Downtown Kelowna Condos: The Ultimate Buyer's Guide

If you're searching for downtown Kelowna condos for sale, you're looking at one of the most walkable, amenity-rich pockets in the entire Okanagan. Downtown Kelowna has transformed over the past decade from a quiet lakeside strip into a legitimate urban core, with concrete towers, rooftop pools, and street-level retail that didn't exist ten years ago. For young professionals, investors, and downsizers who want to ditch the car commute and live steps from restaurants, beaches, and nightlife, this is where the action is.

But not all downtown Kelowna condos are created equal. Buildings vary wildly in construction quality, strata fees, rental rules, and resale value. This guide breaks down the major condo buildings in Kelowna's downtown core, what you'll actually pay, what to watch out for, and whether the numbers make sense for your situation.

What Counts as "Downtown" Kelowna Real Estate?

Before diving into specific buildings, it helps to define the boundaries. Downtown Kelowna real estate generally covers the area bounded by Harvey Avenue (Highway 97) to the south, Okanagan Lake to the west, Clement Avenue to the north, and roughly Richter Street to the east. The Bernard District, which runs along Bernard Avenue from Ellis Street down to the waterfront, is the commercial and cultural heart of this area.

This is where you'll find the highest concentration of restaurants, coffee shops, breweries, boutique retail, and entertainment venues in the city. Kasugai Gardens, Stuart Park, Kerry Park, and the waterfront boardwalk are all within a few minutes' walk.

What makes downtown stand out from other Kelowna neighbourhoods is walkability. The city as a whole scores just 35 out of 100 on Walk Score, meaning most errands require a car. But downtown Kelowna scores a 93, which Walk Score classifies as a "Walker's Paradise." That gap is massive and it's a major reason why Kelowna condos in the core command a premium over comparable units in places like Rutland or Glenmore.

The Major Downtown Kelowna Condo Buildings You Need to Know

Downtown's skyline has changed dramatically, and several buildings now define the condo landscape. Here's a closer look at the ones worth your attention.

Ella (1588 Ellis Street)

Ella is a 20-storey concrete tower developed by Mission Group, completed in 2020. It sits at the corner of Ellis Street and Lawrence Avenue, one block off Bernard Avenue, and holds 116 contemporary units. Residential homes start on the sixth floor, which means even lower-level units get decent views of the city, mountains, or lake.

Units range from roughly 300 square foot micro-condos up to spacious 2,150 square foot two-bedroom-plus-den homes. Current resale listings at Ella typically range from the high $400,000s for a one-bedroom up to around $1.4 million for the larger corner flats. The building is LEED-registered, which translates to lower operating costs and better energy efficiency. Amenities include a pet wash station, bicycle maintenance room, guest suite, and EV charging stations. Ella's Walk Score is 96, putting it among the most walkable addresses in the entire city.

For buyers who value a boutique feel over a mega-development, Ella is a strong pick. The smaller unit count means fewer neighbours, quieter hallways, and a more intimate building culture.

Bernard Block and Bertram (560 Bernard Avenue / 1488 Bertram Street)

Bernard Block is a master-planned urban village by Mission Group that's reshaping an entire section of downtown. The development spans roughly 1.5 city blocks and includes multiple phases.

Bertram, the second residential tower, is a 34-storey concrete high-rise completed in 2024 with 257 units. It's currently the second tallest tower in Kelowna. Unit types include studios, one-bedrooms, one-bedroom-plus-den, and two-bedroom suites, with a limited selection of sub-penthouses. Monthly strata fees at Bertram range from $136 to $499 depending on unit size, which is competitive for a building of this calibre. Amenities include a rooftop pool and lounge, hot tub, fitness centre, bike and dog wash stations, a community garden, an outdoor sports area, and a shared coworking space on the main floor. Rentals are permitted with a minimum 30-day term, and the building allows two pets per unit.

A third building, The Block, will be a 16-storey commercial office tower at the corner of Bernard and St. Paul Street. When complete, the entire Bernard Block development will feature ground-floor retail, restaurants, and services, creating the kind of mixed-use urban environment that's still rare in mid-sized Canadian cities.

