Now $ 250 won’t get you that far towards Kelowna real estate (photo courtesy Old Kelowna)
Real Estate Business of the Century: Ad shows lots near downtown Kelowna that are selling for next to nothing
The 1909 advert offered lots for $ 250
It was a unique real estate opportunity that many Kelowna residents could only dream of today.
A 1909 advertisement in Kelowna’s Orchard City Record shows residential lots along Richter and Ethel Streets selling for only $ 250. Adjusted for inflation, the Bank of Canada estimates it will be around $ 4,500 in 2019.
READ MORE: Kelowna Named Best City for Real Estate Investment in Western Canada
To put this in perspective, newer homes along Ethel Street in Kelowna are now selling for more than $ 800,000.
It’s the same story along Richter Street, where newer condos sell for around $ 810,000.
Despite a nearly 400,000 percent surge in home prices over the past decade, there is still hope for people looking to buy a home in Kelowna.
A recent BC Assessment report shows that Kelowna home prices fell an average of two percent to $ 643,000 in 2020.
@connortrembley
connor.trembley@kelownacapnews.com
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