How Much Does a New Condo Cost in Kelowna, BC?

Location, unit size, floor level and finishes set most of a new condo's price. Layout matters as much as square footage: a plan that loses less area to hallways gives you more usable space for the same number on the spec sheet.

At Serenity, the size range runs from about 660 sq ft for a one-bedroom (Types D1 and D2) to about 1,050 sq ft for a three-bedroom (Type E), with two-bedroom condos of about 955 to 960 sq ft (Types G1, G2 and H) and two-bedroom townhomes of about 775 to 1,005 sq ft in between. That is ten plans in one 33-home building at 1085 Martin Avenue.

For a reference point before Serenity releases pricing, the Central Okanagan board's median apartment sale was $423,000 in September 2026, 3% lower than a year earlier, and the median townhouse was $652,500. Single-family homes had a median of $965,000. These are resale and assignment sales across the board area, so they do not predict what a new home will cost, and a new home carries GST that a resale generally does not.

A new home carries 5% federal GST on the price, which a resale home generally does not. First-time buyers of a new home may recover the full 5% GST, up to $50,000, on a home priced at $1,000,000 or less, with a reduced rebate up to $1,500,000. The purchase agreement has to be signed on or after March 20, 2025 and before 2031, and you must not have lived in a home you or your spouse owned in that calendar year or the four before it.

The regular GST new housing rebate is not available once the price reaches $450,000. If you are not a first-time buyer, plan on paying the full 5%.

BC property transfer tax is 1% of the first $200,000 of value, 2% from $200,000 to $2,000,000 and 3% above that, plus a further 2% on residential value over $3,000,000.

The newly built home exemption removes the tax on a new home worth up to $1,100,000, with a partial exemption up to $1,150,000. You need to be a Canadian citizen or permanent resident, the home must be your principal residence, and you must move in within 92 days of registration and live there for the rest of the first year. It is not limited to first-time buyers.

The first time home buyers' program removes the tax on the first $500,000 of value, an exemption worth up to $8,000, for a home worth up to $835,000, with a smaller exemption up to $860,000. It requires at least a year of BC residence before registration, or two BC tax returns in the last six years.

You can claim one exemption, not both. On a new home, the newly built home exemption is usually the larger of the two, because its full exemption runs to $1,100,000 rather than covering only the first $500,000. On a presale strata home bought at arm's length, the tax is generally based on the total amount you paid, including upgrades and any assignment premium, rather than the value on the day the title registers.

The table applies the published rates to round example prices. These are not Serenity prices, which have not been released.

Enter a contract price and pick the description that fits you. The estimate uses the same rules as the table and updates as you type.

The minimum down payment is 5% of the first $500,000 and 10% of the portion above it, for homes under $1,500,000. At $1,500,000 or more it is 20%.

Since December 15, 2024, insured mortgages can be amortized over 30 years for all first-time buyers and for all buyers of a newly built home, and the price cap for an insured mortgage is $1,500,000. First-time buyers can also draw on a First Home Savings Account and the Home Buyers' Plan; the first-time buyer guide covers both.

Budget for legal or notary fees, title insurance, home insurance from the day you take possession, and the adjustments for property tax and strata fees that are settled at completion. A presale buyer also pays for any upgrades chosen from the developer's options.

Strata fees are set out in the developer's disclosure statement (section 3.8 in BCFSA's numbering). Serenity has not published an estimate, so this guide does not quote one.

Serenity has not released pricing. In BC, a developer must file a disclosure statement before marketing units and give it to you before you sign. What is public now: 33 homes across 10 floor plans (7 condo layouts, 3 townhome layouts), one to three bedrooms, from about 660 to 1,050 sq ft, at 1085 Martin Avenue in Central City, near downtown Kelowna. You can request current pricing and availability from the sales team.