Hello & Happy Spring!
As we head into the spring season we are seeing a renewed interest in the Kelowna real estate market from out of town buyers and especially investors.
According to the latest data from CMHC, Kelowna's rental market has remained very strong as it has across the country. The national average rent is $1984/month a slight decline of only .6% so far this year. In Kelowna, we continue to see a strong demand for rental units and many investors are choosing to buy in Kelowna over Vancouver as the return is higher. Right now, you can buy a home in Kelowna’s Lower Mission for $1,289,000 with a 2 bedroom legal suite. According to our property manager the home could generate $6500/month. In comparison, we picked a few other neighbourhoods in the Vancouver area to evaluate (this information was collected through our network of Realtors in these markets and may be subject to change):
Additionally, Kelowna and the Okanagan's population is projected to increase by over 50,000 people by 2030 and provides an excellent opportunity for appreciation; whatever you buy, the value will likely appreciate with our continued growth and demand.
