The current Housing market in Kelowna can come across as quite daunting. This is especially true for any first time home buyers or young families that have recently moved in to the area. In today’s local housing market we are seeing homes sell faster than ever with almost all listings disappearing within the first few weeks on the market. We are also seeing homes sell for a significant amount above the asking price. The silver lining is that there is no end yet in sight for this growth. In fact, there is no better time to dive in and claim some of the remaining Kelowna real estate while you can.
Rapid Growth Rate
As it currently stands, the growth rate of real estate in Kelowna is more than double what we are seeing on the coast; namely in Vancouver and Victoria. Most home owners increased sale and rental prices to make up the difference. The response was however quite surprising. Kelowna actually saw an increase in property sales and rentals at these spike rates, which took a lot of home owners by surprise. It actually turns out that most of these home buyers are coming from Alberta and the Coast. Those from Alberta tend to be wealthy retired/semi-retired individuals with enough capital to purchase the more expensive real estate. A lot of the individuals coming from the coast are younger families that were unable to afford to buy in the Greater Vancouver area. Kelowna seems to be the perfect location when property in Vancouver is just out of reach.
It’s all about Location
Although Kelowna in general has seen a boom in recent real estate sales, perhaps the greatest growth has been in the downtown Knox Mountain area. With the hip, young vibe, several shopping
centers and direct access to the beach, pier and public parks; it’s no surprise that homes in downtown Kelowna are seeing a 7% increase in prices over anywhere else in Kelowna. However
with such a demand on Kelowna’s downtown property base, there has been a drastic decrease in vacant or for Sale homes.
How to Leverage the Housing Boom in Kelowna
Fortunately for some, this increase in sales is mostly found in properties that are above $600,000. Most of these properties will be found either side of the lakeshore, the lower mission and downtown areas. This leaves a lot of buyer potential to outlying/more suburban communities. If you have no issues with commuting to Kelowna, then you will find that there is a lot of value still out there if you are willing to purchase just shy of the cities limits. With the still-growing housing boom, you’ll want to cash in on such properties before the inventory runs dry.