Get the lowdown on Kelowna's new RU7 Zoning and what to expect from Kelowna's Real Estate Market in 2018.
Have you checked out our latest edition of The Vantage Report yet? If you haven't received one of the coveted Vantage Reports in your mail box this past week - the full version is also available right here, online! Click Here To Read.
Our latest report is packed with statistics specifically related to the Kelowna housing market in Q3/Q4 of 2017. Throughout the 56-page report, we reflect on what's happening in the marketplace and make well-informed predictions about the type of real estate market we're likely to see in the months to come!
There are 15 Kelowna neighbourhoods discussed in the report - From Lake Country and the University District to Glenrosa and Black Mountain, our detailed community reports will help to educate you on what's happening in each specific neighbourhood. This last year saw housing prices increase steadily in most areas, and communities like Westbank and Lakeview Heights saw massive increases in the average single-family home sale price - well over 20% year over year.
Our business-friendly region has without a doubt attracted well-deserved attention. Young talent is moving to our city, and certain neighbourhoods like the Downtown Core are reaping the benefits. We discuss which other areas are inspiring skilled professionals to put down roots. The demographic force of the baby boomers and their increasing interest in the Downtown condo market is also examined. We look at just how popular our region is to those from the Lower Mainland as well as Albertans looking to downsize and warm up. We consider the increasing number of strata titled luxury units and list some of the new features and amenities that discerning buyers are looking for in a home.
Also discussed are construction projects that have yet to break ground, as well as buildings on the verge of occupancy. The completion of new units in certain neighbourhoods is expected to impact the rental market, and in our report we offer prudent advice to investors who own property in these areas. The RU7 zoning change and the resulting construction of infill multi-family properties have continued to change the landscape of the downtown core; we specify how builders can make a profit on these small lots and discuss what types of buyers are purchasing these homes and how demand will continue to dwarf supply.
Although this issue is forward focused, we reported on the aftermath of the Okanagan Lake floods last summer. The harshness of Mother Nature coupled with inconsistent government rules has caused quite the legal quagmire for some Lakeshore homeowners! Which feature articles from our mortgage brokers - you will find information about what to expect with mortgage interest rates in both the short and long term. One of the most informative features is a discussion surrounding the real estate market and which phase of the real estate cycle we are currently experiencing in Kelowna.
Whether you're looking for an investment property, hoping to relocate to our beautiful city or you just like to stay informed about the Kelowna real estate market, we hope you thoroughly enjoy reading The Vantage Report! Part of our mission is placing our client first, and one of the ways we do this is by providing you with up to date information. If you find The Vantage Report useful, please feel free to pass it along to a friend.