We hear headlines like the central Okanagan home values are up 8.5% year over year and that’s great, but which neighborhoods in Kelowna are driving that appreciation? Which neighborhoods are performing well above the regional average? Whether you’re an investor looking to buy in the hottest little pocket or just a homeowner curious to know how your neighborhood stacks up, this little comparison should be of interest to you.
Before we jump into the top 5 growth neighborhoods, here is a bit of context to give you a frame of reference. The bottom 5 neighborhoods only appreciated by between 4% and 10%.
OK and now for the list. You will note that the top 3 are essentially in a 3-way tie and at 23% price growth. A couple tenths of a percent can be swayed by one or two large sales so for all intents and purposes it is a deadlock for the hottest hood.
- West Kelowna Estates 23.0%
- Lower/Upper Mission 22.9%
- Black Mountain 22.8%
- Rutland 21.7%
- Glenrosa 21.6%
You will be interested to know that these 5 markets are moving up for different reasons:
West Kelowna Estates
West Kelowna Estates has been one of Kelowna’s best-kept secrets for a while now, but with the highly sought-after Mar Jok Elementary plus the long-established Rose Valley Elementary School, young families are flocking to this neighborhood for its lifestyle and relative affordability. Snapping up a mix of west coast contemporary homes built in the 1980’s and the newer homes being built in the Rose Valley neighborhood, the supply and demand dynamics of this neighborhood are extremely strong.
The Mission
Homes in The Mission appreciate on reputation alone. If you’re new to Kelowna and ask someone where you should be looking, undoubtedly the Mission will be on the short list. With lots of new commercial in the south Pandosy Village and some new grocery stops a little further south, the missions only drawback, being far from the things you need is really no longer a thing.
Black Mountain
Black Mountain's spike in average sales price has to do with the bulk of the sales being in the new home category which naturally sell for higher price points. There’s an old saying that all boats rise with the tide, so as these more expensive homes increase in price, so too does the older stock.
Rutland & Glenrosa
Rutland and Glenrosa trade on affordability. The large jump in price is attributed to the fact that many first time buyers or buyers coming in from less expensive markets will focus their attention on the only neighborhoods where $500,000 can still buy a house with a decent sized yard and room to park some toys. These neighborhoods offer a great sense of community and are quickly shaking their reputations for being on the wrong side of the proverbial tracks.
If you like this kind of information and are interested in viewing the complete Vantage Report which contains plenty more insight into our local market, you can view it for free here.
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