Listings: ↓8.08% (1,424 → 1,309)
Market Outlook
For Buyers: With inventory remaining high and buyer competition reduced, the winter season offers an excellent window for negotiation and longer decision-making timelines. Current absorption rates clearly favour buyers in both subregions.
For Sellers: A successful sale in this market hinges on accurate pricing and strong presentation. Fewer active buyers mean that homes need to stand out. While activity has slowed, well-prepared listings are still moving — just at a more measured pace.
For Investors: Winter offers a potential advantage for value-driven investors. Reduced competition and motivated sellers can present favourable opportunities. Notably, year-to-date performance remains positive: sales are up 7.66% in Central Okanaganand up 12.54% in North Okanagan over 2024, reflecting underlying market resilience despite seasonal lulls.
Conclusion:
November 2025 marked a predictable cooling in the Okanagan real estate market, with both Central and North Okanagan showing slower activity typical of the winter season. Inventory levels continue to support a buyer-friendly environment, with absorption rates confirming a clear shift into Buyer’s Market territory. Sellers should prepare for longer timelines, while buyers and investors can take advantage of the seasonal slowdown to secure favourable deals. Despite monthly declines, overall market performance through 2025 remains strong, setting the stage for renewed momentum in the new year.