The Okanagan real estate market continued to gain momentum in May 2026, with both the Central and North Okanagan recording higher sales activity than the previous month. While transaction counts remained slightly below May 2025 levels, inventory continued to tighten and market conditions improved across both regions. Most notably, all major residential property categories in both markets have now transitioned into Balanced Market territory, marking a significant shift from the buyer-favoured conditions that dominated earlier in the year.
Central Okanagan Overview
May was the strongest month of 2026 for the Central Okanagan in terms of unit sales. The market recorded 459 transactions totaling $385.3 million in volume, while inventory levels continued to decline year-over-year. Improving absorption rates and stronger sales activity indicate a market that has become increasingly balanced as spring progresses.
Market Statistics
- New Listings: 1,157 properties listed, down 15.55% from 1,370 in May 2025
- Units Sold: 459 properties sold, down 3.37% from 475 last year
- Sales Volume: $385,335,288, down 7.38% from $416,046,244
- List/Sell Ratio: 96.38%, compared to 96.42% last year
- Days to Sell: 61 days on average, improved from 64 days in May 2025
- Active Listings: 3,980 properties, down 10.52% from 4,448 last year
By Property Type:
Single Family Homes (excluding lakefront and acreages)
- 206 homes sold
- Average Price: $1,114,454
- Median Price: $928,900
- Active Listings: 1,354
- Days to Sell: 50
Condos & Apartments
- 123 units sold
- Average Price: $502,295
- Median Price: $430,000
- Active Listings: 790
- Days to Sell: 54
Townhouses
- 55 units sold
- Average Price: $674,889
- Median Price: $688,000
- Active Listings: 432
- Days to Sell: 58
Analysis: Although year-over-year sales and volume were modestly lower than May 2025, the market continued to strengthen compared to earlier this year. Sales increased from 436 in April to 459 in May, while dollar volume climbed by nearly $24 million month-over-month.
Single-family homes remained the primary driver of activity, accounting for 206 sales. While the median price eased slightly from April’s level, the segment continues to perform well, with the fastest average selling time of any residential category in the Central Okanagan at just 50 days.
The condo and apartment segment delivered its strongest performance of 2026, recording 123 sales and demonstrating significantly improved buyer activity. Townhome sales softened slightly compared to April, though pricing remained relatively stable.
Supply continues to tighten across the region. New listings were down more than 15% year-over-year, while active inventory fell by over 10%. Combined with a stable list-to-sell ratio and improving selling times, the data points to a healthier and more balanced marketplace than what buyers and sellers experienced during the first quarter.
Absorption Rate:
With 459 sales and 3,980 active listings, the Central Okanagan absorption rate reached approximately 11.53%, representing about 8.7 months of inventory.
Segment absorption rates were:
- Single Family: 15.21%
- Condos & Apartments: 15.57%
- Townhouses: 12.73%
For the first time in 2026, all three major residential categories moved into Balanced Market territory simultaneously.
North Okanagan Overview
The North Okanagan also continued to improve through May, posting 171 sales and nearly $120 million in transaction volume. While year-over-year sales remained below 2025 levels, inventory contracted further and all major residential segments transitioned into Balanced Market conditions.
Market Statistics
- New Listings: 404 properties listed, down 17.72% from 491 in May 2025
- Units Sold: 171 properties sold, down 6.04% from 182 last year
- Sales Volume: $119,736,018, down 3.68% from $124,305,805
- List/Sell Ratio: 94.15%, compared to 94.77% last year
- Days to Sell: 80 days on average, up from 75 days in May 2025
- Active Listings: 1,532 properties, down 5.55% from 1,622 last year
By Property Type:
Single Family Homes (excluding lakefront and acreages)
- 76 homes sold
- Average Price: $794,034
- Median Price: $745,000
- Active Listings: 435
- Days to Sell: 51
Condos & Apartments
- 16 units sold
- Average Price: $326,425
- Median Price: $288,200
- Active Listings: 100
- Days to Sell: 83
Townhouses
- 23 units sold
- Average Price: $643,430
- Median Price: $525,000
- Active Listings: 123
- Days to Sell: 75
Analysis: The North Okanagan continued its gradual recovery through May, with sales increasing from 151 in April to 171. While overall activity remains below year-ago levels, market conditions have become increasingly balanced.
Single-family homes remain the strongest-performing segment, posting 76 sales and a median price of $745,000. Selling times remained competitive at 51 days, nearly matching the pace seen in the Central Okanagan.
Townhomes continued to perform well, while condo data remains somewhat volatile due to lower transaction counts. However, all three segments showed sufficient activity to move into Balanced Market territory.
One of the most notable trends was the continued decline in new listings. The North Okanagan recorded a 17.72% year-over-year drop in listing activity, the largest decline among Interior REALTORS® regions. If sales momentum continues through summer, inventory levels could tighten further.
Absorption Rate: With 171 sales and 1,532 active listings, the North Okanagan absorption rate reached approximately 11.16%, equal to roughly 9.0 months of inventory.
Segment absorption rates were:
- Single Family: 17.47%
- Condos & Apartments: 16.00%
- Townhouses: 18.70%
For the first time in 2026, every major residential category in the North Okanagan entered Balanced Market territory.
Month-to-Month Comparison (Apr 2026 vs. May 2026)
Central Okanagan:
- New Listings: Down 0.77% (1,166 to 1,157)
- Units Sold: Up 5.28% (436 to 459)
- Sales Volume: Up 6.59% ($361.5M to $385.3M)
- Days to Sell: Improved from 68 to 61
- Active Listings: Increased from 3,820 to 3,980
North Okanagan:
- New Listings: Down 5.16% (426 to 404)
- Units Sold: Up 13.25% (151 to 171)
- Sales Volume: Up 10.16% ($108.7M to $119.7M)
- Days to Sell: Increased from 71 to 80
- Active Listings: Increased from 1,451 to 1,532
Both regions continued their seasonal spring growth, recording higher sales counts and transaction volume than April. The Central Okanagan saw selling times improve further, while the North Okanagan experienced a slight increase in days on market despite stronger sales activity.
Market Outlook
For Buyers: Buyers still have options and negotiating opportunities, but market conditions are becoming more competitive. Inventory levels continue to trend lower year-over-year, and balanced market conditions are now present across all major property categories in both regions.
For Sellers: The data continues to reinforce the importance of accurate pricing. Well-positioned homes are selling within a reasonable timeframe and close to asking price. Sellers who enter the market competitively priced continue to see strong results.
For Investors: The transition to Balanced Market conditions across both regions is one of the most significant developments of 2026. The North Okanagan continues to offer a notable value advantage, with single-family homes selling at a median price of $745,000 compared to $928,900 in the Central Okanagan while maintaining similar selling times.
Conclusion:
May 2026 marked another step forward for the Okanagan real estate market. The Central Okanagan recorded its highest sales total of the year with 459 transactions and $385.3 million in volume, while the North Okanagan posted 171 sales and nearly $120 million in volume.
The most important development was the transition of all major residential property categories into Balanced Market territory across both regions. Inventory remains below year-ago levels, new listings continue to decline, and market conditions are becoming increasingly balanced as summer approaches. While sales remain slightly below 2025 levels, the gap continues to narrow, reflecting improving market confidence and stronger seasonal demand.
Source: Association of Interior REALTORS® – April 2026 Monthly Statistics Reports