Kelowna
Kelowna is a city present in the southern British Columbia province of Canada. It is located in Okanagan Valley which is on the eastern shore of Okanagan Lake and is surrounded by fine forests, provincial parks, orchids, mountains, and vineyards. This city is very famous as one of the top vacation destinations in Canada. This is also a very good place to live for a year. The cost of living in Canada is almost 7 percent more than average in Canada. This city on average receives almost 0.1 inches of snow during October but this white stuff usually does not hit the ground before the beginning of November.
Real estate outlook for 2021
The real estate market of the city is continuing as a market of sellers in 2021 along with an active year ahead. This real estate market is characterized by a number of growing demands for townhomes and single families away from the big cities. The potential fallout and pandemic due to COVID-19 in the United States, these conditions will continue to drive in the coming year. In 2020, between Jan 1 to Dec 31 average sale price in the city has risen up to almost 5.6 percent to $ 553,175 Canadian dollars as compared to between Jan 1 to Dec 31 in 2019 when this was about $523,832. The real estate outlook for the city is represented by RE/MAX which has shown that in the city it is almost a 5 percent increase in the average sale price to almost $580,833 across all kinds of properties in city.
Are prices increasing or there is a stable outgrowth?
For the very first time in the history of the city, the average selling price of the city has broken to $700,000. The May real estate market statistics represent the average selling price of a city of 327 single-family single-family houses that have changed hands during the month was $703,809. It was only during one year that a huge deal for the average selling price of the single-family houses was made in the city, breaking the amount of $600,000. In average calculations of the houses, the prices of the waterfront houses are not included. In Kelowna, the average selling price of a lakefront house is almost $2.3 million more than 23 percent from an average of $1.9 million about a year ago.
Is the real estate market growing?
In Kelowna city, the average house prices have increased during 2020. The median housing price for all the kinds of houses in the city is %$618,00o Canadian dollars although there is an increase in the average price there was almost 3.9 percent. The real estate association has represented that the year 2020 has ended with an increase of almost 7.7 percent in average housing price than the previous year. The prices of houses will likely to fall due to the uncertainty over the economic path of the city.
