Buyer preferences shift in hot market as Kelowna challenges nation’s real estate habits – Think Local

As interest rates cool the real estate market in urban centers like Vancouver and Toronto, housing prices in Kelowna continue to rise, with the benchmark price of a single-family home hitting $1,112,400 in June, a 15% increase compared to June 2021.

According to Statistics Canada, Kelowna has the fastest growing population in the country, with an expected growth of 14% between 2021 and 2026, and a Fundscraper report named Kelowna as Canada’s top emerging real estate market. But as Kelowna continues to attract more residents, housing has become and remains a challenge. The Canada Mortgage and Housing Corporation reports that Kelowna has the lowest vacancy rate of any major Canadian city and, according to rental website, Zumper, rents are the third highest in the country.

In Kelowna, townhouses have become an increasingly popular and more affordable option for buyers, especially families and young professionals. In June, the average purchase price of a townhouse in Kelowna was $763,800, 31% less than a single-family home. Younger buyers are also drawn to the ease of upkeep and maintenance that comes with owning a townhouse, as well as the security and amenities that these types of homes offer. For investment buyers, townhouses offer strong rental potential, as Kelowna has extremely limited inventory, but strong demand for three-bedroom homes. One such project that was recently released, The Nest at Findlay, has already garnered a lot of buyer attention, with prices starting in the upper $600,000s.

“Following the overwhelming success of our Five Crossings development of studios, one- and two-bedroom smart suites, we wanted to bring something great for families to Kelowna,” said Ryan Tamblyn, CEO of Millennial Developments. “It’s important that people have the opportunity to own a family home and not only have the security of ownership, but also have a place to make memories and be proud of. We knew that with townhouses we could bring a quality product that felt like a home, but at a price that would be more accessible.

The Nest at Findlay is a neighborhood collection of 20 townhouses, all featuring a spacious three-story, three-bedroom layout, in a convenient Rutland location next to protected marshes. The development offers personal garden spaces, a private play area and a covered pergola with BBQ for outdoor dining.

“Because of the two garages, private decks and fenced in yards, The Nest at Findlay really gives that ‘family home’ feeling,” said Chad MacTavish, Business Development Manager for Project ACE’s Marketing Group. “We have generated a lot of interest because it is a quality product at a really attractive price in a very promising family area, ideal for investment.”

To learn more about The Nest at Findlay, visit www.thenesttownhomes.com or contact ACE Project Marketing Group at 250-300-3981 or [email protected].

This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.

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