Spring arrived on schedule in the Okanagan real estate market. March 2026 delivered the seasonal acceleration both regions needed after a slow start to the year, with the Central Okanagan posting its strongest transaction numbers of 2026 and the North Okanagan matching last year's unit count exactly. That last detail is worth sitting with: after February's 19% year-over-year sales decline, flat is a recovery.

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Central Okanagan Market Overview

March was the Central Okanagan's best month of 2026. Unit sales turned positive year-over-year for the first time since the fall, and the region absorbed a meaningful wave of new spring inventory without buckling under the supply pressure.

Market Statistics

• New Listings: 1,229 properties listed, down 8.01% from 1,336 in March 2025
• Units Sold: 397 properties sold, up 7.59% from 369 last year
• Sales Volume: $317,654,112 in total transactions, essentially flat at -0.17% from $318,209,845
• List/Sell Ratio: Properties sold for 96.40% of list price, up from 95.75% last year
• Days to Sell: Average of 76 days, up from 66 days in March 2025
• Active Listings: 3,591 properties, down 8.67% from 3,932 last year

Property Type Breakdown

• Single Family Homes (excluding lakefront and acreages): 160 homes sold; average price $1,033,292; median price $934,163; 1,139 active listings
• Condos & Apartments: 104 units sold; average price $443,900; median price $421,967; 756 active listings
• Townhouses: 62 units sold; average price $780,184; median price $724,500; 389 active listings

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Market Analysis

The headline for the Central Okanagan in March is unit sales up 7.59% year-over-year while total sales volume came in nearly flat, down just 0.17%. More transactions happened, but the mix shifted toward lower price points. Single family median prices came in at $934,163, down 8.86% from $1,025,000 in March 2025, and the average pulled back 7.16% to $1,033,292. This is not a price collapse. It reflects fewer high-end closings in the mix rather than a broad markdown across the market.

The list-to-sell ratio improving to 96.40% from 95.75% last year is the cleaner signal. Sellers are pricing closer to where the market actually clears, and buyers are meeting them there rather than grinding for large concessions. Days to sell moving from 66 to 76 is the counterpoint: the market is more active but not moving fast. Properties are taking longer to close than they did at this time last year, which keeps negotiating leverage with buyers for now.

The condo and apartment segment was the standout performer in March. With 104 units sold and average prices at $443,900, essentially flat year-over-year at +0.04%, attached product is holding value better than single family in percentage terms. Townhouses moved 62 units at an average of $780,184, up 3.96% year-over-year. The attached segment appears to be absorbing demand from buyers who have been priced out of the single family market at its peak.

Absorption Rate

With 397 units sold against 3,591 active listings, the absorption rate sits at approximately 11.06%, or roughly 9.0 months of supply. This is a meaningful improvement over February's 11.1-month supply figure and represents the best absorption reading for the Central Okanagan since the fall market. The region remains in Buyer's Market territory, but the direction of travel is clearly positive heading into the spring selling season.

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North Okanagan Market Overview

March told a stabilization story in the North Okanagan. After two consecutive months of year-over-year sales declines, unit counts matched last year exactly. New listings dropped sharply, sales volume grew, and single family prices posted real appreciation. The region is not accelerating, but the floor held.

Market Statistics

• New Listings: 385 properties listed, down 17.20% from 465 in March 2025
• Units Sold: 138 properties sold, flat at 0.00% from 138 last year
• Sales Volume: $92,277,701, up 3.86% from $88,844,235 last year
• List/Sell Ratio: Properties sold for 96.44% of list price, down slightly from 96.99% last year
• Days to Sell: Average of 96 days, up from 70 days in March 2025
• Active Listings: 1,329 properties, up 2.47% from 1,297 last year

Property Type Breakdown

• Single Family Homes (excluding lakefront and acreages): 62 homes sold; average price $807,998; median price $760,000; 340 active listings
• Condos & Apartments: 16 units sold; average price $303,088; median price $326,000; 81 active listings
• Townhouses: 27 units sold; average price $545,475; median price $565,000; 116 active listings

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Market Analysis

The 3.86% increase in sales volume against flat unit counts means the North Okanagan sold a similar number of properties but at higher average values. Grand total average price rose to $668,679, and the median climbed 5.16% to $631,500. Single family homes drove this: 62 sold at an average of $807,998, up 8.70% from $743,317 last year, with the median up 9.35% to $760,000. That is real price appreciation in the dominant segment, even as the broader transaction count sits motionless.

