The Okanagan real estate market showed a mixed picture in February 2026, with the Central Okanagan largely holding steady while the North Okanagan pulled back more noticeably. Seasonal winter softness continued, but February brought some notable divergences between the two regions worth paying attention to heading into spring.

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Central Okanagan Market Overview

February 2026 delivered a relatively resilient performance for the Central Okanagan. Unit sales and listings both dipped modestly year-over-year, but the region showed signs of stabilization compared to the deeper declines seen in January.

Market Statistics

• New Listings: 937 properties listed, down 7.96% from 1,018 in February 2025
• Units Sold: 296 properties sold, down 3.27% from 306 last year
• Sales Volume: $237,033,646 in total transactions, down 10.56% from $265,014,700
• List/Sell Ratio: Properties sold for 95.53% of list price, down slightly from 96.09% last year
• Days to Sell: Average of 82 days, up from 76 days in February 2025
• Active Listings: 3,290 properties, down 6.53% from 3,520 last year

Property Type Breakdown

• Single Family Homes (excluding lakefront and acreages): 115 homes sold; average price $1,025,816; median price $873,125; 1,045 active listings
• Condos & Apartments: 74 units sold; average price $497,379; median price $435,500; 705 active listings
• Townhouses: 45 units sold; average price $759,138; median price $650,000; 355 active listings

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Market Analysis

The Central Okanagan's February performance was notably more stable than January's. The 3.27% decline in unit sales is a significant improvement over January's 16.91% drop, suggesting the market found some footing as buyers returned from the post-holiday pause. Average prices on single family homes pulled back 10.41% year-over-year to $1,025,816, while median prices fell a sharper 16.65% to $873,125 - a sign that fewer high-end transactions closed rather than a broad price correction.

The list-to-sell ratio held close to last year's levels, which indicates sellers aren't being forced into dramatic discounts. Days to sell ticking up to 82 from 76 is worth monitoring but not alarming at this stage of the year.

Absorption Rate

With 296 units sold against 3,290 active listings, the absorption rate sits at approximately 9.00%, or roughly 11.1 months of supply. This keeps the Central Okanagan firmly in Buyer's Market territory, though the improvement from January's 13.8-month supply signals gradual momentum.

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North Okanagan Market Overview

February told a more challenging story in the North Okanagan. Sales volumes dropped meaningfully year-over-year, and the gap that appeared in January widened. The region is still functional, but buyers have the upper hand more clearly here than in the Central Okanagan.

Market Statistics

• New Listings: 318 properties listed, up 8.53% from 293 in February 2025
• Units Sold: 102 properties sold, down 19.05% from 126 last year
• Sales Volume: $70,282,025, down 11.96% from $79,826,186 last year
• List/Sell Ratio: Properties sold for 96.04% of list price, essentially flat from 96.00% last year
• Days to Sell: Average of 96 days, an improvement from 113 days in February 2025
• Active Listings: 1,206 properties, up 5.24% from 1,146 last year

Property Type Breakdown

• Single Family Homes (excluding lakefront and acreages): 42 homes sold; average price $880,624; median price $759,500; 309 active listings
• Condos & Apartments: 14 units sold; average price $271,643; median price $275,750; 77 active listings
• Townhouses: 14 units sold; average price $492,374; median price $502,500; 115 active listings

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Market Analysis

The North Okanagan's 19.05% decline in unit sales is the headline number here and it demands context. New listings actually rose 8.53%, meaning more inventory came to market while fewer buyers showed up to absorb it. That combination is building pressure on the supply side. Inventory rose to 1,206 from 1,146 last year - not dramatic, but directionally meaningful.

The standout positive: days to sell dropped from 113 to 96. That 15% improvement suggests properties that are properly priced are still moving. The list-to-sell ratio at 96.04% is essentially unchanged year-over-year, which means sellers willing to price realistically are not seeing significant concession demands. Single family home average prices rose 16.24% year-over-year to $880,624, though this reflects the mix of transactions that closed rather than a broad price surge.

Absorption Rate

With 102 units sold against 1,206 active listings, the absorption rate is approximately 8.46%, or roughly 11.8 months of supply. Like the Central Okanagan, this is Buyer's Market territory, but the rising inventory combined with falling sales is a dynamic to watch through Q1.

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January 2026 vs. February 2026

Central Okanagan

• New Listings: Decreased from 894 in January to 937 in February - a slight uptick
• Units Sold: Increased from 226 to 296, up 31.0% month-over-month
• Sales Volume: Increased from $184,473,565 to $237,033,646, up 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 in January to 318 in February, up 47.9%
• Units Sold: Increased from 83 to 102, up 22.9% month-over-month
• Sales Volume: Increased from $56,622,699 to $70,282,025, up 24.1%
• Days to Sell: Increased from 85 to 96 days
• Active Listings: Increased from 1,078 to 1,206

The month-over-month comparison tells an encouraging story. Both regions saw meaningful jumps in transactions from January to February, consistent with the typical seasonal ramp heading into spring. The Central Okanagan's recovery is more pronounced, while the North Okanagan's rising days-to-sell is a counterpoint to what is otherwise a positive directional shift.

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Market Outlook

For Buyers: This remains one of the better buyer environments in recent years across both regions. Absorption rates in the 11–12 month range give purchasers room to negotiate and take time with decisions without losing deals to competing offers. Buyers who move before the spring market heats up will likely encounter less competition and more motivated sellers.

For Sellers: Strategic pricing is non-negotiable in this environment. The data is clear that well-priced properties are still moving - the list-to-sell ratios in both regions are healthy - but overpricing leads to extended days on market and eventual concessions. February's improvement over January is encouraging, but it is not a signal to push price expectations higher.

For Investors: The North Okanagan deserves close attention. Rising inventory, declining transaction volumes, and a softening price environment in some property categories creates acquisition opportunities that did not exist 12 to 18 months ago. The single family segment is holding value better than condos and townhouses, which may create selective entry points in the attached market.

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Conclusion

February 2026 brought measured improvement to the Okanagan real estate market relative to a slow January, with the Central Okanagan recovering more convincingly in transaction volumes. The Central Okanagan recorded 296 units sold and $237 million in volume, while the North Okanagan moved 102 units for just over $70 million. Both regions remain in Buyer's Market territory with roughly 11–12 months of supply, but the trajectory into spring looks incrementally positive. The YTD picture - with both regions running 9–15% below last year's unit sales pace - keeps expectations realistic. A meaningful spring recovery is possible, but it will require rate environment improvement or a shift in buyer psychology to move the needle materially.

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Source: Association of Interior REALTORS® - February 2026 Monthly Statistics Reports