Market intel

Millennials are joining baby boomers as the biggest forces in local real estate.

The Mission, West Kelowna Estates and Black Mountain are the hottest neighbourhoods in Kelowna.

And downtown highrise living is desirable.

All these trends, and more, are outlined in the inaugural 52-page Vantage Report just released by Vantage West Realty in Kelowna.

With 23 per cent spikes in the average selling price of single family homes over the past year, West Kelowna Estates, Black Mountain and Mission lead the way in price appreciation.

The average selling price in the Mission is now $977,100, Black Mountain $757,300 and West Kelowna Estates $666,500.

Prices were also tracked for 12 other Kelowna neighbourhoods ranging from Rutland (up 21.7 per cent to $513,000) and Glenrosa increasing 21.6 per cent to $503,000 to downtown up 4.9 per cent to $642,524 and Lakeview Heights up 4.1 per cent to $807,000.

Baby boomers, those aged 51 to 69, who have driven the real estate market for decades now share the spotlight with millennials, those aged 20 to 35, who are also buying homes in droves.

Vantage West owner A.J. Hazzi points to the 21-storey 1151 Sunset Drive condo being almost sold out as an indication of Kelowna’s changing skyline and home buyers desiring downtown highrise living.

He also noted plans for One Water Street, which could see Kelowna’s tallest buildings at 29 and 36 storeys, and the 20-storey Ella condo, as part of the downtown boom.

Hazzi estimates Kelowna’s real estate market cycle is approaching peak and could start to slowdown sometime in the future. physical and cognitive challenges.

Pine Acres used the release of this most recent news to also pay tribute to resident Joan Tailyour, who passed away peacefully last month at age 102.

Tailyour, a veterinarian who loved horses and was an animal welfare advocate, had a horse called Pepi drop by her 100th birthday party at Pine Acres.

“I still have a warm feeling whenever I look at the photo (of Tailyour and Pepi),” said Barry Stemshorn of the Canadian Veterinary Medical Association.

“Thank you for the excellent care Pine Acres Home provided to my elder friend for the past several years. I observed the quality of this care first hand on several visits and was deeply impressed.”