Kelowna
Kelowna is a Canadian city located in the south of Canada, British Columbia. It is present in Okanagan Valley Lake. This beautiful city is surrounded by many pine trees, orchards, vineyards, wonderful provincial parks & mountains. The downtown area of the city incorporates a lakeside cultural district and waterfront city park.
Kelowna is a perfect place to live. It has a collection of amazing & unique neighborhoods, each having its own desirable amenities. But the overall wonderful lifestyle, access to recreation, and the weather are shared by all of them.
Moreover, Kelowna is one of the most affordable cities in Canada. It has many job opportunities and is a great place to work. So, if you have any plans of moving to Canada, you must consider Kelowna.
Average Housing Price in Kelowna
The condition of the seller’s market in Kelowna is expected to continue in the real estate market of the city in 2022, these conditions are prompted by the tight housing supply. In 2022, the fewer rates could also play an essential role for the buyers, specifically, there is a possibility that the real estate market can see a flurry of buyers rushing to buy in the new year to enjoy the benefits of lower rates, near to the Band of Canada’s rate increases start to take the effect beginning in the spring.
The single-family houses in the city have experienced a great year-over-year rate appreciation from around $858,741 in 2020 to almost $1,050,667 in 2021, almost a rise of 22.3, followed by the townhouses from approximately $545,227 in 2022 to around $648,127 in 2021, an increase of 18.8 percent and at last the condominiums from approximately $367,362 to around $439,823 in 2021, an increase of 18.3 percent.
In 2022 the specific housing amenities are generally prioritized by buyers, including home offices, yards, family spaces, and pools. The average housing price in the city is expected to increase by almost 9% this year.
Real Estate Market Outlook of Kelowna
The newly constructed houses in Kelowna are being hampered due to the lack of building lots, especially new single-family houses. For the very first-time house buyers, the typical range to enter the real estate market of Kelowna is $600,000 to $800,000 which will continue to rise in 2022.
Real estate market professionals of Kelowna are forecasting that there are some educated predictions regarding the future development of the real estate market of the city. Despite the early indication of slowing down the market, it will remain as hot as ever for homebuyers in the coming year and will set new records if selling houses in the city.
The main reason for this slight increase is the mismatch between house demands and available houses in the city. The inventory rate of the city, this year, is comparatively low which has increased the housing rates. However, the real estate market of Kelowna is working on expanding the inventory level of the city which will decrease the rates in the city in upcoming years.
