Kelowna real estate is hot property.
Whether you’re looking to buy a home or you have property for sale in Kelowna, these are the 5 things that you need to know right now.
- Inventory is low
There are fewer homes on the MLS in Kelowna right now, which means that this is a seller’s market. Prices are increasing and some of the best homes are seeing multiple offers. This is great news for investors looking to offload property or homeowners wanting to downsize, but for buyers? Well, that leads us to our next point.
- Deals still exist
Kelowna real estate buyers may need to be a bit more patient right now, but there are still deals to be had. The key is to work with a dedicated seller’s agent, prepare for making an offer, and be ready to compromise. If you’re ready to look beyond the shag rug and weeds in the yard, or to consider living in an up-and-coming neighbourhood, you will end up with a better investment in the long run.
- Kelowna is building up
To help address the need for housing, the City has approved many new condo developments and some rental developments over the past couple of years. This will mean greater competition for those looking to sell older condos in coming months. On the other hand, your older condo likely has a lot more square footage so be sure to maximise that. If you’re a buyer, talk to your seller’s agent about the new condo developments in Kelowna and what you need to consider.
- Look to the future
The City of Kelowna has recently announced that they intend to spend more time focusing on making the Capri/Landmark area their newest urban centre. Homeowners in this area may see an increase in infrastructure spending and development in the coming years, so get in while you can!John Hindle Drive will also be completed soon, connecting Glenmore Road to UBC-O and the Kelowna International Airport. Both neighbourhoods will benefit from additional transportation routes and increased demand.
- Kelowna’s zoning changes
As the City looks to build denser communities, they are changing zoning in some neighbourhoods. A property with RU6 zoning can have two dwellings, often in the form of a basement suite or carriage house. The City’s Infill Housing Challenge resulted in the creation of the RU7 zone. This new zone applies to over 700 properties in Central Kelowna, allowing for the construction of two to four units on one property, depending on the lot size and area.
If you have questions about the Kelowna real estate market, please contact the team at Walker Real Estate by calling 250-764-4344.