Buyers’ preferences evolve in the hot market as Kelowna challenges the country’s real estate ways – think local

As interest rates cool the property market in urban centers like Vancouver and Toronto, home prices in Kelowna continue to rise, with the record price for a single-family home hitting $11,12,400 in June, a 15% increase from June 2021.

According to Statistics Canada, Kelowna has the fastest population growth in the country and is expected to grow by 14% between 2021 and 2026, and a report by Fundscraper named Kelowna as the best emerging real estate market in Canada. But as Kelowna continues to attract more residents, housing has become and remains a challenge. The Canadian Mortgage and Housing Authority reports that Kelowna has the lowest vacancy rate of any major Canadian city, and according to rental site Zumper, rents are the third highest in the country.

In Kelowna, apartment homes are becoming an increasingly popular and affordable option for buyers, especially families and young professionals. In June, the median purchase price for a home in Kelowna was $763,800, which is 31% lower than a single-family home. Younger buyers are also attracted by the ease of upkeep and upkeep that comes with city home ownership, as well as the security and amenities that these types of homes provide. For investment buyers, condominium homes offer strong rental potential, as Kelowna’s stock is very limited but three-bedroom homes are in high demand. One of these recently released projects, The Nest at Findlay, has already caught a lot of buyer’s attention, with prices starting at the top of $600,000.

“Following our successful sale with our Five Crossings development of studio, one- and two-bedroom smart suites, we wanted to bring something great for families to Kelowna,” says Ryan Tamblyn, CEO of Millennial Developments. “It is important for people to have the opportunity to own a family home and benefit not only from the security of ownership but to have a place to make memories and be proud of. We knew that with cottages we could offer a quality product that feels like home, but at an easily accessible price point.”

The Nest at Findlay is an adjoining group of 20 cottages, all in spacious three-story, three-bedroom layouts, in a convenient Rutland location next to a sheltered moorland. The project offers personal garden spaces, a private playground and a covered pergola with BBQ facilities for al fresco dining.

“Because of the parking garages, private decks, and fenced yards, The Nest in Findlay really gives off that ‘family home’ feeling,” says Chad McTavich, Director of Business Development for the Enterprise Marketing Group at ACE. Really attractive in a very up-and-coming area, family friendly and ideal for investment.”

To learn more about The Nest in Findlay, visit www.thenesttownhomes.com or contact the ACE Projects Marketing Group at 250-300-3981 or [email protected].

This article was written by or on behalf of the sponsor customer and does not necessarily reflect the views of Castanet.

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