There are a number of current market conditions that make luxury real estate in Kelowna a Sound Investment opportunity.
Our Kelowna realtors often get asked if luxury real estate in Kelowna is still a good investment. Our answer is a resounding ‘Yes.’ Of course, it depends on what you’re looking for, but if you do your homework, you’re sure to find some great opportunities on the local market.
There are a number of factors at play that make the current conditions appealing to certain segments of investors. Some of these include:
- Low Canadian dollar
- Low mortgage rates
- Slumping oil prices
For foreign investors, and for Canadians who were considering investing in luxury real estate south of the border, the low loonie instantly makes investing locally an attractive option. And should you require financial backing, lending rates are close to all-time lows.
To learn more about how the Canadian dollar is affecting Kelowna houses for sale, read our post: How Is Luxury Real Estate in Kelowna Affected by the Low Loonie?
Demand for Waterfront is Rising
If you look around at prime real estate in Kelowna, and further afield in the Okanagan, there’s only so much to go around. This is particularly true of high-end waterfront properties. While luxury developments continue to spring up, there is a finite amount of waterfront real estate available. This makes it a desirable investment because it:
- Is likely to appreciate over other types of real estate
- Provides a lifestyle opportunity, as well as an investment opportunity
- Will garner interest should you decide to sell at a later point
More for Your Investment Dollar
Compared to the luxury real estate markets in centres like Vancouver and Toronto, your buying power will go a lot further in Kelowna. Real estate prices have skyrocketed in those cities, while they have continued to rise at a more modest rate in the Okanagan.
For instance, in certain parts of Vancouver at the moment, $1 million might get you a townhouse or an apartment. In Kelowna, you could easily find a large, well-built family home in a desirable neighbourhood with things like:
- Large yard
- High-end appliances
- Detached garage
Kelowna Continues to Grow
As the Interior’s largest city, Kelowna already has a lot going for it. It is a vibrant community with plenty of arts, culture, amenities, outdoor opportunities and an international airport nearby. It also boasts steady economy that includes a nice blend of:
However, the area is also becoming known for its burgeoning tech sector. Coupled with increasing opportunities for post-secondary and professional training (i.e. UBC Okanagan, Okanagan College and other trades schools), Kelowna and the surrounding region appear destined to grow and prosper.
Solid Long-term Investment
Even in light of the recent fall of oil prices, or looking further back to the financial downturn in 2008, luxury real estate in Kelowna still remains a good long-term investment. If you look at the big picture, and go back 30 years, real estate is still valued much higher than it was.
Are you searching for luxury real estate investment opportunities in Kelowna? The expert realtors at Quincy Vrecko & Associates have a team dedicated to upscale listings. Call us to discuss your property investment goals.