Lower Mission Condos Fell for Three Years. Then They Turned.
Braden Koop Personal Real Estate Corporation · Koop Homes Group · REALTOR® · RE/MAX Kelowna
Lower Mission apartments fell for three consecutive years — from a median of $506,750 in 2022 to $443,950 in 2025 — and have risen to $472,500 in the first half of 2026. That is a 12% decline followed by a 6% recovery, and it is the clearest multi-year cycle in any segment of these neighbourhoods.
It is also the only one where “has it bottomed?” is a fair question rather than wishful thinking, because the sample is big enough to support asking it.
Four years of Lower Mission apartment prices
| Year | Median sold price | Change |
|---|---|---|
| 2022 | $506,750 | — |
| 2023 | $470,000 | −7.3% |
| 2024 | $458,725 | −2.4% |
| 2025 | $443,950 | −3.2% |
| 2026 (Jan–Jun) | $472,500 | +6.4% |
Three things make this series unusual for this site. It moves in one direction for three years rather than jittering. It is built on 2,086 transactions rather than the twenty or so that decide a Crawford Estates median. And it is the only Mission segment where the 2022 peak was followed by a genuine, sustained decline rather than a plateau.
Why the condo market behaved differently from the houses
Detached homes in these neighbourhoods went sideways after 2022 — Upper Mission’s median has bounced in a band between roughly $1.24M and $1.43M ever since. Apartments went down, three years running.
The most likely reason is that this segment is far more sensitive to carrying costs. A $470,000 apartment purchase is much more likely to be a stretch at the limit of what a buyer qualifies for than a $1.4M house bought by someone rolling equity from a previous home. When rates rose, the marginal condo buyer disappeared and the marginal detached buyer mostly did not.
Strata fees compound that. They rose across the board over this period, and every dollar of monthly fee is a dollar not available for mortgage payments — which shows up directly in what buyers can bid.
What I am not claiming. A 6% rise across six months is not a confirmed bottom. It could be a mix effect — a few larger or newer units trading — the same way Lower Mission’s detached median moved for compositional reasons this year. I would want to see the second half of 2026 hold above $460,000 before describing this as a turn rather than a bounce. What is solid is the three-year decline; the recovery is one data point of six months.
What this means if you are buying
You are shopping a segment that is roughly $34,000 cheaper than it was four years ago in a city where almost nothing else is. Whether that continues is unknowable, but the risk profile of buying after a three-year decline is different from buying into the top of a run.
The specific thing to check is the building, not the market. In a segment where the price moved 12% over four years, the difference between a well-run building with a funded contingency reserve and a badly-run one with a looming special levy is larger than the entire market move. Read the depreciation report and the last two years of strata minutes before you think about the price at all.
What this means if you own one
If you bought in 2021 or 2022, you are probably close to flat or modestly down, and the recovery this year has helped. If your plan was to sell and move up to a detached home, note that the gap worked against you over this period — your condo softened while detached prices held. That is a real cost of waiting, and it is worth doing the arithmetic on both sides rather than only tracking your own unit.
The short version
Lower Mission apartments declined for three straight years and have risen 6% in the first half of 2026. The decline is well evidenced across 2,086 sales; the recovery is six months old and should be treated as provisional.
For buyers this is the one local segment where prices are meaningfully below where they were four years ago. For owners it is a reminder that condos and houses in the same neighbourhood have not moved together.
The numbers behind this
Interior REALTORS® Matrix, Residential, Apartment sub-type, Central Okanagan, Lower Mission sub-area, January 2022 – June 2026. Pulled 29 July 2026. Aggregate market statistics only.
The wider attached-housing picture is in my piece on Mission townhomes and condos, current inventory is on the Lower Mission homes for sale page, and detached figures are in the market report.
Thinking about a Lower Mission condo?
The building matters more than the market here. Send me the ones you are considering and I will pull the strata documents and tell you which are actually worth your time.
