Kelowna is a desirable city for many people both to live and invest in real estate. Located in the beautiful Okanagan Valley, it has all the amenities of a big city while also offering a laid back lifestyle surrounded by nature. With its mild climate, spectacular views, thriving local economy, and luxurious amenities, it’s easy to see why Kelowna real estate has become so desirable.
Kelowna is a rapidly growing city with an active and vibrant economy. It is home to a number of locally owned businesses that employ over 26,000 people. The city is also the hub for many of the vineyards that produce some of the best Canadian wines. Tourism is also a major industry, driven by its breathtaking landscape and plethora of outdoor activities.
Not only is Kelowna’s economy strong, but real estate prices are still very attractive for both home buyers and investors. According to the Royal LePage House Price Survey, the median price of a detached home in Kelowna is now around $550K. This compares very favorably to major cities like Toronto and Vancouver where the same type of property can easily sell for over one million dollars.
The Kelowna real estate market offers buyers a variety of options, from single-family homes to luxury apartments and condominiums. The most desirable properties are typically located close to the downtown core, or in one of the city’s many great neighborhoods. Prices tend to rise the closer you get to the downtown, however there are some excellent opportunities to be found in the outlying areas as well.
Investors too can find much to love in the Kelowna real estate market. In addition to the relatively low property values, there are plenty of rental opportunities. Many investors are choosing to purchase a multi-family unit as a way to diversify their portfolio and guarantee a steady income. Rental vacancy rates hover around 2%, which indicates strong demand from tenants.
Kelowna is also a great place to invest in recreational properties. The city is surrounded by lush green mountains, pristine lakes, and charming orchards. Many of these properties offer the perfect spot for a cottage or cabin, and often sell for much less than similar properties found in other parts of the province.
If you’re looking to invest in real estate, Kelowna should be at the top of your list. With its strong economy, affordable property prices, and array of options for both home buyers and investors, it’s no wonder Kelowna is such a desirable real estate market.