Commercial Real Estate Kelowna, British Columbia
Kelowna, BC Real Estate Market & Guide
Kelowna, British Columbia has a population of about 127,380. It is in south-central British Columbia on the picturesque east shore of Okanagan Lake.
The area is home to many beaches on the lake that remain popular throughout the year thanks to a sunny milder climate than the rest of most Canadian areas. Its lovely harbour houses many privately owned boats making it a popular area for locals and tourists.
As part of the stunning Okanagan Valley, it is a magnet for wine lovers and is close to beautiful vineyards and orchards dotting the local landscape. Because of the unsurpassed views from many of the area’s neighbourhoods, homes in the area are highly desirable.
The residents of Kelowna lead a very charmed life enjoying the breathtaking views of Okanagan Lake and the stunning backdrop of hills. The mild climate means the lake rarely freezes which allows people to take full advantage of the water year-round. With an average of 2000 sunny hours each year, the lake keeps people active with boating, kayaking, paddle boarding and fishing. In the summer, sand and sun attract people from local cities and abroad.
The area is known for outstanding healthcare, schools, entertainment and dining. Kelowna is rich in culture and arts with a selection of exceptional galleries. Indoor and outdoor recreation is available making it ideal for families including skiing and snowboarding, hiking and mountain biking or playing golf at one of its world-class championship courses.
The downtown centre has no shortage of exceptional restaurants, cafés, pubs, and patios as well as lovely boutique shops. Big box shopping options such as Costco, Walmart, Winners, Home Depot, and Superstore chains are also available.
Many would argue the top draw to the area is the wine. B.C.’s wine country is one of Canada’s main tourist spots for wine lovers. With close to 10,000 acres of vineyards and over 200 wineries, you will always have the opportunity to sample new wines.
Kelowna’s competitive job market was ranked #1 in Canada thanks to a strong economy driven by the Kelowna International Airport, UBC-Okanagan, Interior Health, and Okanagan College. Kelowna and the Central Okanagan is the largest trading centre found between greater Vancouver and Alberta.
The diverse economy is driven by a number of industries including agriculture, tourism, retail trade, manufacturing, forestry and construction. However, major areas of growth include:
- Information and high technology
- Viticulture and wine production
- Health care
Improvements to available business resources should continue to attract business start-ups, as well as office expansion and relocation for major companies. It is an excellent location due to its climate, exceptional transportation infrastructure and growing pool of talent being attracted to the local workforce.
With the University of British Columbia campus contributing $1 billion to the economy each year and an additional $610 million coming from the YLW Kelowna International Airport, the area has two major stabilizing factors. As more companies are attracted to the area, over 568 hectares of industrially zoned land is available. By 2032, the population should reach about 250,000.
There really isn’t a “bad” neighbourhood in Kelowna. The many Canadian real estate opportunities in the area include the stunning architecture and unbeatable views of Mission Hill. Upper Mission is a family-friendly community where hiking and biking trails and the lake make it easy to keep active.
Listings in the area range from brand new homes and townhomes to large lots with older homes. It is primarily residential but still close to amenities. The Lower Mission area brings you closer to the beach and is the spot to house hunt if you want a lakefront home, not just a view.
The luxury custom-built homes of Kettle Valley are close to nature and offer views of the lake and valley. Homes tend to be of the executive ilk, but there are also towns and family homes available. You’ll find large homes, lots and views in Crawford Estates where you are close to all aspects of the Okanagan as well as amenities from shopping to wineries.
Southeast Kelowna provides a scenic ride home through the orchards and farmland dotted with wineries and golf courses. It is a drive to the rural ends of town. But Kelowna is still only a few minutes away.
A more affordable area, Glenmore offers a good assortment of condos, townhomes and single-family homes. If you want to be closer to the city centre, Kelowna’s downtown has it all with homes of all sizes right on the lake. You can also choose Dillworth, with its hillside single-family homes and peaceful streets.
If you are looking for that hidden gem, McKinley Landing is a unique lakeside community minutes from the city, with tiered streets that allow every home to take in the stunning views. Older homes on larger lots are the main draw to Glenrosa, while Smith Creek is a newer area sitting peacefully between farms and orchards farther away from the city.
Kelowna’s School District #23 provides schooling for Kindergarten through grade 12. The area also includes post-secondary opportunities including Okanagan College for a long list of programs in the trades and a University of British Colombia campus offering undergraduate and graduate programs.
Getting Around Kelowna
For people getting in and out of Kelowna, the Coquihalla Highway provides a direct route to the lower mainland. The BC Transit system includes bus routes in and around Kelowna while the North Okanagan Regional Transit System connects service to Vernon.
The eco-conscious will appreciate the 300 kilometers of on-street bike lanes and 40 kilometers of separated paved multi-use paths which are accessible all year round thanks to the mild climate of the area. Kelowna’s walkability and bike scores are exceptionally high at 92 and 99 respectively.
Kelowna Real Estate
A small drop in pricing brought the average price for a home in Kelowna for 2019 to $584,793. This represents a meager decrease of 0.012 percent with the Kelowna real estate market expected to see a zero percent residential sales price expectation for 2020. With an eight percent decrease from 2018 to 2019 in the number of sales in the area, a market adjustment should keep things steady.
In December 2019, there was 6.87 months of inventory on the MLS multiple listing services with condos, one-story detached and two-story detached the most popular properties. Luxury home sales have tapered off this year, which could be due to the new speculation tax impacting those with another primary residence, which in turn could affect the purchase sale.
If you would like more information about buying or selling a home in Kelowna reach out to our team today.