Kelowna Housing Market Gains Speed from New Residents

Date Posted: Nov 04 2014

 

Canadians from all over the country are beginning to understand what residents of beautiful Kelowna have known for years: When it comes to weather, lifestyle amenities, and downright gorgeous scenery, there’s no place like the Okanagan. Several factors are contributing to the influx of new Kelowna residents, whose arrival have undoubtedly influenced the market’s improved sales- up by 14.5% over this time last year.

So who are all these new Kelownians? Our city’s accessibility to the oil sands via direct flights to Fort McMurray is causing many Albertans to make the move westward to the warmth and predictability of Kelowna’s climate, allowing them to relocate their home city without switching jobs. Buyers over 50 have also been entering the Kelowna market in numbers, seeking both vacation properties and permanent residences. And as we discussed in a previous post, Kelowna’s booming tech sector is attracting job seekers both new and established in the industry.

With so many people on the hunt for their own piece of Okanagan paradise, it’s no wonder that home inventory has dropped by over 10% this year. The median home price in Kelowna currently sits at $380,000, but that number remains on the rise as interest in houses over $1 million has increased in the last calendar year.

The techies, the retirees, and the oil sands employees all have one thing in common: They understand Kelowna’s unique standing as both bustling up-and-coming city and laid-back lifestyle hub. Whether you’re new to the Kelowna market, or a tried-and-true resident simply seeking a change, the team at J&R Family Realtors can assist you in making a smart choice in this busy housing market. Reach out to us to for a free home evaluation, or to set out finding the Okanagan home of your dreams today.


What’s your favourite part about Kelowna? The weather, the lifestyle amenities, or the scenery?


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