Credit: RatesDotCa

By Vernon Matters staff

affordability

Kelowna has huge house affordability gap: new report

Mar 26, 2025 | 11:31 AM

Kelowna’s housing market just hit a new high – and not in a good way.

A new report from RatesDotCa says buying a home here now costs more than in Calgary or Ottawa.

With an average price of $1,076,000, you would need to earn $234,000 a year to afford it. The problem? The median family income is just $120,000. That is a massive affordability gap – of $113,858 in earnings – making Kelowna one of Canada’s toughest places to buy a home.

Credit: RatesDotCa

Vancouver, the most expensive city in Canada to afford a home, has an average house price of $1,171,500. That would require income of $255,000.

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In their latest report, RatesDotCa found the average home price across the whole of Canada was $676,640, requiring an income of $150,500.

For those looking to buy a condo in Kelowna, the affordability aspect looks more realistic. With an average price of $457,519, the average family income of $120,000 would cover the costs with over $9,000 to spare. However, the report notes budgets are still being squeezed by rising maintenance fees, property taxes, and insurance costs.