Dear Reader,
I hope you are all keeping well and enjoying the hot summer weather. I want to provide the latest monthly JUNE real estate stats and my Macro Update. Covering as far south as Peachland to the North Okanagan region.

Central Okanagan (Kelowna & Area)

Overall Market

• Sales: 458 ( 9.8%)
• Dollar Volume: $405.3M ( 12.6%)
• Active Listings: 3,142 ( 11.0%)
• New Listings: 986 ( 12.7%)

 Single-Family

• Sales: 218 ( 5.3%)
• Benchmark Price: $1,053,700 ( 1.6%)
• Days to Sell: 58 ( 13.1%)
• Inventory: 1,321 ( 16.0%)

 Townhomes

• Sales: 69 ( 11.3%)
• Benchmark Price: $707,500 ( 0.9%)
• Days to Sell: 63 ( 33.5%)
• Inventory: 453 ( 3.7%)

 Condos

• Sales: 118 ( 26.9%)
• Benchmark Price: $495,100 ( 3.4%)
• Days to Sell: 67 ( 18.5%)
• Inventory: 821 ( 15.5%)

The Central Okanagan market gained momentum in June, with sales increasing across all property types while inventory tightened and benchmark prices remained relatively stable despite higher transaction volumes.

North Okanagan (Vernon & Area)

Overall Market

• Sales: 186 ( 5.1%)
• Dollar Volume: $145.4M ( 20.9%)
• Active Listings: 1,004 ( 11.4%)
• New Listings: 281 ( 22.2%)

 Single-Family

• Sales: 95 ( 8.0%)
• Benchmark Price: $784,500 ( 0.4%)
• Days to Sell: 57 ( 13.5%)
• Inventory: 423 ( 20.2%)

 Townhomes

• Sales: 22 ( 8.3%)
• Benchmark Price: $591,600 ( 5.1%)
• Days to Sell: 82 ( 1.0%)
• Inventory: 125 ( 15.0%)

 Condos

• Sales: 17 ( 10.5%)
• Benchmark Price: $318,100 ( 2.2%)
• Days to Sell: 55 ( 4.2%)
• Inventory: 97 ( 9.0%)

The North Okanagan remained balanced in June, with stronger single-family activity and rising benchmark prices offsetting softer townhouse and condo sales, while inventory continued to tighten across most market segments.
*All market statistics below compare June 2026 to June 2025 Macro Update & Interest Rate Policy

Bank of Canada  (BoC)

On June 10, 2026, the Bank of Canada held the overnight rate at 2.25% for the fifth consecutive meeting. Governor Tiff Macklem noted that while inflation remains above the Bank's 2% target, there is still limited evidence that higher energy prices are feeding broadly into consumer prices. The Bank remains focused on balancing persistent inflation risks with a slowing economy.Next meeting: July 15, 2026

U.S. Federal Reserve  (Fed)

At its June 16–17, 2026 meeting, the Federal Reserve held its target rate at 3.50%–3.75%. Policymakers acknowledged that inflation remains stubbornly elevated and signaled a more cautious stance, with several members expressing concern that inflation could require tighter policy if it fails to ease.Next meeting: July 28–29, 2026

Economic Indicators

Canada 

• Annual Inflation: 2.7% (May 2026)
• Unemployment Rate: 6.6%
• Monthly Job Growth: +87,800 jobs (May 2026)
• Construction Employment: +26,800 jobs (May 2026)

United States 

• Annual Inflation: 4.1% (May 2026 PCE)
• Unemployment Rate: 4.3%
• Monthly Job Growth: +172,000 jobs (May 2026)
• Average Wage Growth: 3.4% year-over-year

Macro Takeaway

One of the biggest stories in Canada today isn't interest rates. My personal prediction is that we'll see little to no movement in monetary policy over the next 12–18 months or until something breaks in the economy. The much bigger story is what's happening in Canada's pre-construction condo market. The federal and BC governments have announced plans to purchase roughly 2,200 unsold condo units in BC through a proposed rent-to-own program.
Personally I have always leaned more on the side of nature than nurture, especially when it comes to the markets. Nowadays when things get bad, governments have a habit of stepping in to "fix" the problem, and more often they screw things up worse than ever. Instead of allowing prices to adjust naturally and excess inventory to clear, governments are once again stepping in to support a market that has seen new project sales fall to multi-decade lows.
Written by Derek Leippi PREC*