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Kelowna  

Kelowna ripe for investors

The last word you might expect to hear about Kelowna's housing market is affordability.

But, if you're an investor with deep pockets, the prospect for profit is good, according to Canadian Real Estate Wealth magazine.

Kelowna has made the publication's fourth annual Top 100 Neighbourhoods for 2016 list.

So have Winfield and Vernon.

The list looks at factors including population and population growth, average price, annual price growth, vacancy rate, average rent, local economic barometers and infrastructure.

"Price appreciation is the name of the game for British Columbia's real estate market," the magazine stated in a news release sent out Friday.

Editor Vernon Jones said the list suggests that, even with high acquisitions costs for some communities, value for property investors remains.

One of the factors cited by authors of the report is growth, including downtown projects, such as the Interior Health building, Centre for Innovation, plus construction of John Hindle Drive linking Glenmore with UBC Okanagan.

The magazine leveraged data from the Teranet – National Bank House Price Index and industry analysis to form its rankings on price appreciation, yield and rental values.

Meanwhile, commercial sales in Vancouver are hitting levels not seen in several years.

In a report produced by ReMax, the second quarter of 2015 saw 591 commercial property sales, making it the busiest quarter in the past five years.

"While commercial real estate activity in most of Western Canada has been dampened by the drop in oil prices, investor confidence has remained high in Greater Vancouver," said Elton Ash, vice-president with ReMax of Western Canada.

"Land is in highest demand from local companies looking at long-term opportunities."

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