New Residential Builds Continue to Dominate Kelowna Housing Market

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New multi-unit buildings are outpacing single-detached homes in the Kelowna real estate market as the focus shifts to living closer to the downtown core.

The number of new homes being built in Kelowna has been fairly steady so far this year.

According to the most recent report from BC Housing, the decade started off with a focus on multi-unit housing in Kelowna, as opposed to single-detached homes. In the Central Okanagan Regional District, which includes Kelowna, West Kelowna, Lake Country, and Peachland, there were 78 multi-unit buildings and 21 single-detached houses on the new homes registry. As these new homes come up for sale, it will continue saturating the market.

It’s a substantial drop from the same time last year, when there were 274 multi-unit buildings registered, and 33 single detached homes in January 2019. However, the last month of the year was similar to the first month of the new year, when 98 multi-unit and 27 single-detached buildings were registered in December 2019.

As the market fluctuates, it’s not uncommon to see the numbers do so as well. That said, there’s plenty of options out there for homebuyers that want to get into the housing market, downsize, or just find their dream home.

There’s plenty of neighbourhoods with new homes for sale and new developments on the go, but currently only one master planned community that offers lakefront living. McKinley Beach has both multi-unit buildings and single detached houses, so buyers can have their pick of what works best for them.

Buying new has a lot of benefits, including minimal upgrades or repairs that need to be done before moving in and enjoying the home. They’re more likely to be energy efficient, thus lowering a lot of monthly bills.

The market for new builds likely isn’t going to slow down much, as Kelowna is Canada’s sixth fastest growing city, so even if the current offerings don’t catch their eye, homebuyers can sit back and wait until their ideal home is built.

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Contact Info:
Name: Andrew Gaucher
Email: Send Email
Organization: McKinley Beach
Address: 3428 Water Birch Circle, Kelowna, BC V1V 2R1, Canada
Phone: +1-250-980-5555

Source: PressCable

Release ID: 88950982