Real estate sales have been high in Kelowna in the past two years along with the trend of high sales in Greater Vancouver.
Is there a connection?
Have you met new neighbours that are from the lower mainland? What about friends and family that have sold and moved closer to the interior?
If you ask around, you will probably notice that a lot of new homeowners in the Okanagan’s three regions, North, Central and South, are from Vancouver. High sale prices in the Vancouver area, and its suburbs means that couples and families can sell and move to the Okanagan. Not only can they pay off their existing mortgage and potentially pay cash for their new family home in the interior but they are buying homes here that are sometimes twice the size of their former residence! Add to this that many of these homes have great amenities like media rooms, hot tubs and swimming pools!
Most of these buyers are Millenials or Gen Xer’s (as they are known in the marketing world) or those born after 1965 up to around 1994. These home buyers are looking for homes where they can raise their families and have work/life balance. They no longer want the burden of a huge mortgage hanging over their heads. They are looking for good schools, parks, no long commuting times, less traffic and more local and affordable leisure pursuits. Kelowna has it all!
As Kelowna grows in infrastructure, professionals are moving in to reap the benefits. Our great climate, access to ski resorts, hiking trails, golf courses and, of course, the close proximity of our famous lakes offers what these city folk are looking for. Combine that with the lower real estate prices compared to Vancouver and you have a win/win situation.
So then is Kelowna the New Vancouver?
The lure to cash in on the boom in Vancouver is tempting to many. That demand for homes here in the Okanagan is keeping our market prices elevated. Those that are moving out of the Vancouver area are still able to find gainful employment in the interior as industries such as the tech sector are always hiring.
The unaffordability of Vancouver has driven average wage earners to look elsewhere for housing. Not only are single-family homes in demand but there is now a great demand for condos as well. New Building projects such as Mission Flats on KLO Road and Carrington Ridge in West Kelowna are set to open this year . There is also the One Water Street building. This condo complex, when completed in 2020, will not only be the tallest building between Vancouver and Calgary but will also be very attractive to young professionals who want to live and work in Kelowna. This is because of the lower purchase price compared to Vancouver.
For more on this move from Vancouver to Kelowna here is a great article from the Globe and Mail published last week……..