How does Kelowna compare?
The basis for these comparisons has always been to look at other beautiful destinations around the world.
This year, I am going to look at four-bed single family homes, lake view or golf course - in other words, resort orientation which is really what Kelowna offers in terms of lifestyle.
In the past, forum participants have complained that the cities I compare houses to offer much better job prospects so it is a misleading comparison. Fundamentally, I disagree, largely because the majority of people moving into Kelowna are not moving here because of job prospects, they move here because it is a beautiful place to live and invest their retirement or investment funds. With those parameters in place, the comparison makes sense.
What I decided to do was to look at a heavily weighted US scenario because we keep hearing about the state of the depressed housing market in the US. I have expanded to a few other resort areas for comparison also.
So lets take a look at the table and see how we stack up against the rest:
It became quite clear that Kelowna, still has an incredible amount to offer the savvy international investor. It offers a more than comparable lifestyle to the locations compared and quite frankly never has been “over-priced” as a destination. Given that the value of US real estate has tumbled, the extrapolation that the same will happen here is such wild conjecture that can be discounted completely in my humble opinion.
What we are seeing in Kelowna is that the resale properties are selling for very close to construction price at or around $220 per square foot.
I ensured that I did not select the least expensive Kelowna comparisons and neither did I select the most expensive comparables in other regions. In some instances it was difficult to find a golf course property or a 4 bedroom home in places like Montenegro but the variance is so large as to be able to extrapolate that we are still great value for money and will be for some time now.
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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet presents its columns "as is" and does not warrant the contents.
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