The real estate market in Kelowna is at the starting point of an upward trend in the property cycle. And with good reason. A variety of factors have combined together to lead to this phase. But before that, the data which shows that the Kelowna housing market is on a roll:
- In 2014 the Kelowna property market witnessed an increase of 23% in unit sales over the previous year.
- February 2015 sales were up 34% over February 2014.
- February 2015 sales were up 53% over January 2015.
- The pickup in sales was not accompanied by a commensurate increase in inventory. Consequently, the days on market for the listed properties decreased by 16% in 2014 as compared to the previous year.
There are several reasons for this sharp increase in units sold. The Kelowna property market has all the right ingredients to make it one of the most desirable destinations for homeowners. Among several other attributes, the Kelowna housing market is blessed with:
- Climate – Located in the rain shadow of the Cascade Mountains, with the Sonora desert immediately to the south, Kelowna enjoys long summers and relatively mild winters.
- Educational institutions – Kelowna has a number of elementary, middle and secondary schools within the public school system. Additionally, in 2005 the Okanagan campus of the University of British Columbia was opened there. Between UBC Okanagan and the Okanagan College, Kelowna Campus, there are over 13,000 college students in this city.
- Facilities for sports and recreation – Given its location, Kelowna has extensive facilities for summer and winter sports. Additionally, there are several special facilities for those over 50.
- Okanagan Lake – Located mid-way on the 110 km lake which runs from North to South, Kelowna has the advantage of offering sandy beaches, water sports and a fantastic view all year round.
- Orchards and vineyards – Kelowna is surrounded by vineyards and there are 25 wineries in the immediate area.
With all these positive influences, a sustained surge in prices is around the corner. But the increase in prices will not be uniform across houses, condos and townhouses. Neither will it be uniform across the different localities in the city. In fact, if you’re looking for Kelowna condos for sale, the Kelowna property market has its vagaries and it is very easy for a buyer to make a wrong decision and get saddled with an unsaleable property. Prospective buyers also need to take into account that purchasing a property is a complex matter and the following factors need to be considered before finalizing a purchase:
- Are the Title deeds in order?
- Is there a lien on the property?
- Is the Real Estate Contract in order?
- Have you used an independent and reliable Property Inspector?
- Have you considered all the costs involved – property taxes, insurance, repairs etc.?
- Is your mortgage rate variable or fixed? What are the implications of each?
There are a number of buyers who miss out on these basic precautions. With the Kelowna property market already turning into a seller’s market in some areas, the buyer may be pressurized into making a hasty decision which may cost him thousands of dollars or worse. It is highly advisable that the buyer get the most experienced help and advice so that he can make an informed decision.
Source of property sales data for reference: