Hot Kelowna real estate market draws value buyers from Lower Mainland
KELOWNA, B.C. As condominium prices continue to climb in Vancouver many are looking to Kelowna as a more affordable option. Industry experts throughout Canada are naming the growing city one of the country’s top places to invest.
The average price for a condo in Vancouver has risen to $753,500 as of October 2017 according to information gathered from MLS listings by vancitycondoguide.com. This is well over the average condo price of $399,783 in Kelowna as of third quarter sales for 2017 (Royal LePage House Survey report).
Recently Kelowna has been hailed as a next great development hub by Colliers International, the number one place to invest by Western Investor and was included in the 2017 Re/Max Recreational Property Report as a featured location. Sitting at 70 per cent sold after less than two months, ELLA is a shining example of Kelowna’s hot real estate market.
“A number of our buyers have been investors,” says Randy Shier, president of Mission Group. “With people being priced out of the Vancouver market it’s no surprise they are choosing Kelowna as an alternative. It’s a beautiful city with a wealth of potential and ELLA’s location in the downtown’s Bernard District is highly sought after.”
According to Colliers International Canada Cap Rate Report Kelowna currently has an annual population growth rate of over 3.1%, making it one of the fastest growing metropolitan areas in Canada. The recently opened Okanagan Centre for Innovation and Interior Health Authority buildings are expected to bring nearly 1,500 jobs to downtown. Currently more than 1,900 multi-family residential units are under construction or in the planning stages within one kilometer of Kelowna’s downtown waterfront, including Mission Group’s ELLA. These residences are anticipated to house over 4,300 residents over the next five years.
Growth in Kelowna can also be attributed to the presence of the University of British Columbia’s Okanagan campus, the ever expanding Kelowna International Airport and the Kelowna General Hospital, which is the largest hospital outside of Vancouver. UBC Okanagan enrolls more than 9,000 students from all over BC, across Canada and 80 other countries. The Kelowna International Airport serves 1.6 million passengers annually, offering more than 60 daily non-stop commercial flights with nine airline partners. It is the 11th busiest airport in Canada with a total economic impact of 4,545 jobs and $789 million in total economic output to the province of British Columbia.
The Re/Max 2017 Spring Market Trends Report shows that housing demand has slowed in Greater Vancouver in 2017 compared to 2016. Spring market trends indicate that buyers from Vancouver and as well as other provinces continue to fuel activity in Kelowna, particularly in the upper-end of the market due to affordability.
“We chose ELLA because we love Kelowna,” says Michael Reid, an ELLA condo owner from Vancouver. “The Okanagan is stunning and Kelowna is a lovely city nestled next to the lake with lots of trendy shops, breweries, wineries and everything you imagine when you think of the Okanagan. ELLA’s location downtown put us right in the action, it’s great.”
The high-rise includes a boutique collection of 116 contemporary condominiums with studios starting from the mid 200s, two-bedrooms start from the low 500s and the luxury two-bedroom with den corner homes start from the low 800s. Its highly central location within the Bernard District gives ELLA a Walk Score® of 97 out of 100, putting it within walking distance of the new Kelowna Yacht Club and the recreational City Park, waterfront boardwalk and Okanagan Lake. The City’s Queensway Transit Exchange is also located within short walking distance, offering convenient transit options to the rest of Kelowna.
As the homes start on the sixth floor, every home will have a view, with lake views from southwest to northwest. All decks are private and spacious and lake-front vistas are amplified through large windows.
Construction on the building itself is expected to begin in early 2018. For more information on ELLA register at http://liveatella.com or book an appointment at the sales centre by calling 778.215.6788 or emailing firstname.lastname@example.org.
About Mission Group http://www.missiongroup.ca/
Headquartered in Kelowna, Mission Group specializes in residential and commercial real estate development and construction. Each Mission Group community is given careful thought and consideration long before construction begins. Their goal to create and nurture homeowner relationships, as well as their modern and well-built designs, has earned them numerous industry awards over the years. These include the Canadian Home Builders’ Association Tommie Gold Awards for Excellence in Creating a Low-Rise Multi-Family Development (2016), Excellence in Semi-Detached or Town-Home Development (2016), Built Green B.C. Builder/Renovator of the Year for Winsome Hill in 2012 and Multi-Family Builder of the Year (2014).