In 30 seconds
- CMHC counted 717 new homes in the Kelowna area that were complete or nearly complete and still unsold at the end of September 2026.
- Apartments were 493 of them, about 7 in 10.
- Kelowna's own building permits show 20 to 38 new homes a month from July to September, after 187 in February and 198 in March.
| Figure | Value |
|---|---|
| new homes in the Kelowna area unsold at the end of September (CMHC) | 717 |
| of them apartments | 493 |
| Kelowna's temporary cut to development cost charges | 25% |
| new homes in Kelowna's September building permits | 20 |
What the number means
Canada Mortgage and Housing Corporation counts "unabsorbed" homes: new homes that are finished, or close to it, that nobody has bought or rented yet. Its count for the Kelowna census metropolitan area at the end of the third quarter of 2026 was 717, released on October 28 and reported by Castanet. That count covers every type of new home, not only condos. Apartments make up 493 of them.
For a buyer, that means choice and room to negotiate. Developers are offering discounts and incentives to move finished units, and Castanet reported one large Mission Group project with about 100 of its 415 units still unsold in early November.
| Unsold new homes | Share | |
|---|---|---|
| Apartments | 493 | 69% |
| Other new homes | 224 | 31% |
CMHC unabsorbed inventory, Kelowna CMA, Q3 2026, as reported by Castanet on October 28, 2026.
Why it matters for the trades
Unsold homes slow the next round of building. A developer with finished units on the market usually waits before starting another tower, and that is the work framers, electricians, plumbers and finishing trades rely on.
Kelowna's building permits point the same way. The city's published permit records show bursts of new homes in February and March, when large multifamily permits were issued, and a much quieter summer. Switch the chart to declared value to see that the dollars stayed steadier than the home count: renovations, commercial work and single homes kept the building department busy.
| New homes | Permits | Declared value | |
|---|---|---|---|
| November 2025 | 60 | 71 | $34,561,293 |
| December 2025 | 13 | 26 | $7,179,210 |
| January 2026 | 25 | 46 | $19,648,834 |
| February 2026 | 187 | 37 | $46,929,972 |
| March 2026 | 198 | 48 | $92,979,630 |
| April 2026 | 24 | 55 | $15,009,973 |
| May 2026 | 37 | 68 | $50,752,528 |
| June 2026 | 135 | 63 | $69,356,500 |
| July 2026 | 29 | 56 | $42,874,216 |
| August 2026 | 38 | 63 | $52,823,215 |
| September 2026 | 20 | 50 | $19,338,997 |
City of Kelowna building and occupancy permit open data, November 2025 to September 23, 2026 (the latest record published). Analysis: Okanagan Trade Directory.
Does the fee cut help?
Kelowna cut its development cost charges by 25 per cent for two years in 2025 to make new projects pencil out. The charges pay for roads, water and parks that new homes need. A lower charge helps a project that is close to going ahead. It does not sell the units already standing.
What to watch: CMHC's next quarterly count, and whether permits for new homes pick up once the current stock sells.
Trades working Kelowna's new builds
- Most trusted and preferred electricians in Kelowna
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- Most trusted and preferred HVAC contractors in Kelowna
- Construction Pulse: Kelowna: permits week by week
How we did this
The unsold count is CMHC's unabsorbed inventory for the Kelowna census metropolitan area at the end of the third quarter of 2026, as reported by Castanet. "Other new homes" is the total minus apartments; CMHC splits it further by house type.
New homes, permits and declared value come from the City of Kelowna's published building and occupancy permit data, read on November 14, 2026. The latest permit in that data was issued on September 23, 2026, so October and November are not shown. New homes are the "units created" each permit records. Declared value is what the applicant wrote on the permit.