It’s no surprise that investing in Kelowna real estate is on the rise. Dubbed the Hawaii of Canada, the climate in Kelowna is one of best in the country making this area highly desirable.
This incredible city has transformed from a small resort town to a vibrant city. With a population of over 127,000 and growing, Kelowna is attracting people from all over the world with great job opportunities and those looking to retire in this beautiful city. The summer months brings sun seekers out to enjoy the beaches of Lake Okanagan. This influx of residents and visitors makes investing in Kelowna real estate a good idea.
Investing in Kelowna real estate is on the rise and for good reason. With the vacancy rates at all time lows, growing tourism industry and influences from other real estate markets, it is the best time to be investing in Kelowna Real Estate. Here are some things to consider when choosing the right investment property:
1.Invest in land in areas of redevelopment
Kelowna is a growing city and some of the older areas of town are under redevelopment. The city is encouraging this development and have been rezoning these “inner city” communities to allow for higher density making it desirable for developers. These areas include:
- Kelowna North
- Kelowna South
These areas are sought after by Kelowna developers for the proximity to amenities and Lake Okanagan which positively affects values. The investment properties with the best potential are larger lots with older homes. These can be rented out to cover costs and kept as a holding property for future development. These lots are desirable for Kelowna developers who are subdividing and building downtown luxury homes selling for over 1million. Unlike many major city centres, these inner city areas are transforming and they have strong potential for a great return investment.
2.Summer vacation rentals in Kelowna
Kelowna is a destination spot for summer vacation. Kelowna’s population triples in the summer and for good reason. The soaring temperatures, beautiful landscape and crystal blue lakes makes this one of the most sought after areas for summer vacation. With the strong demand on accommodation, summer vacation rentals go for a premium during the summer months.
The most desirable properties for summer vacation rental offer amenities like pool and recreational and is close to restaurants and the shores of Lake Okanagan. While some of these properties rent for $3,000 a month in the off season, they could rent for $3,000 a week in the summer months.
3.Kelowna waterfront properties
If your plan is to retire in Kelowna, explore of the shores of Lake Okanagan and invest in a Kelowna Waterfront property. Kelowna waterfront properties have always been considered as prime real estate in Kelowna and has continued to hold it’s value. To be able to secure a Kelowna waterfront property, the price tag starts at 1.6 million. However, history shows buying on water is a solid investment. With property values on the rise, it would be a good investment to buy a Kelowna Waterfront property. A Kelowna waterfront property can bring in a strong rental income while is appreciates in value.
Kelowna’s real estate market continues to grow with a positive forecast for the coming months. According to Statistics Canada, Kelowna is the fastest growing city in BC, and for good reason. Amazing wineries, beautiful landscape, crystal blue lakes and sandy beaches makes this four-season playground one of the best cities in Canada.
To learn more about investing in Kelowna real estate, contact Quincy Vrecko and Associates. This award-winning Kelowna real estate team is a group of professional real estate agents. They are focused in finding their clients the right properties, for the right price. Contact us today 250-863-8810!