What's the most affordable neighborhood in Kelowna?

Hello,

As we reflect on 2023's real estate trends in Kelowna our thoughts are still with everyone that has been affected by the fires. We are proud of the resilience that our community demonstrated the past few weeks across the city. Everyone, no matter what neighbourhood, came together to help those in need.

We are well over halfway through 2023, and the market is still faring well considering some of the global uncertainty. We thought we would share some of the neighbourhood insights we have noticed so far.

Top 5 Neighbourhoods by Average Sale Price in 2023

1. McKinley Landing:** $1,778,763 (19 sales)
2. Kettle Valley:** $1,666,232 (37 sales)
3. Wilden:** $1,567,857 (28 sales)
4. Crawford Estates:** $1,476,643 (19 sales)
5. South East Kelowna:** $1,469,260 (52 sales)

Neighbourhoods with the Most Sales in 2023

1. Lakeview Heights: 120 sales at an average price of $1,369,201.
2. Upper Mission: 85 sales, averaging $1,463,082 per sale.
3. Glenmore: 82 sales, properties here went for an average of $1,156,532.
4. Lower Mission: 81 sales at an average price of $1,242,500.
5. Lake Country South West: 50 sales, with an average price of $1,394,532.

Significant Price Shifts

McKinley Landing: A decline from 2022's $2,050,367 to $1,778,763 in 2023, yet still a growth from $1,143,992 in 2019.

Kelowna North: A commendable rise from $626,231 in 2019 to $1,143,815 in 2023. This area shows impressive growth potential!

Rutland North:A positive trajectory from $596,188 in 2019 to $821,659 in 2023, showing its increasing appeal.

Seeking Affordability?

Peachland: Offers great value at an average of $931,194 with 58 sales this year.

Ellison: Another affordable neighbourhood, with an average sale price of $890,267 with 26 sales.

These figures only scratch the surface of some of the neighbourhood trends we noticed this year. If you would like more detailed information, please let us know. Overall, we expect the market to fare well this fall with the hold on interest rates, giving buyers more confidence, combined with the fall attracting serious sellers.

Please let us know if you have any questions – we are happy to help.

Warm regards,

Shannon & Tamara