One Water Street (1187 Sunset Drive)

If you want the most premium downtown Kelowna real estate in a condo format, One Water Street is the benchmark. This twin-tower development by Kasian Architecture features 422 units across towers of 29 and 36 storeys, connected by a fourth-floor podium. Construction wrapped up in 2025, making it the newest major addition to the skyline.

Units range from approximately 1,000 square foot studios and one-bedrooms up to 3,500 square foot luxury townhomes. Interiors feature quartz countertops, contemporary finishes, and floor-to-ceiling wrap-around windows. The amenity package is extensive: outdoor swimming pools, a hot tub, dog park, grilling stations, fire pits, and 727 secure underground parking stalls plus 566 long-term bicycle parking spots.

One Water Street sits prominently along the waterfront near Kelowna City Park, and its 42-storey tower (part of the adjacent Water Street by the Park development) is the tallest building in BC outside of Metro Vancouver at 132.7 metres. Expect pricing at the high end of the downtown spectrum, with premium lake-view units climbing well above $1 million.

Water Street by the Park

Adjacent to One Water Street, this three-tower development encompasses 559,000 square feet of mixed-use space on the 1600 block of Water Street. The design includes towers of 24, 26, and 42 storeys, with 650 residential condominiums. Amenities include a golf simulator, movie theatre, coworking space, and a mass timber skybridge with a heated pool and hot tubs. At street level, 45,000 square feet of commercial space will bring restaurants, grocers, and retail directly to residents' doorsteps. Together with One Water Street, this is the largest injection of new Kelowna condo buildings in the downtown core.

Other Buildings Worth Considering

Downtown also has a range of older and mid-rise options. Centuria Urban Village (1160 Bernard Avenue) is a 151-unit building from 2008 with larger units (1,400+ square feet) priced between roughly $600,000 and $1.3 million. The Murano, the Evergreens, and Executive House along Leon Avenue offer lower entry points for buyers willing to accept an older building in exchange for a prime downtown address.

What Downtown Kelowna Condos Actually Cost

The Kelowna condo market is in a period of recalibration. According to the Association of Interior Realtors, the benchmark price for condominiums in the Central Okanagan was $470,600 as of December 2025, down just 0.2% year over year. That's a 15.6% pullback from the pandemic-era peak of $557,700 set in April 2022, which means buyers who missed the frenzy are getting a second chance at more reasonable pricing.

Citywide, the average listing price for Kelowna condos on the MLS sits higher at around $646,000, but that figure is skewed upward by luxury waterfront and new-construction inventory. In the downtown core specifically, expect to pay roughly:

• Studios and micro-suites: $200,000 to $350,000
• One-bedrooms: $350,000 to $550,000
• Two-bedrooms: $500,000 to $850,000
• Penthouses and premium lake-view units: $900,000 to $1.5 million+

Strata fees across downtown Kelowna condos generally range from $350 to $650 per month for a typical unit, though luxury towers with extensive amenities like One Water Street can push past $700 to $1,000 or more monthly. As a rough rule of thumb, strata fees in Kelowna run between $0.20 and $0.50 per square foot, with $0.35 being a reasonable average.

One important note: condos in Kelowna are averaging 76 days on market as of November 2025, up 21% from the previous year. Only about 7% of listed condos actually sold in December 2025. This is firmly a buyer's market for condos, which means you have leverage to negotiate on price, closing dates, and conditions.

Urban Living in Kelowna: Lifestyle and Walkability

The lifestyle argument for urban living in Kelowna is straightforward. Living downtown means you can walk to dinner on Bernard Avenue, grab coffee on Ellis Street, stroll the waterfront boardwalk, paddle board at City Park in summer, and access most of your daily errands on foot. That Walk Score of 93 isn't just a number. It translates to real savings on gas, insurance, parking, and the general hassle of car dependency.

Bernard Avenue is the spine of the downtown experience, revitalized with brick-front heritage buildings housing independent coffee shops, contemporary restaurants, and boutique retail. Patio season runs from roughly May through October, and the summer farmers' market draws thousands weekly. Kelowna's craft brewery scene is clustered in and around downtown, with several taprooms within walking distance of most condo buildings.

