WALKER: Kelowna is experiencing a building boom
By Mark Walker
Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate.
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January 28, 2018 - 10:15 AM
As you drive around Kelowna, or keep an eye on the local news, there’s plenty of anecdotal evidence to suggest that Kelowna is experiencing a building boom - whether you’re driving past a construction site or reading about City Council approving a new development - and stats from the Canadian Mortgage and Housing Corporation (CMHC) back that up.
According to the CMHC, there were 3,577 construction starts in our community last year - making it a record breaking year.
Delving deeper into the numbers, the figures show that of the 3,577 starts, 923 were detached single-family homes, with the remainder - that’s 2,654 units - being condos and apartments. To my mind, there’s every chance 2018 could be the year of the condo in Kelowna, and these numbers add weight to that point of view.
As an aside, around 53% of the units started in 2017 (1,773) are rentals - that’s the most significant number of rentals built in our area in 40 years - something that I believe is good for the overall health of our community.
There are other factors that have the potential to make 2018 the year of the condo in Kelowna as well. For example, consider the recent mortgage rule changes and increase in interest rates. These changes will naturally force some people to look at more cost-effective avenues into the Kelowna real estate market such as condos and apartments.
This is on top of the continued rise of property prices in Kelowna - something I don’t anticipate slowing down anytime soon.
Ultimately, a building boom is a sign of a strong Kelowna real estate market, and that’s a very good thing. If you’re wondering what the current market conditions mean for you, please contact me directly at 250-764-4344 - it would be my pleasure to answer your questions.
— 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.
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