Construction is booming across the Okanagan
October 2020 was another strong month for real estate in Kelowna and the surrounding communities according to the most recent numbers released by the Okanagan Mainline Real Estate Board, and judging by the amount of interest Evest Funds has received in our real estate investment opportunities in Kelowna, the November results will continue trending upwards.
In October 2020, the Kelowna real estate market saw the average price of townhomes reach $558,749, almost a 12% increase over the average sale price of $500,407 in October 2019. For residential homes, the average sale price skyrocketed to $850,634 representing an almost 25% increase over October 2019.
With the market trending so high, two things become crystal clear:
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The demand for Kelowna real estate is extraordinary with a competitive market pushing increases in average home prices consistently higher, despite the global economic challenges of 2020.
- In a strong market with consumer demand driving home prices, the need for affordable housing in Kelowna is a key factor for balanced community growth.
The skilled team of professionals at Evest Funds were ahead of these market trends, identifying two development opportunities that would both meet the need for quality, affordable housing in Kelowna and create exceptional return on investment – one a large eco-friendly townhome development with a central location ideal for young families or professionals and a second development of affordable residences in one of Kelowna’s most desirable neighbourhoods, ideal for retirement or vacation lifestyle.
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, Evest Funds is creating community and helping others meet their financial goals.
Contact us for more information today.