December 31, 2016
Kelowna/Central Okanagan Real Estate Review for 2016
Kelowna is the hub of the Okanagan Valley and is one of the fastest growing cities in Canada in part because of it’s vibrant economy, world renowned University of British Columbia Okanagan, exceptional amenities, 90 mile lake, numerous prestigious golf courses, internationally recognized ski hills and mild climate. Kelowna has a rapidly expanding high tech sector, including aerospace development, video game development and IT services, which is bringing more and more business from the Silicon Valley, US up to the Okanagan Valley. Kelowna also has a viable tourism industry, light industrial, forestry and manufacturing industries which contribute to the robust economy.
The world known University of British Columbia Okanagan is located in Kelowna. It has over 8,000 students and is expected to double in size in the next 10 years. There are 8 faculties and schools with over 1.5 million square feet of buildings located on a gorgeous 516 acres campus mere minutes from the Kelowna International Airport. This premier university attracts students from all over the world. It even garnered the attention of Prince William and the Duchess of Cambridge, who visited the UBCO campus this past Fall.
The Kelowna General Hospital, located in the Kelowna South area of Kelowna, is one of the largest hospitals in Western Canada and the only hospital in British Columbia outside the Lower Mainland or Vancouver Island that preforms angioplasty or cardiac surgery. Construction of the new six story Centennial Tower began in 2008, part of an $800 million capital investment in health care for the Central and North Okanagan since 2007. The project was completed May 2012.
It is no wonder with the growth and vibrant economy, that Kelowna’s real estate market has become a hot commodity! Savvy investors across the globe are taking serious note of the huge profit potential in the Okanagan. Sales volumes are up 46.32% for 2016 over 2015. Sold properties are up 27.93% and active listings are down 24.17% which is further pushing prices up due to supply and demand. The following are average real estate prices in the Central Okanagan:
Single Family Homes $610,573
With an abundance of natural resources, top schools, low crime rate and viable economy; Kelowna is a prime real estate heaven for investors across the globe. For more information on the Kelowna real estate market and exclusive real estate investment opportunities, please contact:
Lake Okanagan Realty Ltd.
Tel: (250) 870-2792