Kelowna Among Canada’s Top Emerging Real Estate Markets
Kelowna’s skyrocketing real estate market may be old news to area residents, but it was named one of the top three emerging real estate markets in a report released Tuesday.
An online real estate investment marketplace, Fundscraper, claims to have analyzed key performance indicators such as population, GDP per capita, employment, income and house prices to determine which Canadian cities have the potential. of the most promising growth and investment.
Kelowna came out on top while Saskatoon, Sask., and Barrie, Ont., rounded out the top three.
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“The national real estate discussion tends to focus almost exclusively on Toronto and Vancouver, with the occasional mention of other major cities. But as these markets continue to thrive, they are becoming more expensive and perhaps unaffordable for a growing segment of them. are looking to invest or live in these cities,” Fundscraper CEO Luan Ha said in a press release.
“Fortunately, Canada has many smaller markets with high growth potential that offer strong fundamentals and well-priced investment opportunities. In particular, Kelowna has become one of our markets to watch, due to its high employment rate and the strength of the construction and healthcare sectors.
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They say those things aren’t about to change, noting that Kelowna has 1,411 construction and development companies.
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Additionally, Fundscraper said the region has a strong retail sector and a robust healthcare economy, focused on both services and research and development.
In the summer of 2021, the median price of a single-family home in Kelowna topped $1 million for the first time, according to a Royal LePage listings survey. This was an increase of more than 22% over the previous year.
READ MORE: British Columbia appraisal records show the value of assessed properties in Metro Vancouver in 2021 increased by 10%
The median price is the median valuation of all homes sold, rather than the average.
According to BC Assessment, the estimated value of the typical Kelowna home in 2022 as of July 1, 2021 now sits at $869,000, a 34% increase from $650,000 in 2021.
Homes in West Kelowna have a typical assessed value of $856,000, up 34% from last year’s assessment of $632,000 and Lake Country now has a typical assessed value of $886,000, up compared to $672,000, an increase of 32%.
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