Kelowna, the seventh largest city in British Columbia, is fast emerging as a preferred choice for property investors and home buyers in Canada. The name is derived from an Okanagan word that translates to “grizzly bear” and reflects the region’s strong indigenous history.
Justly famous for its vineyards and internationally acclaimed wines, Kelowna is a tourist-friendly city. Its picturesque location on the Okanagan Lake and ample recreational sports such as boating, skiing, golf and hiking are other irresistible attractions.
Interestingly, the city has impressed investors over the last decade with its robust real estate market, attractive lifestyle, and encouraging growth prospects. Learn more about Kelowna’s real estate market and why it is becoming a preferred choice for homebuyers and investors in Real Estate Canada.
More About Kelowna
Located on the eastern shore of Okanagan Lake, Kelowna is the largest city in the district and offers easy access to Vernon, Penticton, Kamloops, and Merritt.
With about 150,000 residents in the city and over 220,000 in the metropolitan area, Kelowna’s population growth reflects the city’s growing appeal. Many Canadians and migrants are moving to Kelowna in 2023, and the demand for residential properties, including houses for sale in Kelowna and condos, has increased.
It is a plus point that the city is well-known for its wines, stunning landscapes, strong economy, and high living standards.
Booming Real Estate
In addition to the growing population, several other factors contribute to the phenomenal growth of Kelowna’s real estate. The city’s location, infrastructure, emerging tech sector, and quality of life make it a preferred choice for residential and commercial investments.
Education and Employment Opportunities
Kelowna, home to several colleges and schools, is a preferred location among Canada’s educational centres. The University of British Columbia in Kelowna is top-rated and attracts a sizeable number of students every year. The UBC’s upcoming downtown campus, a 43-storey high-rise, also underlines the city’s commitment to infrastructural development.
The region’s tourist-friendly features have given rise to a strong service industry. The city’s most significant employment generator, tourism and tourism-related services generate about $2 billion annually. The city’s tech sector, with an enviable mix of startups and established giants, contributes an additional $2.5 billion (estimated) annually to the economy.
Connectivity
Kelowna International Airport (YLW) is one of the busiest airports in Canada and offers easy connectivity to all major cities in North America. The city’s ongoing efforts to expand and upgrade the airport terminal add to its convenience and attractiveness.
The road network, including Highway 97 and Highway 33, is pretty good, and most of Kelowna’s residents prefer commuting by car.
Quality of Life
The city’s location on the 135-km-long Okanagan Lake, 200+ wineries, ski resorts, and other recreational sports amenities make it a coveted spot for those seeking a high quality of life. Dry, hot summers and cool winters are a feature of daily life, with Kelowna having one of the country’s mildest winters. Kelowna offers a perfect setting for Canadians seeking tranquil places with employment and outdoor lifestyle opportunities,
Investing in Kelowna: A Wise Decision
Single-family homes are Kelowna’s most popular sold property type. The average home price in this region was $796,000 as of August 2023, making it one of the most expensive cities in the area, though it is still more affordable than Vancouver.
However, the city’s property tax rates are pretty low, adding to its appeal for homebuyers and investors. The tax, which varies based on the municipality, funds essential services like police and fire protection, garbage collection, schools, and hospitals.
The city’s robust market and increasing demand for housing indicate a promising future for its real estate market. A rising number of housing projects is in the pipeline as the city prepares to meet a future demand of up to 20,000 units by 2031.
Conclusion
Kelowna’s real estate market is on a high, driven by its strong market, growing population, and high quality of life. Whether you’re looking at houses for sale in Kelowna or nearby Toronto houses for sale or considering investing in the city’s real estate market, the prospects look promising. As more Canadians discover the city’s appeal, the demand for residential and commercial properties is set to rise, making Kelowna a real estate hotspot in Canada.
With a wealth of opportunities and a bright future ahead, Kelowna is indeed a city to watch out for in the Canadian real estate scene.