The concern in March's North Okanagan numbers is days to sell. At 96 days overall, the region is taking 37.16% longer to move properties than it did in March 2025, when the average was 70 days. For single family homes specifically, days to sell rose from 60 to 76. Townhouses went from 67 to 102 days, a 53.21% jump. These are not rounding errors. Properties are sitting longer before buyers commit, which means sellers need to price with precision or be prepared for a longer wait.

New listings falling 17.20% is worth watching carefully. Fewer properties coming to market typically constrains sales volume, but in the current environment it may also reflect seller hesitation. If listing volumes remain suppressed into April and May, it could tighten the buyer-side dynamic faster than the transaction numbers would currently suggest.

Absorption Rate

With 138 units sold against 1,329 active listings, the absorption rate is approximately 10.38%, or roughly 9.6 months of supply. This is a notable improvement from February's 11.8-month reading and puts the North Okanagan in a better position than it has been in several months. The region remains in Buyer's Market territory, but the gap between supply and demand is narrowing. The townhouse segment specifically, with an absorption rate of 23.28%, has crossed into Seller's Market territory.

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February 2026 vs. March 2026

Central Okanagan

• New Listings: Increased from 937 in February to 1,229 in March, up 31.2%
• Units Sold: Increased from 295 to 397, up 34.6% month-over-month
• Sales Volume: Increased from $237,033,646 to $317,654,112, up 34.0%
• Days to Sell: Improved from 82 to 76 days
• Active Listings: Increased from 3,290 to 3,591

North Okanagan

• New Listings: Increased from 318 in February to 385 in March, up 21.1%
• Units Sold: Increased from 102 to 138, up 35.3% month-over-month
• Sales Volume: Increased from $70,282,025 to $92,277,701, up 31.3%
• Days to Sell: Held at 96 days
• Active Listings: Increased from 1,206 to 1,329

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The month-over-month comparison confirms the seasonal acceleration both regions needed. Both the Central and North Okanagan saw transaction volumes jump over 34% from February to March, consistent with the typical spring ramp. The Central Okanagan's recovery is more complete, with days to sell actually improving. The North Okanagan's days to sell holding flat at 96 while sales volumes surged is the wrinkle: buyers are coming back, but they are still taking their time.

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Market Outlook

For Buyers: The spring market has arrived and is functioning. Absorption rates improving in both regions means the window for maximum buyer leverage may be shorter than it was in January and February. That said, with 9 to 10 months of supply still on hand across both regions, buyers retain meaningful negotiating room. The time to act before competition tightens is now, not after the summer market resets pricing expectations.

For Sellers: March's data validates what the data has been saying for months: strategic pricing works, and optimistic pricing doesn't. The list-to-sell ratios in both regions are healthy at 96.40% and 96.44% respectively, which means properly priced properties are transacting at or near asking. The gap is between well-priced and wishful: days to sell data makes clear that overpriced listings are sitting while correctly priced inventory moves. Entering April with the right number matters more than entering with a hopeful one.

For Investors: The North Okanagan townhouse segment crossed into Seller's Market territory in March with a 23.28% absorption rate, 27 sales against only 116 units of inventory. That is a tighter dynamic than most people are watching right now. Single family prices in the North Okanagan also posted genuine year-over-year appreciation of 8.70% on the average and 9.35% on the median. The condo market in the North Okanagan, at 16 sales and a 14.45% drop in average price, remains the segment requiring the most caution for short-term buyers.

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Conclusion

March 2026 delivered the spring acceleration the Okanagan market needed after a slow start to the year. The Central Okanagan recorded 397 units sold and $317.6 million in volume, its strongest month of 2026, while the North Okanagan matched last year's unit count exactly and grew sales volume by 3.86%. Both regions improved their absorption rates meaningfully from February, with the Central Okanagan now at roughly 9.0 months of supply and the North at 9.6 months. The YTD picture keeps expectations calibrated: both regions are still running below last year's pace at -3.06% and -9.04% respectively in unit sales. But March closed the gap, and the direction heading into April is the right one.

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