The market is finding its floor. Nine weeks of data now shows what that actually looks like.

215 new listings came to market this week — the lowest weekly supply count since we started tracking in late May. 98 homes sold. 125 listings failed. The failure rate dropped to 56% — the second consecutive week of improvement after peaking at 67% in late June. And for the second week in a row, a transaction above $5M closed in the Central Okanagan.

None of this means the market has turned. Nine consecutive weeks of data still shows not one week where sales exceeded failures. But the direction of travel has shifted modestly — and in this market, modest shifts are worth paying attention to. Scroll down for the full picture.

New listing figures based on 177 MLS records for the week of July 20–26. Sales, expired and cancelled figures from Royal LePage Kelowna weekly board data, Single Family Residential, Central Okanagan.

Two consecutive weeks of improvement. Nine weeks of consistent data. Here is what both things mean.

May 25–Jun 21 figures from Single Family Residential board graphics. Jun 22 onwards from Royal LePage Kelowna weekly board data, Single Family Residential, Central Okanagan.

The peak was June 29 – July 5, when 67% of concluded listings failed to sell. Since then the failure rate has declined three weeks in a row — from 67% to 57% to 59% to 56%. That's not a straight-line improvement but the direction is clear.

What's driving it is partly seasonal — summer activity tends to pick up in mid-to-late July as buyers who paused for holidays return. But it also reflects something structural: new supply has pulled back meaningfully. Fewer listings means less competition for the buyers who are active, which gives well-positioned properties a better chance of finding their buyer. The math of supply and demand is doing some of the work that pricing adjustments couldn't.

Nine weeks in: still no week where sales exceeded failures. But the gap is narrowing.

Nine-week trend based on weekly tracking since May 25 2026. Methodology note above table.

See every week's analysis at grahamrealestate.ca/market-pulse

"Nine weeks in: still no week where sales exceeded failures. But the gap is narrowing."

Only 7 new detached listings under $700K this week. 15 new listings over $2M. The market's most and least active price points are moving in opposite directions.

The structural story in this week's new listings data is about supply going to the wrong place. The $700K–$900K bracket — historically the most reliable price point in our nine weeks of tracking — had just 9 new listings this week at a median of $817,000. The over $2M bracket had 15 new listings at a median of $3.2M, where the buyer pool is thin even in the best markets.

Meanwhile condo supply continues to build in the $400K–$600K range with 19 new listings at a median of $492,000 — a bracket with genuine buyer demand but also significant existing inventory.

The practical implication: if you own a property in the $700K–$900K detached range, you are entering a market with less competition than any point since spring. That's a meaningful strategic window for sellers who price correctly from day one.

Based on 177 new listing records, MLS data July 20–26 2026.

Thinking about timing your listing? The supply picture this week changes the conversation.

Two consecutive weeks with a $5M+ sale. The luxury end of this market is more active than it looks from the headline numbers.

Last week's $5,250,000 sale was the largest transaction in our nine weeks of tracking. This week a $5,500,000 sale matched it. Two consecutive weeks of trophy-level transactions in a market where the headline narrative has been about failures and softening prices tells an important story: there are serious buyers in Kelowna right now, at price levels that command real attention.

This week's new listings show 15 properties above $2M coming to market — including a $7.6M agricultural holding in Lake Country, a $6.5M detached home in Upper Mission, a $5.9M development site in Glenmore, and multiple Lakeview Heights properties above $4M.

The luxury market operates on its own timeline and its own logic. But back-to-back $5M+ sales in late July is not something to dismiss. It suggests there are buyers with serious budgets who are finding properties worth acting on — even in a market where the broader data tells a more cautious story.

Highest sale figure from Royal LePage Kelowna board data. Premium listing data from MLS records July 20–26.

Own a premium property in Kelowna? This is worth a conversation.

Lake Country South West led the region on new listing volume this week — at prices that most of Kelowna can no longer offer.

Lake Country South West added 20 new listings this week at a median asking price of $390,000 — the most affordable median of any neighbourhood in the Central Okanagan this week by a significant margin. For buyers who have been priced out of core Kelowna neighbourhoods where even condo prices regularly exceed $450,000, this corridor represents genuine accessibility.

The Lake Country South West area includes a mix of manufactured homes, entry-level condos and older detached properties that serve a buyer profile largely underserved by the rest of this week's supply. Proximity to Kelowna, lake access, and a community character that differs from urban Kelowna are all part of the appeal.

For sellers in this area — the same principles apply as everywhere else in this market. Pricing precisely from day one, presenting well, and ensuring the right buyers can find the listing. The buyer for a $390,000 property in Lake Country South West exists. Getting your home in front of them is the work.

Based on new listing data for the week of July 20–26. Neighbourhood spotlight rotates weekly.

Curious what's happening in your specific neighbourhood? We track it every week.

Graham Team Take

The market this time of year carries its own rhythm. Showings slow down, agents take holidays, buyers pause. That's normal for July. What nine weeks of consistent data tells us is that the seasonal slowdown is real — but it's sitting on top of something structural that has been building since May.

The good news is the direction has shifted. Two consecutive weeks of improvement in failure rates, supply pulling back, and luxury buyers demonstrating they're still in the market. None of that means the hard conversation about price has gone away. It means that sellers who have that conversation honestly — about price, position and promotion — are entering slightly better conditions than they were a month ago.

We will keep tracking this every week. Because the most valuable thing we can offer any seller or buyer right now is an honest read on what's actually happening — not what anyone hopes is happening, and not what the headlines say. The data is the conversation.

Graham Real Estate Team · Royal LePage Kelowna

Gary Graham

250-808-8253

Erin Graham

250-826-7781

Data sourced from Royal LePage Kelowna weekly board statistics and Association of Interior REALTORS^® MLS system. Single Family Residential, Central Okanagan. Nine-week tracking period May 25 – July 26, 2026.

See all weekly reports → grahamrealestate.ca/market-pulse