Sean Phillips, REALTOR® / Coldwell Banker Executives Realty / Vernon, BC
Updated September 2026
The latest Association of Interior REALTORS® figures for North Okanagan commercial property, what they mean in plain terms, and the Council decisions, openings and closures from the past six months that affect commercial owners and tenants.
Updated September 2026. These are the most recent monthly figures available, for the North Okanagan area of the Association of Interior REALTORS®, which includes Vernon.
| Category | Aug 2026 sales | Aug 2026 value | Jan–Aug 2026 | Jan–Aug 2025 | Active listings |
|---|---|---|---|---|---|
| Commercial* | 10 | $2,414,717 | 54 / $17,887,253 | 55 / $17,618,721 | 156 |
| Business | 0 | $0 | 2 / $230,000 | 7 / $845,000 | 22 |
| Land* | 2 | $1,845,000 | 8 / $6,344,800 | 5 / $10,390,000 | 60 |
| Farms | 2 | $2,925,000 | n/a | n/a | 42 |
*Commercial includes hospitality and resort, industrial, mixed-use, office-retail, services and specialty properties. In August 2025 there had been just 2 commercial sales worth $25,000. The commercial list-to-sale ratio in August 2026 was 82.64%.
Source: Association of Interior REALTORS®, North Okanagan statistics, August 2026.
The residential market slowed sharply in August 2026. Across all categories the North Okanagan recorded 135 sales worth $86.4 million, down 26.6% in units and 37.1% in value from August 2025, with 1,496 active listings. Castanet reported that wildfires near Summerland and Vernon hit the August Okanagan market; the Bradley Creek wildfire near Vernon led to evacuations at the start of the month. The average residential price was $688,025 and the median $645,000.
On the construction side, the City issued 307 building permits in 2024, including 41 commercial permits worth $40 million and 4 industrial permits worth $29 million. The 2026 tax increase came in lower than first proposed partly because more new buildings and businesses joined the tax roll than expected.
Sources: Bank of Canada; AIR August 2026 media release; Castanet, 4 Sept 2026; City of Vernon 2024 Development & Real Estate Update; Vernon Matters, 14 April 2026.
The Uptown mall location is among 250 North American closures. Vernon keeps Starbucks locations on Highway 97 at 32 Street, on Anderson Way and in the Vernon Square Safeway. Why it matters: a café-ready vacancy in the city's main mall.
The South Vernon grocery store reopened under new ownership as Save-On-Foods' 195th Canadian store. Why it matters: a national grocery anchor strengthens Okanagan Landing retail.
At its 8 September meeting Council adopted the Polson Village Centre OCP and zoning amendments, set a 28 September public hearing on allowing liquor stores in CMUN, approved a business retention and expansion partnership with Community Futures North Okanagan, leased the Active Living Centre's retail unit, and advanced a $6.9 million Highway 6 and Pottery Road intersection.
Off-site works for Armstrong Land Corp's project at 1601 15th Street kept northbound 15th Street closed to 30 September.
Concrete repairs and waterproofing started 17 August and run through the fall, with the parkade partly open. Why it matters: short-term parking pressure for downtown businesses.
Kal Tire Place served as the evacuee reception centre from 1 August; Emergency Support Services helped more than 2,600 evacuees, and the City concluded its coordinated response on 20 August.
Federal funding for road improvements, including better access to local businesses.
Council removed a proposed waiver from the DCC bylaw update, prompting a separate review of housing incentives; kept single-exit stairs off the table until firefighting capacity allows; approved a development variance for 126 seniors' units at 5000 24 Street; and approved a wayfinding pilot from Highway 6 to Village Green.
A second DCC bylaw workshop, with public and industry consultation over the summer, and direction to draft guidelines on lifecycle cost analysis for OCP amendment applications.
Council refused the 580 Commonage Road OCP amendment at second reading on 1 June and approved the final $44.5 million of borrowing for the $121 million Active Living Centre.
Council approved a modernized standard lease for airport land, held its first DCC bylaw workshop, advanced Okanagan Landing rezonings, and moved regular meetings to Tuesdays from 1 November 2026.
Business class up 9.34%, about $884 more on a $1 million assessment; residential up 9.33%.
Sean sends new Vernon commercial listings and notable market changes to people who ask. Pick your property type and price range.
Questions? Call or text
No one publishes a reliable vacancy or lease rate for Vernon, so the numbers that matter come from recent deals. Sean Phillips started his career in commercial real estate and can pull sold and leased comparables, check a property's zone against your use, and tell you what a landlord or seller is likely to accept. Straight answers, no obligation.