Traditionally cooler weather brings a cooler real estate market – not this year!
Winter in the Okanagan brings the active outdoor Kelowna lifestyle to our region, with skiers and snowboarders heading to one of Canada’s best family-friendly ski resorts, Big White, and out for winter sports like cross-country skiing, snowshoeing, exploring the beautiful natural area on ski-machines or dog-sleds, ice-fishing, skating and more.
Although colder temperatures bring a wealth of seasonal outdoor activities to Kelowna, it also historically sees a predictable cooling in the real estate market, as buyers focus on the holidays and are less likely to change their living conditions in the colder months. However, 2020 has been an unpredictable year, with the Kelowna real estate market showing incredible strength and growth. The market for new homes and condos in Kelowna rebounded last summer and has been gaining consistent momentum until this past November, when the Okanagan Mainland Real Estate Board reported an astonishing 71% increase in sales over November 2019.
What is driving these numbers?
High consumer demand for Kelowna real estate paired with a low inventory of properties for sale in the Okanagan region overall. Looking at homes, town homes and condos in Kelowna specifically, we can see how demand and lower inventory levels has driven housing prices this November.
We continue to see the need for affordable housing in Kelowna as a strong factor in the local real estate market and community. Evest Funds has been ahead of this market trend, identifying two development opportunities – a development of eco-friendly new townhouses in Kelowna with a central location, and a collection of affordable residences in Upper Mission, one of Kelowna’s most desirable neighbourhoods – that meet the need for quality homes with an accessible price point for homeowners, while creating exceptional return on investment for investors. In this way, Evest Funds is working to build community in Kelowna while helping investors meet reach their financial goals.
Whether you are a potential homeowner looking for the ideal new home for sale in Kelowna that matches your lifestyle and budget, or an investor looking to invest in the Okanagan real estate market, contact us today for more information.
Kelowna Single Family Homes
Total Sales: 291 (74.3% increase)
Benchmark Price: $728,900 (10.5% increase)
Inventory: 502 (43.2% decrease)
Kelowna Townhouses
Total Sales: 106 (82.8% increase)
Benchmark Price: $499,400 (6.3% increase)
Inventory: 241 (19.9% decrease)
Kelowna Condos
Total Sales: 169 (74.2% increase)
Benchmark Price: $387,300 (3.1% increase)
Inventory: 460 (4% decrease)