What Kelowna Buyers Need to Know!
What Factors Are Influencing Real Estate in the Okanagan?
• Kelowna is the fastest growing city in British Columbia
• BC Tourism was up 17% in the first quarter of the year- expanding employment opportunities & boosting the local economy
• Job creation is on the rise due to an expanding tech & start-up sector, the under construction Innovation Center & Interior Health Centre, new restaurants, hotels, shops, & services
• Buyers are being priced out of Vancouver & other major markets. Alternately, homeowners in those cities are cashing out for better value in cities such as Kelowna
• Population migrating from Alberta & Saskatchewan due to poor economic conditions
• Retirees relocating to the Okanagan for accessible health services & recreation opportunities
• Currently, mortgage interest rates are very low
• There has been a huge increase of foreign buyers relocating or investing in real estate
What Should You Know About the Local Market?
In a nutshell, demand for homes is high & supply is low. According to OMREB, Okanagan residential sales for April were up 34% compared to the previous year & average prices were up 13.4%. Active residential listings were at an all-time low, not seen since 2007. Additionally, rental vacancies are below 1%.
Ready to Make a Move?
There truly is no time to wait if you’re considering a new residence or investment property. All signs point to continued growth & development for Kelowna & area!!
Contact Sales Manager Brian Antonishak at 250.863.9724 or firstname.lastname@example.org for more information on reserving your home at Haven Villas TODAY!