3 Key Reasons Why Kelowna’s Future is Bright

BRIGHT FUTURE

Kelowna is a beautiful, thriving city with many things going for it. Over the past couple of decades, the city has experienced incredible growth and the future promises to be just as bright for Kelowna. Of course, nobody knows for sure what the future will hold, but all indicators suggest that the city is going to experience healthy and sustained growth and all the things that come along with it for the foreseeable future, making it a great place to invest in real estate, or to consider relocating to.

Here are just three of the many reason’s why Kelowna’s future is bright for both homeowners and real estate investors.

 

Growing University

UBC-Okanagan opened its doors in 2005 and since then the campus has experienced sustained growth with many graduates passing through its doors. In the coming years, the city will hope to keep an ever-increasing number of those graduates here in Kelowna as greater job opportunities become available. This can only be a good thing for the area as it increases the educated workforce and strengthens the city as a place for families to call home.

The growing post-secondary campuses in Kelowna also mean that there is great opportunity for rental properties, whether it’s condos, carriage houses, or basement suites for students.

 

Flourishing Tech Industry

Speaking of opportunities, Kelowna’s tech sector has been flourishing over the last number of years, becoming increasingly important to the local economy. You may have heard that Disney purchased Kelowna’s Club Penguin in August 2007 for $350.93-million. This trend of a growing and strong tech industry looks set to continue with a new Downtown Kelowna Innovation Centre on the horizon, setting up Kelowna to become Canada’s Silicon Valley.

A burgeoning tech industry brings a greater influx of jobs, many of which may be high-paying, creating an increased demand for luxury real estate in the area. Of course, there will also be plenty of tech-types looking to live among culture and nightlife downtown, and the young families will be looking for a place to call home too.

 

Heavy Investment from the City

In recent years, the City of Kelowna has invested significant sums of money improving Kelowna’s infrastructure and transport links (a good example of this being the ever expanding Kelowna International Airport), amenities and upgrading various areas of town. More recently, the City of Kelowna is continuing its downtown revitalization project on Ellis street. This has coincided with significant outside investment, and the coming years are sure to see further significant investment and development in and around Kelowna.

There are a great deal of reasons to live in this beautiful city, and not only is there much to enjoy today, there’s so much to look forward to tomorrow!

If you have any questions about the real estate market in Kelowna, or need any advice, please contact us.

Kelowna Housing Statistics May 2017

Kelowna housing market statistics

As of May 26, 2017 there are currently 114 properties for sale in Kelowna listed as active, with an average Kelowna housing asking price of $552,729. The highest-priced property is $1,895,000; the lowest priced property can be purchased for $125,000.

Kelowna neighbourhood listings have an average price of $342 per square foot, based on listings with 2.6 bedrooms, 2.6 baths, and 1,637 square feet of living space.

Contact Quincy Vrecko and Associates for more info.

Kelowna Housing

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Downtown Kelowna Revitalization

Kelowna’s luxury real estate market may be our main focus. We like to keep our fingers on the pulse of all developments in the city that we call home! That leads us to a really exciting bit of recent news… The continuing revitalization of Kelowna’s downtown core.

REVITALIZATION WRAPPING UP

Kelowna’s $14-million revitalization project Bernard Avenue completed earlier this year. Bernard Ave is known as downtown Kelowna’s “Main Street” attracting locals & tourists. The City of Kelowna has turned its attention to Ellis Street, between Bernard Avenue and the library parkade (just past Doyle Avenue).

revitalization

UPCOMING REVITALIZATION

Kelowna City Council gave its backing to the Ellis Street Corridor Plan last month. We will see this area of the street become more aesthetically pleasing, more friendly to pedestrians & cyclists. The street has new sidewalks and bike lanes included in the plans.

The Ellis Street Corridor Plan will see new trees, left-turn lanes, Urban Braille to aid the visually impaired and much more. The Ellis Street Corridor Plan will be completed in phases over a number of years, similar to the recent Bernard Ave project.

The timing of this project is excellent with several new buildings in the works. We are expecting to see the Innovation Centre, Interior Health Authority and an expansion to the library parkade with retail space. And that’s just the beginning. Several other exciting projects are in the works for the Ellis Street area. This all comes on the back of a strong period of development for downtown. The downtown core has seen everything from luxury condos to the construction of Stuart Park.

Homeowners within the Ellis Street Corridor Plan area will no doubt be very happy with the planned projects. Property values are likely to increase in what is already a very attractive area! We’re fans of the lovely Abbott Street area just a short distance from downtown. Abbott Street is home to wonderful luxury Kelowna waterfront real estate if this is what you’re looking for.

It is such an exciting time to live in Kelowna! If you’re in the market for a luxury Kelowna home, or you have any questions about the city, please contact us.