A report released on Monday, August 21st, is showing that the Kelowna real estate market is nearing its peak.
Average sale prices in some Kelowna neighbourhoods are nearing million dollar price points, putting year over year increases into the double digits.
The Vantage Report, released by Vantage West Realty Group, names several Kelowna neighbourhoods to watch in the future.
The most popular neighbourhoods are Black Mountain, Lower and Upper Mission, and West Kelowna Estates, which saw year over year increases of 23%, and are expected to see continued growth.
“With a beautiful golf course, access to a network of trails, green spaces and close proximity to Big White Ski Resort, we can expect to see Black Mountain continue to thrive,” says realtor A.J. Hazzi, who authors the semi-annual Vantage Report. “In The Mission, properties are selling faster, and for more money, across all property types.”
Hazzi says that the Lower and Upper Mission area has been popular with “cashed up Vancouver and Alberta buyers,” as property values reach million dollar price points.
The Vantage Report highlights a downsizing trend in home size in Kelowna’s luxury market, with homes ranging from 3,500 to 4,500 square feet.
Of all luxury properties currently selling over $1 million, more than half are the executive-style new homes typically found on the hills with beautiful views in tow.
Several areas are expecting additional developments, expected to result in further growth, such as Prospect at Black Mountain, as well as Gyro Beach Townhomes, Sienna at Sarsons, and The Ponds in Mission.