There seems to be a sudden boom in Kelowna housing market. Our city, once deemed as a vacation and retirement destination, is slowly but steadily turning into an investment hub. The town has a healthy rich economy, which attracts young investors from different sectors, such as high-tech, health care, to name a few. Many young adults and retirees are looking to settle in this great town, which is why the house for sale listings have gone up.
Reasons behind the sudden Kelowna housing market rise:
- More investment prospects are moving to town.
- Increased number of international universities.
- Vancouver’s saturated real estate market with absurd house rates.
- The imposed 15% tax on foreign investors looking to buy homes in Vancouver.
Currently, the market stands at:
- The selling price of a two-storey home in the first quarter was $631,200, up 13% from the $558,300 of earlier last year.
- Bungalows usually considered a bi-level, are currently changing hands at an average $472,500, up 2.4% from $461,500 a year ago.
- Condo for sale: 1.6 % up to $306,000 from $301,200.
Increase in Condos for Sale among Foreigners
The 15 percent tax on foreign homebuyers in the neighboring Vancouver seems to attract more foreign investment in this city. More so, condos appear to be the hotline with many condos for sale listings. Many lower mainland homebuyers are opting for the affordable condo prices right here in Kelowna rather than Vancouver.
Student Home for Sale
For the longest time, our community has lost a tremendous amount of young people to opportunities elsewhere. But those days are gone, and with more prospects coming to town, it is no surprise to see the increasing number of students looking for accommodation.
As an experienced realtor, I find this quite advantageous for homeowners who have listed their houses for sale. With such a ripe season, the demand for homes for sale is higher compared to the supply.
Your Realtor of Choice
If you require the expertise of a Realtor who has a vast understanding of the housing market in this city, then you are at the right place. As a registered real estate agent for RE/MAX, I represent buyers, sellers, and investors in this region. I understand that selling and buying a home is a life-changing decision. This is why I promise to invest time in helping you achieve the best outcome when it comes to buying and selling a house. For more information on Kelowna real estate market, feel free to visit kelownabcliving.com.