Updated: April 2025  |  bremo.io financial guides

Okanagan Condo Market Guide 2025

The condo market is the most dynamic segment of Okanagan real estate in 2025. A wave of new highrise and lowrise completions has added significant supply across Kelowna and West Kelowna, while smaller markets like Vernon and Penticton have seen more modest additions. For buyers, this creates both opportunity and risk — more choices and potential negotiating power in some areas, but strata complexity in others.

Condo Prices Across the Okanagan (2025)

New Supply in the Okanagan

Kelowna's downtown core has seen the largest concentration of new condo supply — towers delivering hundreds of units through 2024–2025 have put moderate downward pressure on prices per square foot in that segment. Buyers in the new supply zone have more negotiating power than in 2021–2022. Rural and smaller-town condo markets have seen little new supply and remain tighter.

Strata Fees: What to Expect

Strata fees vary significantly by building age, size, and amenities:

• Small lowrise (no amenities): $200–$350/month
• Mid-size building (gym, guest suite): $350–$550/month
• Highrise (concierge, pool, full amenities): $550–$900+/month
• Vacation resort strata (Osoyoos, Sun Peaks): $500–$1,200/month

Always get 2 years of strata minutes and financials before making an offer. Look for deferred maintenance, underfunded depreciation reports, and special assessment history.

Depreciation Reports

BC strata corporations with 5+ units must obtain a Depreciation Report (DR) every 5 years. This report models capital expenditure requirements over 30 years and the adequacy of the Contingency Reserve Fund (CRF). Buildings with underfunded CRFs face special assessments — unexpected lump-sum charges to owners. A building with a $50,000 CRF deficiency and 50 units could hit each owner with a $100 assessment. Review DRs carefully before purchasing.

Short-Term Rental and Strata Bylaws

BC's Short-Term Rental Accommodations Act (2024) restricts Airbnb in most cases to principal residences. Additionally, many strata corporations have their own bylaws prohibiting short-term rentals. If rental income (Airbnb or long-term) is part of your purchase rationale, verify both provincial rules and specific strata bylaws before purchasing.

Best Okanagan Condos for First-Time Buyers

• Kamloops condos near TRU: $260K–$350K — full PTT exemption applies
• Oliver/Osoyoos entry condos: $260K–$340K — full PTT exemption, lowest prices in valley
• Vernon condos: $300K–$380K — strong value, quieter lifestyle
• Kelowna Rutland condos: $310K–$420K — investment grade, near UBCO

Investment Outlook for Okanagan Condos

New supply pressure on Kelowna downtown condos is the main headwind for 2025. Markets with less new supply (Penticton, Vernon, Oliver, Kamloops) show steadier appreciation. Long-term, constrained supply outside of Kelowna's core and sustained rental demand from students, healthcare workers, and in-migrants support condo values across the region.