Think Local  

Buyer preferences evolving in hot market as Kelowna defies country's real estate ways

Valley bucks housing trend

While interest rates are cooling the real estate market in urban centres like Vancouver and Toronto, Kelowna housing prices continue to rise, with the benchmark price for a single-family home hitting $1,112,400 in June, a 15% increase over June 2021.

According to Statistics Canada, Kelowna has the fastest growing population in the country, predicted to grow 14% between 2021 to 2026, and a report by Fundscraper named Kelowna as Canada’s top emerging real estate market. But as Kelowna continues to attract more residents, housing has become and remains a challenge. The Canada Mortgage and Housing Corporation reports that Kelowna has the lowest vacancy rate of any major Canadian city, and according to rental website, Zumper, rents are the third highest in the country.

In Kelowna, townhomes have become an increasingly popular and more affordable option for buyers, particularly families and young professionals. In June, the average purchase price for a townhome in Kelowna was $763,800, a substantial 31% less than a single-family home. Younger buyers are also attracted to the easy maintenance and upkeep that comes with townhome ownership, as well as the security and amenities offered by these types of homes. For investment buyers, townhomes offer strong rental potential, as Kelowna has extremely limited inventory but high demand for three-bedroom homes. One such project that has been recently released, The Nest at Findlay, has already been drawing a lot of buyer attention, with prices starting in the upper $600,000s.

“After our sellout success with our Five Crossings development of studio, one- and two-bedroom smart suites, we wanted to bring something great for families to Kelowna,” Millennial Developments CEO Ryan Tamblyn says. “It’s important that people have the opportunity to own a family home and benefit from not only the security of ownership but have a place to make memories and be proud of. We knew that with townhomes we could bring a quality product that feels like a home should, but at a price point that would be more accessible.”

The Nest at Findlay is a neighbourhood collection of 20 townhomes, all featuring a three-storey and spacious three-bedroom layouts, in a convenient Rutland location next to protected marshlands. The development offers personal garden spaces, a private playground and a covered pergola with BBQ for dining alfresco.

“Because of the two car garages, private decks and fenced yards, The Nest at Findlay really does give that ‘family home’ feeling,” ACE Project Marketing Group director of business development Chad MacTavish says. “We’ve been getting a lot of interest because it’s such a quality product at a really attractive price point in a very up-and-coming, family-friendly area that is great for investment.”

To learn more about The Nest at Findlay, visit www.thenesttownhomes.com or contact ACE Project Marketing Group at 250-300-3981 or [email protected].

This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.

More Think Local articles