Kelowna Fastest Growing City in BC
What makes Kelowna fastest growing city in BC
It should come as no surprise to those who have been following the trends over the past several years.
Kelowna has long been known as a high priority retirement destination for many people across Canada and overseas. While the BC economy is charging ahead and Kelowna is on the receiving side of outbound migration from the Lower mainland, that is only partially the reason for the forecast.
The fundamental parameters for growth have been put in place in Kelowna over the past few decades including significant investment in infrastructure, health care services and education.
So while many of us who live here now may prefer to keep this beautiful place a secret, the word is clearly out. Kelowna fastest growing city in BC.
What does all this mean for real estate. Well it would be great to say it is all good news and generally it is. For many it is welcome news after a turbulent several years since the global economic crisis. For others, who may still be struggling attempting to recover from the initial crisis and now all of the layoffs from Northern Alberta, it is not such welcome news.
It will mean that we will have predictably sustained upward pressure on housing prices in the Okanagan which can only be softened by creating an oversupply situation. What is unavoidable is the knowledge that Kelowna fastest growing city in BC will continue to bring more people to the region and investors.
Therein lies the problem for Kelowna. It is a valley where much of the developable land has been developed and what remains is largely ALR. The only option is to increase density in the downtown core which had environmental benefits but will always meet with some negative sentiments from existing residents.
In general, our market is seeing increasing pressure this year from buyers coming from Alberta and Vancouver and of course our move up market has always been strong. It is inevitable with the situation where Kelowna fastest growing city in BC.
Many listing are selling in days of hitting the market and there is no doubt that multiple offers will be par for the course in the summer months. That makes me very busy with only a limited amount of time to write, but as always, please feel free to write questions in the comments.