More million-dollar neighbourhoods
Average home price in Southeast Kelowna, Lakeview Heights passes $1-million mark
Almost overnight, Lakeview Heights and Southeast Kelowna have become million-dollar addresses, while the Mission has slipped below the milestone.
The winter 2017 report by Kelowna’s Vantage West Realty lists average selling prices of singlefamily homes in 15 neighbourhoods.
The priciest is Southeast Kelowna where the average selling price hit $1.1 million this season, up 17 per cent from the $943,470 setting last year.
The rural and semi-rural region boasts lots of palatial homes with views on acreages, which pushes up average selling price.
Meanwhile, on the other side of Okanagan Lake, as the name indicates, Lakeview Heights also boasts vistas of the water and big, luxurious homes.
It all results in the average selling price of a single-family home there coming in at just over $1 million, a 23.5 per cent hike from last year, when a home would put you back $834,707.
The figures make Lakeview Heights and Southeast Kelowna the city’s newest, and only two, million-dollar neighbourhoods.
The only million-dollar address from last year, the Mission, lost ground.
This season the average selling price of a single-family home in the Mission is $933,587, a 6.8 per cent slide from the setting of just over the cool million last year.
However, the Mission is still a tony and desirable location.
Average prices fluctuate depending on the mix of homes, how new, how big and how well kitted out they are in any given time.
And averages are just that, averages, so there will always be homes selling for more and less than the average in every neighbourhood.
In all of Kelowna, 2017 ended up with an average selling price for single-family homes at $735,523, up 8.8 per cent from the $675,838 of 2016.
Over the same period, townhouses throughout the city climbed in price 9.1 per cent from $423,163 to $461,742.
Condominiums saw the steepest price escalation at 13.7 per cent to $329,522 from $289,713
“Kelowna is still very much a seller’s market,” said Vantage West broker A.J. Hazzi.
“I believe we are entering into the third trimester of a boom phase. This will last 12 to 18 months before the supply and demand dynamics shift back in favour of the buyer.”
Hazzi also sees downtown booming with the construction of the 1151 Sunset Drive condo tower nearing completion and building about to begin on three more condo highrises — Ella, One Water Street and Ellis Parc.
“We have some of the most desirable real
estate in Canada, with a lifestyle that suits the two largest demographics in history — boomers and millennials,” said Hazzi.
“A well-located real estate holding in the Okanagan will be one of the safest, most lucrative investments over the next couple of decades.”
The winter 2017 Vantage report is being delivered free to 20,000 homeowners in Kelowna and is also available from local realtors or online at TheVantageReport.com.
The 12 other neighbourhoods listed in the report with 2017 single-family home average selling price followed by the 2016 setting and the percentage change: — Westbank: $550,760, $435,089, 26.6 per cent — Rutland: $543,292, $464,498, 17 per cent — Shannon Lake: $674,487, $580,375, 16.2 per cent — Glenrosa: $519,143, $457,385, 13.5 per cent — Glenmore: $675,546, $610,788, 10.6 per cent — Lake Country: $812,665, $743,351, 9.3 per cent — Dilworth Mountain: $832,096, $767,237, 8.5 per cent — West Kelowna: $653,511, $606,963, 7.7 per cent — Black Mountain: $690,541, $646,160, 6.9 per cent — Peachland: $624,347, $588,429, 6.1 per cent — University: $736,643, $702,583, 4.9 per cent — Mission: $933,587, $1 million, down 6.8 per cent — Downtown: $682,257, $734,154, down 7.1 per cent