Vancouver Real Estate Podcast VREP #495 | Kelowna Real Estate is On Sale: The 20% Developer Discount & What it Means with Colin Krieg & Luke Turri
Nov 21, 2025
Colin Krieg, a Kelowna REALTOR® and market analyst, joins Luke Turry, President of Mission Group, to discuss the shifting Kelowna real estate landscape. Colin reveals a drastic drop in sales from peak levels and identifies hot neighborhoods driving buyer interest. Luke unveils a bold one-day 20% discount sale on lakefront properties as a strategy to revitalize the market. They explore the growing dominance of local buyers and how Kelowna is transitioning into a stable urban center, while also offering insights on investment opportunities in the evolving landscape.
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Kelowna Is A Buyer’s Market
- Kelowna is currently a buyer's market with only about 10–12% of listings selling each month.
- That low sell-through rate creates downward pressure on prices and gives buyers leverage.
Match Price To Active Segments
- Price and product-type matter: single-family under ~$1.2–1.3M and townhomes under ~$900k are the most active segments.
- Avoid listing two-bedroom townhomes and many condos where supply is high unless priced aggressively for the market.
Buyers Are Mostly Local Now
- Buyer composition shifted strongly local: about 70% of buyers are now from the Okanagan and only ~12% from the Lower Mainland.
- Alberta buyers have fallen to roughly 5%, reducing the old out-of-province demand driver.
