We are seeing an increase in buyers from the lower mainland. Some are moving to the area to enjoy the recreational opportunities, weather and lifestyle of Kelowna (including the lower real estate prices); while others are choosing to purchase investment, vacation and future-retirement homes in the Okanagan while remaining in Vancouver for the time being.
Vancouver’s real estate market has been a popular player in the media recently, due to the high prices as well as the increasing numbers of foreign investors.
For those looking to make an investment in real estate, looking at Kelowna is a worthwhile venture.
A great exercise is to conduct real estate searches for real estate on ColdwellBanker.ca. Search Vancouver and then search Kelowna.
The findings? For your real estate investment dollars, you will get more home in Kelowna.
Let’s take a look. For this exercise, we’re looking at properties in Vancouver and Kelowna, that are near quality schools and are in desirable neighbourhoods and locations.
Under $1-Million
Vancouver:
For $799,000 you can get an 853 sqft, 2 bedroom, 1 bathroom ground unit in a triplex building in the most desirable Kitsilano area. View 1859 W 15th Ave
Kelowna:
For $579,000 you can get a 2667 sqft 3+ bedroom home, with fully-finished walk-out basement in the desirable Rose Valley Properties neighbourhood. Your kids will be within a short walk to a brand new elementary school. View 1888 Rosealee Lane
Or, spend $764,900 and move into the desirable Wilden neighbourhood. This 4-bedroom, 4-bathroom home is well situated, close to all of Kelowna’s amenities. View 493 Long Ridge Drive.
For $775,000 you can enjoy expansive views of Okanagan Lake, the Kelowna Golf and Country Club and downtown Kelowna from this 5-bedroom, fully-finished, walkout rancher in the desirable Dilworth neighbourhood of Kelowna. View 658 Denali Court.
What will approx. $2.7 Million buy you?
Vancouver:
We located a 3-bedroom single family home on Collingwood in a most desirable area of Vancouver for $2,798,000. It’s close to great schools and has a private backyard. View 4850 Collingwood.
Kelowna:
You can spend $2,695,000 and get a spectacular waterfront home in Kelowna. This private, gated waterfront home is completely renovated, has a boat dock and a sandy beach. View 4986 Lakeshore Road.