Imagine this.
We gave you $1 million at the peak of the market in spring 2022 to buy a house in Kelowna.
Today, we give you that same $1 million to see what you can get.
No surprise — you get more because over the past four years sales and prices have tanked amid runaway inflation, higher interest rates and battered consumer confidence.
But, exactly how much more do you get?
For the answer, we head up to the desirable neighbourhood of Kettle Valley in the Upper Mission and let ReMax Kelowna realtor Colin Krieg explain.
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"The numbers speak for themselves. You can get quite a bit more," said Krieg.
"In this example, you get 1,200 more square feet, an extra bedroom and an additional bathroom."
So, let's make the comparison.
Photo credit: Multiple Listing ServiceThis three-bedroom, three-bathroom, 2,266-square-foot house at 375 McCarren Ave. in Kettle Valley sold for $990,000 in May 2022.
In May 2022 as the post-pandemic real estate boom was wrapping up, a three-bedroom, three-bathroom, 2,266-square-foot home across the street from the park at 375 McCarren Ave. in Kettle Valley sold for $990,000.
It was originally listed for $998,000, but sold for that 1% below listing after 19 days on the market.
Photo credit: Multiple Listing ServiceThis four-bedroom, four-bathroom, 3,525-square-foot house at 5360 Connaly Lane in Kettle Valley sold for $1,040,000 in June 2026
Fast forward four years and last month with the slump dragging on a four-bedroom, four-bathroom, 3,525-square-foot house backing onto the park at 5360 Connaly Lane in Kettle Valley sold for $1,040,000.
It was originally listed for $1,099,000, but sold for 5.4% below asking after 50 days on the market.
The $1,040,000 is still $50,000 more than the McCarren house sold for four years ago, but it was the closest comparison we could find.
But, the point being made is the same — $1M buys you a lot more house today than it did four years ago.
As Krieg explained :1,200 more square footage, another bedroom and another bathroom.
"It's a strange, fickle and funny market," said Krieg.
"You can definitely get more house for the same money than you could four years ago. The market has changed. I've never seen it like this in the 20 years I've been selling houses. A home has to be realistically priced for today's market to sell."
Thus, buyers are able to score bigger and better homes for less money in today's bear market than they could have in 2022's boom market.
Yet, Krieg said Kelowna housing is still unaffordable for many.
"I mean, it's a bargain now compared to the peak when there were bidding wars and buyers were paying $100,000 over asking price," he said.
"It's a lot less stressful now. But, it's still unaffordable if you're on a budget or you're moving here from 100 Mile House or Saskatoon. However, it's affordable if you're moving to Kelowna from Vancouver."
Photo credit: Multiple Listing ServiceThis five-bedroom, three-bathroom, 2,328-square-foot house at 645 Mark Road in South Rutland sold for $975,000 in May 2022 and then for $840,000 in May 2026.
We'll leave you with another scenario.
In boomtime May 2022 the five-bedroom, three-bathroom, 2,328-square-foot house at 645 Mark Rd. on a big lot in a quiet South Rutland neighbourhood sold for $975,000.
Exactly four years later, in this stagnant market, the same Mark Road home sold for $840,000.
"It's a dramatic example because it's the exact same house and $135,000 or 16% less," said Krieg.
"It's also an example of a home only selling if it's priced realistically for this fickle and funny market. That Mark Road house was originally listed for sale at an unrealistic $1.17 million in 2024 and had price reductions in increments until it finally sold for $840,000 in May 2026."
