Okanagan Real Estate Review: March 2026

April 8, 2026

Spring activity arrived right on schedule across the Okanagan housing market. March 2026 brought the seasonal lift both regions were looking for after a slower start to the year. The Central Okanagan recorded its strongest month of 2026 so far, while the North Okanagan stabilized—matching last year’s unit sales exactly. Considering February’s 19% year-over-year drop in sales, holding steady marks a meaningful shift.

Central Okanagan Overview
March represented a clear turning point for the Central Okanagan. For the first time since fall, unit sales increased compared to the same time last year, and the market successfully absorbed a surge of new spring inventory.

Market Statistics
New Listings: 1,229 (↓8.01% from 1,336 in March 2025)
Units Sold: 397 (↑7.59% from 369)
Sales Volume: $317,654,112 (↓0.17% from $318,209,845)
List-to-Sell Ratio: 96.40% (↑ from 95.75%)
Days to Sell: 76 days (↑ from 66)
Active Listings: 3,591 (↓8.67% from 3,932)

Analysis: The key takeaway in March is that sales increased 7.59% year-over-year, while total dollar volume remained nearly unchanged. This indicates more transactions took place, but at slightly lower price points overall.

Single-family home pricing softened on paper, with the median declining 8.86% and the average down 7.16% year-over-year. However, this reflects fewer luxury transactions rather than a widespread price decline.

The list-to-sell ratio rising to 96.40% is an important signal. Sellers are pricing more accurately, and buyers are responding without requiring deep discounts.

At the same time, properties are taking longer to sell—76 days compared to 66 last year—indicating that while activity has picked up, the pace remains measured.

The attached market stood out in March. Condo values held essentially flat year-over-year, and townhome prices increased 3.96%, suggesting buyers are shifting toward more attainable price points as single-family affordability tightens.

Absorption Rate:
With 397 sales and 3,591 active listings, the absorption rate sits at approximately 11.06%, or 9.0 months of inventory. This is a clear improvement from February and marks the strongest absorption level since fall. The Central Okanagan remains in Buyer’s Market territory, but conditions are tightening.

North Okanagan Overview
March brought stabilization to the North Okanagan. After two months of declining sales, the number of transactions matched last year exactly. While the market is not yet accelerating, it has clearly found a floor.

Market Statistics
New Listings: 385 (↓17.20% from 465)
Units Sold: 138 (no change year-over-year)
Sales Volume: $92,277,701 (↑3.86% from $88,844,235)
List-to-Sell Ratio: 96.44% (↓ slightly from 96.99%)
Days to Sell: 96 days (↑ from 70)
Active Listings: 1,329 (↑2.47% from 1,297)

Analysis: The combination of flat unit sales and a 3.86% increase in sales volume indicates higher-value transactions are occurring. Overall pricing strengthened, with both average and median values increasing.

Single-family homes drove this performance, with average prices rising 8.70% and median prices increasing 9.35% year-over-year. This represents genuine appreciation in the region’s primary housing segment.

The primary concern is the increase in selling times. At 96 days on average, homes are taking significantly longer to sell compared to 70 days last year. Townhomes, in particular, saw a sharp rise in days on market. This suggests buyers remain cautious and selective, even as activity improves.

New listings declined 17.20%, which may indicate some hesitation from sellers. If this trend continues into spring, it could tighten supply faster than current sales figures suggest.

Absorption Rate: With 138 sales and 1,329 listings, the absorption rate is approximately 10.38%, or 9.6 months of supply. This marks a notable improvement from February and signals a narrowing gap between supply and demand.

Notably, the townhouse segment reached an absorption rate of 23.28%, moving into Seller’s Market territory.

Month-to-Month Comparison (Feb 2026 vs. Mar 2026)

Central Okanagan:
New Listings ↑31.2%
Units Sold ↑34.6%
Sales Volume ↑34.0%
Days to Sell improved (82 → 76)
Active Listings increased

North Okanagan:
New Listings ↑21.1%
Units Sold ↑35.3%
Sales Volume ↑31.3%
Days to Sell unchanged at 96
Active Listings increased

Both regions experienced the expected seasonal lift from February to March, with transaction volumes increasing by over 30%. The Central Okanagan showed stronger overall recovery, while the North Okanagan’s longer selling times highlight continued buyer caution.

Market Outlook
For Buyers: Spring conditions are now in effect. While absorption rates are improving, inventory levels remain high enough to provide negotiating flexibility. Buyers who act early in the season may benefit from less competition before demand intensifies.

For Sellers: Pricing strategy remains critical. Data shows that properly priced homes are selling close to list price, while overpriced listings are sitting longer. Entering the market with accurate pricing is more important than ever.

For Investors: Pricing strategy remains critical. Data shows that properly priced homes are selling close to list price, while overpriced listings are sitting longer. Entering the market with accurate pricing is more important than ever.

Conclusion:
March 2026 delivered the seasonal rebound the Okanagan market needed. The Central Okanagan recorded 397 sales and $317.6M in volume, marking its strongest performance of the year, while the North Okanagan stabilized with 138 sales and $92.3M in volume.

Both regions improved their absorption rates significantly, with supply now sitting around 9 to 10 months. While year-to-date sales remain below last year’s pace, the gap is narrowing. Momentum is building as the market heads into the spring season, setting the stage for a more active second quarter.

Source: Association of Interior REALTORS® – March 2026 Monthly Statistics Reports

Okanagan Real Estate Review: March 2026

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