Kelowna Housing Market

We have a very strong seller’s market right now in Kelowna.

There is more demand for houses than supply and prices are back up to highs like 2008.  On average  a house will sell in 41 days for 98 % of the listing price according to the Daily Courier.   Royal Lepage released a house price survey for the first three months of the year and an average two-story home was selling for $631,200, up 13% from the previous year. That is good news if you are selling your house.

With the selling market being so great it is sad to say the rental vacancy rate is horrible at .5 %. Low mortgage rates are expected to help with a steady demand of new homes in Kelowna according to CMHC.  With the low rental vacancies  there has been an increase  in multi-unit home construction, which is a benefit to me being a local builder. I am currently working on a project in West Kelowna called Townhomes for Toys which features our signature oversized garages.  These Townhomes are perfect for our outdoor lifestyle associated with living in  the beautiful Okanagan.

Being a builder in Kelowna and West Kelowna  has had its ups and downs along with the market.  Thankfully we have pulled through the downs to succeed during the ups and hanks to all of our wonderful clients and my hard working employees, we have been able to build plenty of stunning homes. I hope the market continues to help provide employment opportunities and multiple options for housing for residents.

– James Zeleznik