Construction of high-rise condo towers in downtown Kelowna is making the city the best place to invest in real estate in Western Canada, according to business magazine Western Investor.
(ROB MUNRO / iNFOnews.ca)
November 13, 2019 - 3:30 PM
With its booming construction industry, Kelowna has been named by a business magazine as the best city in western Canada to invest in property in 2020.
There’s no shortage of cranes gracing the downtown Kelowna skyline with a dozen high rises under construction along with commercial and industrial sectors scrambling to meet the demand.
“Kelowna is the 53rd most populous city in Canada but the Kelowna airport is the 10th busiest airport in the country, a telling statistic for a city that Western Investor has selected as the No.1 town for real estate investors over the next 12 months,” states a Western Investor article published on Nov. 12.
Some of the impressive Kelowna statistics the article lists include:
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12 new multi-family towers under construction
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An office vacancy rate of 4.9 per cent, down from 6.5 per cent a year ago
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312,600 square feet of new office space under construction with 3.9 million square feet in the city
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An industrial vacancy rate of 0.7 per cent with 180,000 square feet under construction
Prince George was listed as the second-best city to invest in real estate in western Canada, followed by Chilliwack, Lethbridge and Moose Jaw.
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