No one can argue that Kelowna’s Lower Mission isn’t one of the nicest parts of our city. Anne McClymont Elementary, Dorothea Walker Elementary and OKM are schools that are among the best in Kelowna. There are beaches and dozens of smaller beach accesses along the lakeshore. We might have lost a golf course a while back but the Mission Sports fields with ball diamonds, soccer fields, Olympic sized swimming pool and hockey rinks are as top notch as anywhere else in Canada. What does it cost to live there though and is it worth it?
Prices in Lower Mission (LM), like everywhere else, skyrocketed during the real estate boom then came back down to earth. Looking at the big picture, the 2013 average selling price of a home in LM was $647,000 based on 141 residential sales. Remember that this includes a sizeable amount of lakefront sales so the number might seem higher than what it really is. Ten years ago the average sale price was $345,000 based on 159 sales. Long term LM homeowners have done quite well.
Over the short term though prices peaked in 2008 when the average sale price was $714,000. Things bottomed out in 2011 when the average price was $556,000 but climbed the next two years to $640,000 in 2012 and $647,000 where we were last year. With 74 homes on the market today the market is fairly balanced.
The question home buyers have to ask themselves is how much of a premium to they want to pay to live near the lake. The average sale price last year of a bi-level home in Rutland South was $337,000 and the same house in Lower Mission (non-lakeshore) sold for $434,000. I know there are a lot of other factors involved in buying a home but is it worth a hundred thousand dollars to be able to walk to the Eldorado and Gyro?
Have a great week everyone and thanks for reading.
View Kelowna Lower Mission homes for sale http://www.okanaganbc.com/neighborhood/lower-mission/ or call Andrew Smith directly at 250-979-8066 for my TOP FIVE PICKS. Over 22 years experience helping people achieve their dream of home ownership!