For fitness, you're within walking distance of multiple studios. Knox Mountain, one of Kelowna's best hiking destinations, is a short walk or bike ride from the northern edge of downtown. Public transit coverage is modest compared to larger cities, but downtown is the hub for most BC Transit routes, making it the easiest place in Kelowna to live car-free or car-light.

Rental Potential and Investment Returns for Downtown Kelowna Condos

For investors eyeing Kelowna condo buildings as income properties, downtown offers solid rental fundamentals. Premium neighbourhoods like downtown and Lower Mission typically command rents about 10% above the citywide average.

As of Q4 2025, typical rental ranges for condos in Kelowna look like this:

• Studios: $1,250 to $1,550 per month
• One-bedrooms: $1,400 to $2,000 per month
• Two-bedrooms: $1,800 to $2,800 per month

The average rental yield for a one-bedroom condo in Kelowna sits at roughly 4.3% annually, which is above the national average for Canadian cities. On a $500,000 one-bedroom downtown condo, that translates to approximately $21,500 in gross annual rental income. After accounting for strata fees, property taxes, insurance, and maintenance, net returns are more modest, but the combination of rental income and long-term appreciation still makes downtown condos a viable investment play.

However, there's a critical detail investors must understand in 2025. BC's short-term rental legislation (Bill 35) now restricts Airbnb and VRBO-style rentals to principal residences only. If you're buying a condo purely as an investment property, you're limited to long-term rentals (minimum 30 days in most downtown buildings). The days of buying a downtown unit and running it as a nightly vacation rental are largely over unless it's your primary home.

Kelowna is once again accepting business licence applications for short-term rentals, but operators must register with both the city and the province, and compliance is being enforced. For investor-buyers, this means the long-term rental strategy is the safer path forward.

What to Watch Out for When Buying Downtown Kelowna Condos for Sale

Not every unit in a shiny new tower is a good buy. Here are the things that trip up condo buyers in Kelowna's downtown market.

Strata documents tell the real story. Before you commit, review the strata meeting minutes, financial statements, depreciation report, and contingency reserve fund (CRF) balance. A building with low monthly fees might look attractive, but if the CRF is underfunded, you could face a special levy of $10,000 to $30,000 or more when major repairs come due. Well-managed buildings with slightly higher fees and healthy reserves are almost always the better long-term bet.

Construction type matters. Downtown has a mix of concrete and wood-frame buildings. Concrete towers (like Ella, Bernard Block, and One Water Street) offer superior soundproofing, fire resistance, and longevity. Wood-frame buildings are cheaper to buy into, but they come with more noise transfer and higher long-term maintenance costs.

Rental restrictions vary by building. Some stratas restrict rentals entirely, while others allow them with minimum stay requirements. Bertram at Bernard Block permits rentals with a 30-day minimum. Always confirm the rental bylaws before purchasing if you plan to rent the unit out.

Insurance costs are climbing. Strata insurance premiums have risen significantly across BC in recent years, and that cost gets passed to owners through strata fees. Some buildings have seen insurance costs double or triple in just a few years.

Pet restrictions. Each strata has its own bylaws around pets. Bertram allows two pets per unit, while other buildings are more restrictive. Read the bylaws carefully before you fall in love with a unit.

Is Now the Right Time to Buy a Downtown Kelowna Condo?

The market data paints a clear picture. Condo prices in the Central Okanagan are sitting about 15% below their 2022 peaks. Inventory is at decade-high levels. Days on market are stretching past two months. Sellers are motivated, and buyers have genuine negotiating power for the first time in years.

Kelowna's long-term fundamentals remain strong. The city's population is growing at roughly 1.9% annually, making it Canada's fourth-fastest-growing city. UBCO is expanding its downtown campus. The tech sector continues to add jobs. And you can't manufacture more waterfront land in a city hemmed in by mountains and a lake.

The benchmark five-year fixed mortgage rate has dropped from the 6.60% range in early 2024 to roughly the mid-4% range as of early 2025, which meaningfully improves monthly affordability. If you've been watching downtown Kelowna condos for sale and waiting for a better entry point, the combination of softer pricing, elevated inventory, and improving rates suggests that point is now.