A report released on Monday, August 21, shows that the Kelowna real estate market is nearing its peak.
Average retail prices in some Kelowna neighborhoods are approaching nearly a million dollars, a double-digit year-over-year increase.
Photo Credit: Vantage West Realty Inc. Single Family Home in Black Mountain “src =” https://www.kelownanow.com/files/files/images/real-estate-black-mountain.png “style =” margin: 5px; “/>
According to Hazzi, the Lower and Upper Mission area is popular with “Vancouver and Alberta buyers” as property values reach millions of dollars.
The Vantage report highlights a downsizing trend in the size of homes in the Kelowna luxury market, with homes ranging from 3,500 to 4,500 square feet.
Of all luxury homes currently selling over $ 1 million, more than half are the new executive-style homes that are typically found on the hills with beautiful views in tow.
Some areas await additional developments that are expected to result in further growth, such as Prospect at Black Mountain as well as Gyro Beach Townhomes, Sienna at Sarsons and The Ponds in Mission.
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