The Okanagan housing market presented a mixed picture in February 2026. Activity in the Central Okanagan remained relatively steady, while the North Okanagan experienced a more noticeable slowdown. Seasonal winter softness continued across both regions, but February highlighted some important differences between the two markets as they move toward the spring season.
Central Okanagan Overview
The Central Okanagan showed encouraging stability in February 2026. While both new listings and completed sales declined slightly compared with February 2025, the drop was modest and represented an improvement over the sharper slowdown recorded in January.
Market Statistics
New Listings: 937 properties came to market, a 7.96% decrease from 1,018 in February 2025
Units Sold: 296 sales were recorded, down 3.27% from 306 last year
Sales Volume: Total transaction value reached $237,033,646, down 10.56% from $265,014,700
List-to-Sell Ratio: Homes sold for 95.53% of list price, slightly below 96.09% last year
Days to Sell: Average of 82 days, compared with 76 days in February 2025
Active Listings: 3,290 properties, a decline of 6.53% from 3,520 last year
By Property Type:
Single-Family Homes (excluding lakefront and acreages)
115 sales | Average price $1,025,816 | Median price $873,125 | 1,045 active listings
Condos & Apartments
74 sales | Average price $497,379 | Median price $435,500 | 705 active listings
Townhomes
45 sales | Average price $759,138 | Median price $650,000 | 355 active listings
Analysis: February’s results suggest the Central Okanagan market is stabilizing following January’s deeper slowdown. Unit sales declined only 3.27% year-over-year, a considerable improvement compared with January’s 16.91% drop, indicating that buyers have begun returning after the holiday pause.
Average single-family home prices fell 10.41% year-over-year to $1,025,816, while the median price dropped 16.65% to $873,125. This change reflects fewer luxury sales closing rather than a widespread correction in property values.
The list-to-sell ratio remained close to last year’s level, suggesting sellers are not being forced into steep price reductions. Although the average time required to sell increased from 76 to 82 days, the shift remains relatively modest for this time of year.
Absorption Rate:
With 296 sales and 3,290 active listings, the absorption rate sits at approximately 9.00%, equal to about 11.1 months of inventory. This places the Central Okanagan firmly within Buyer’s Market territory, though it represents a meaningful improvement from January’s 13.8 months of supply.
North Okanagan Overview
The North Okanagan experienced a more challenging month in February. Sales activity declined significantly compared with the same period last year, widening the gap that first appeared in January. While the market remains functional, buyers clearly hold more leverage here than in the Central Okanagan.
Market Statistics
New Listings: 318 properties entered the market, up 8.53% from 293 last year
Units Sold: 102 properties sold, a 19.05% decline from 126 in February 2025
Sales Volume: $70,282,025, down 11.96% from $79,826,186
List-to-Sell Ratio: 96.04%, essentially unchanged from 96.00% last year
Days to Sell: 96 days, improving from 113 days last year
Active Listings: 1,206 properties, up 5.24% from 1,146
By Property Type:
Single-Family Homes (excluding lakefront and acreages)
42 sales | Average price $880,624 | Median price $759,500 | 309 active listings
Condos & Apartments
14 sales | Average price $271,643 | Median price $275,750 | 77 active listings
Townhomes
14 sales | Average price $492,374 | Median price $502,500 | 115 active listings
Analysis: The 19.05% year-over-year drop in sales is the most notable trend in the North Okanagan. At the same time, new listings increased by 8.53%, meaning supply expanded while demand softened. As a result, inventory rose from 1,146 to 1,206 homes.
One encouraging indicator is the improvement in selling times. The average number of days required to sell fell from 113 to 96, suggesting that properly priced properties are still attracting buyers.
The list-to-sell ratio of 96.04% remains nearly unchanged year-over-year, reinforcing the idea that realistic pricing continues to result in successful transactions. Average single-family home prices increased 16.24% to $880,624, although this reflects the mix of homes sold rather than a broad increase in market pricing.
Absorption Rate: With 102 sales and 1,206 active listings, the absorption rate stands at roughly 8.46%, or about 11.8 months of inventory. Like the Central Okanagan, this confirms Buyer’s Market conditions, with rising inventory levels worth monitoring through the first quarter.
Month-to-Month Comparison (Jan 2026 vs. Feb 2026)
Central Okanagan:
New Listings increased from 894 to 937
Units Sold rose from 226 to 296 (+31%)
Sales Volume increased from $184,473,565 to $237,033,646 (+28.5%)
Days to Sell improved from 92 to 82 days
Active Listings increased slightly from 3,109 to 3,290
North Okanagan:
New Listings increased from 215 to 318 (+47.9%)
Units Sold rose from 83 to 102 (+22.9%)
Sales Volume increased from $56,622,699 to $70,282,025 (+24.1%)
Days to Sell increased from 85 to 96 days
Active Listings rose from 1,078 to 1,206
The month-to-month comparison shows encouraging seasonal momentum. Both regions saw significant increases in transactions from January to February, which is typical as activity begins to build toward the spring market. The Central Okanagan showed a stronger recovery, while the increase in selling times in the North Okanagan introduces some caution to an otherwise improving trend.
Market Outlook
For Buyers: Current conditions remain highly favourable for buyers in both regions. With 11–12 months of supply, purchasers have strong negotiating power and more time to evaluate options without intense competition. Buyers entering the market before the traditional spring surge may find better pricing and motivated sellers.
For Sellers: Accurate pricing is critical in this environment. Data shows that properties priced appropriately are still selling, as reflected in the strong list-to-sell ratios. However, homes that enter the market above realistic value are more likely to experience extended marketing periods and eventual price adjustments. February’s improvement over January is positive but does not justify overly aggressive pricing strategies.
For Investors: The North Okanagan market warrants close attention. Rising inventory combined with declining sales activity is creating opportunities that were far less common 12 to 18 months ago. The single-family sector remains relatively stable, while some attached property segments may offer selective entry points for investors seeking value.
Conclusion:
February 2026 showed moderate improvement compared with January’s slower market conditions, particularly in the Central Okanagan where transaction volumes rebounded more strongly. The Central Okanagan recorded 296 sales totaling $237 million, while the North Okanagan saw 102 transactions representing just over $70 million in volume.
Both regions remain in Buyer’s Market territory, with approximately 11 to 12 months of available supply. While the trajectory toward spring appears cautiously positive, year-to-date figures still show both markets operating 9–15% below last year’s sales pace. A stronger spring market remains possible, but it will likely depend on interest rate trends and shifts in buyer confidence.