Mark Walker is a real estate agent and the agent / owner of Kelownas Walker Real Estate.
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January 28, 2018 – 10:15 a.m.
OPINION
As you drive around Kelowna or keep your eye on the local news, there’s plenty of clues that Kelowna is experiencing a construction boom – whether you’re driving past a construction site or reading the city council approving a new development – and statistics from the Canadian Mortgage and Housing Corporation (CMHC) prove this.
According to CMHC, there were 3,577 building starts in our community last year – a record year.
The figures show that of the 3,577 launches, 923 were single-family homes, the rest – 2,654 units – were condominiums and apartments. In my opinion, there is every chance that 2018 could be the year of the apartment in Kelowna, and these numbers add to that point of view.
That being said, around 53% of the units launched in 2017 (1,773) are rentals – the most significant number of rentals built in our area in 40 years – which I think is good for the general health of our community.
There are other factors that have the potential to make 2018 the year of housing in Kelowna as well. For example, consider recent changes in the mortgage rule and interest rate increases. Of course, these changes will force some people to look for more cost effective ways into the Kelowna real estate market such as condominiums and apartments.
This adds to the continued rise in Kelowna property prices – something I don’t expect to slow anytime soon.
Ultimately, a construction boom is a sign of a strong real estate market in Kelowna, and that’s a very good thing. If you are wondering what current market conditions mean for you, please contact me directly at 250-764-4344 – I would be happy to answer your questions.
– Mark Walker is a real estate agent and the agent / owner of Kelownas Walker Real Estate. His company operates KelownaProperties.com – Kelowna’s most comprehensive property search tool – and KelownaCondos – your source for everything you need to know about Kelowna condominiums.
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