Kelowna's Tech Boom Fosters Growth in City's Real Estate Market

Date Posted: Oct 27 2014

 

Life in “Silicon North” is looking good for Kelowna dwellers. In years past, Kelowna developed a reputation within our country as strictly an agricultural or vacation destination, known mostly for the landscape’s rugged, natural beauty. Today, our city has made a name for itself worldwide as a technology hub, home to multiple success stories and a burgeoning startup community. Kelowna-based Club Penguin Inc. (and their proprietary gaming platform) set the bar high for Kelowna entrepreneurs when the company was bought by The Walt Disney Co. in 2007 for a whopping $350 million ; Interest in the city’s tech sector quickly began to grow, resulting in an influx of new residents.

Whether moving to Kelowna to join a smaller startup or to become part of a larger organization, the city’s population growth is only expected to continue. New graduates eager for work in the tech industry now have a Canadian city destination as opposed to having to seek work further south, and this fact is being reflected in the numbers. As we discussed in a previous post , the CMHC anticipates the number of full time jobs in Kelowna to steadily rise through 2015, also increasing the city’s average weekly earnings.

Kelowna’s steady growth will have obvious effects on the housing market, increasing demand for new and unabsorbed homes. And as we all know, as demand rises, so too do the housing prices. Whether just getting into the market, or purchasing a subsequent or additional property to benefit from the economic upswing, now is the time to make a move in Kelowna.

Choosing the right property for your family can be a daunting task- particularly if you’re new to the area or purchasing your first investment property. At J & R Family Realtors, our goal is to provide solid advice for families, couples, and individuals as they navigate the Kelowna housing market. Reach out to us today to find out the options available to your family in beautiful Kelowna.


What’s your strategy for Kelowna’s Upswing? How do you feel the city’s tech sector success has affected our reputation?


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