I love watching how this valley changes, and the new Q3 numbers from the Central Okanagan Economic Development Commission give us a clear snapshot of where Kelowna stands right now. This is market intelligence, not board stats, and every number below comes from the COEDC’s Q3 2026 report, which covers July through September.
If you are thinking about a life here, these are the numbers worth knowing.
New home prices are easing a little
The median price of a new home in Kelowna fell 10.4 percent in the third quarter, from $1,675,000 to $1,500,000.
Kelowna is still one of Canada’s more expensive places to live. The median new home price here is higher than Calgary at $710,000 and Toronto at $1,385,000, and 22.3 percent lower than Vancouver at $1,930,000. We are not suddenly affordable, simply a little less stretched than we were, and for anyone who has been watching and waiting, that breathing room matters.
Fewer homes are being started, but the pipeline is still strong
Construction began on 1,439 new homes across the Central Okanagan between January and September, down 32.5 percent from 2,132 in the same period last year. It is the lowest January to September total since 2015.
Most of that slowdown is in multi-family homes, apartments and townhomes, where starts fell 33.8 percent, from 1,934 to 1,281. Single-detached starts fell too, from 198 to 158. The third quarter itself was steadier, with 296 starts compared to 318 a year earlier. Multi-family homes still make up about 89 percent of everything started this year, which tells you where the building is happening.
The total value of building permits across the Central Okanagan reached about $1.02 billion in the first nine months of 2026. That is down 11.8 percent from last year, but it is still 19.4 percent higher than 2024, so significant development activity continues. In the third quarter alone, Lake Country led with $142.3 million in permits, followed closely by Kelowna at $142.2 million, then Westbank First Nation at $70.9 million, West Kelowna at $25.2 million, the RDCO electoral areas at $12.7 million, and Peachland at $2.5 million. The valley is still building, and the activity is spread right across our communities.
The jobs picture is mixed, with a hopeful thread
On average, 145,833 Central Okanagan residents were working or looking for work in the third quarter, including 133,500 who were employed. Both figures are the highest recorded for this time of year since 2013. More people are participating too: 68.7 percent of residents aged 15 and older were working or looking for work, up from 64 percent a year earlier.
The unemployment rate rose, from 4.9 percent in the third quarter of 2025 to 8.5 percent this year, because the number of people looking for work grew faster than the number of available jobs. It has stayed between 7.5 and 9.1 percent since October 2025. These employment figures come from Statistics Canada’s Labour Force Survey, and the COEDC notes that estimates for smaller regions can fluctuate, so they are best read as a broader trend.
Job postings tell a similar two-sided story. Employers posted 5,775 jobs in the third quarter, down 7.9 percent from a year earlier and the lowest third-quarter total since 2020. But demand rose where our economy is heading: postings in professional, scientific and technical services were up 20 percent in the quarter and 46 percent so far this year, and health care postings are up 20 percent so far this year.
People keep arriving
Kelowna International Airport welcomed 600,449 passengers in the third quarter, and July set a new record with 215,962 travellers. For the first nine months of 2026, the airport welcomed 1,793,610 passengers, up 4.4 percent from last year and the busiest January to September period on record. People keep choosing this valley, and that is the thread running through all of these numbers.
What this means if you are thinking about a move
Here is how I read it. Prices on new homes are easing a little, the homes being built are mostly the condos and townhomes people are looking for, and the valley keeps growing, with strong professional and health care hiring and a record number of people arriving through the airport. It is a moment of rebalancing, not a moment of standing still.
If you would love to talk through what any of this means for your move, I would love to hear from you. Start with my free Okanagan Relocation Guide, and when you are ready, book a 30 minute consultation with me and we will map out your next step together.
