Photo courtesy: TourismKelowna.com – Delta Grand Okanagan Resort Kelowna
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.
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.