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WALKER: 2018 could be the year of the condo in Kelowna

Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate.
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December 30, 2017 - 12:00 PM

 


OPINION


Happy holidays and thanks for reading my column this past year - I wish you all the best for the festive season and the new year ahead!

Speaking of 2018, I believe it is going to be the year of the condo in Kelowna. What do I mean by that? As we move through the year, I expect to see Kelowna condos become more and more attractive to buyers and investors.

This will be driven by two core factors. The first is the rising cost of housing. Recent analysis from the Royal Bank of Canada reveals that Canadian real estate is at its most ‘unaffordable’ for 27 years (since 1990), and at the time of writing, I don’t anticipate that this will change anytime soon (especially with interest rates expected to rise next year too).

The second factor is that Kelowna will remain a very attractive place to live. This will ensure a continued and steady demand for Kelowna real estate.

As more and more people move to our area, many of those folks will look to condos for their housing needs. Not only because condos represent the most accessible avenue to get into the local market, but because there are a number of very cool condo developments set to hit the Kelowna real estate landscape.

Personally, I believe there's still value to be found in the Kelowna real estate market across the board - including single family residential homes (one of our areas of specialty). By way of comparison consider our housing prices to those in Vancouver or Toronto. At the end of the day, Kelowna real estate prices remain relatively affordable.

However, as we head into 2018, I believe we’ll see greater activity in the condo sector of our market. What do you think will 2018 be the year of the condo in Kelowna? I’d love to hear your thoughts.

Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate. His company runs the website KelownaProperties.com - Kelowna’s most comprehensive real estate search tool - and KelownaCondos - your source for all you need to know about condos in Kelowna.

— Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate. His company runs the website KelownaProperties.com - Kelowna’s most comprehensive real estate search tool. Mark Walker’s column appears here every two weeks.


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