3 things you need to know about the real estate market in Kelowna
If you have a passing acquaintance with this column and/or the Kelowna real estate market, you likely know that inventory is slim right now. However, demand remains very high. This combination of limited supply and robust demand is leading to increased prices.
Indeed, we’re seeing multiple offers and bidding wars on some properties.
However, there are also some other things you should know about the local property market. Here are three things you need to know about the current Kelowna real estate market... 1. The sky’s the limit In recent years, the City of Kelowna has approved a number of new condo developments and some rental developments with the goal of easing Kelowna’s need for housing.
Of course, these projects take time to be constructed and come into existence, but, over the coming months, we’re likely going to see stiffer competition for those looking to sell older condos as newer units join the market. On the flip side, many older condos have a larger floorplan than their modern counterparts, which can be an important selling feature.
Whether you’re buying or selling, you should be aware that there’s new inventory on the horizon. Talk to your agent to see what this means for you. 2. The City of Kelowna’s zoning changes Part of the City’s efforts to address Kelowna’s need for housing is the Infill Housing Challenge. In short, the City of Kelowna is looking to build denser communities.
You may be familiar with RU6 zoning — a property with this zoning can host two dwellings, typically a carriage house or basement suite. However, the city’s Infill Housing Challenge led to the creation of the RU7 zone. In this zoning, which applies to more than 700 properties in Central Kelowna, two to four properties can be built on one property (depending on the area and lot size, of course).
We’re seeing increased prices for properties that fall under the RU7 zoning. Be sure to check if yours is one of them! 3. The future is coming The future is a tricky thing to predict, especially when it comes to real estate, and nobody has a crystal ball. However, you can look at evidence and data to come to an educated opinion. For example, the City of Kelowna recently announced that they will be focusing on fostering a new urban centre in the Capri/Landmark area. This future increase in development and infrastructure spending, may lead to a long-term jump in property values in the area.
The same goes for the areas connected by the soon to be completed John Hindle Drive; the road will connect Glenmore Road to UBCO and Kelowna International Airport. If you’re thinking of buying, these areas may present great opportunities for you.
We would always advise working with a top quality real estate agent, but in this kind of market, it can take on even greater importance. You want to work with someone who is knowledgeable, skilled and offers a high-level of service.
If you have any questions about the local real estate market, please feel free to contact me directly by calling 250-764-4344. It would be my pleasure to serve you.
Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate. His organization runs KelownaProperties.com Kelowna’s most comprehensive real estate search tool. Walker Real Estate specializes in retirement properties, and you can contact their office at 250.764.4344. Mark Walker’s column appears here every two weeks.