Top 5 Growing Areas in Kelowna
It is nothing new that Kelowna is growing. In 2020 Kelowna's vacancy rate fell to 2.1% from 2.7% in 2019. We do not have the 2021 numbers as they are usually published in January by CMHC however, the belief is that it has decreased this year even more.
One of the major changes in the vacancy rate is that with the rapid appreciation in home prices, investors have taken this time to sell their rentals off, sometimes the rentals will continue as rentals, some won't as people are desperately trying to get into the housing market.
The City of Kelowna knows this is an issue and they are working on addressing the lack of homes whether it be rentals or for increasing the supply of resale, by creating more density. This is something I am passionate about and hope through my work to help create more housing.
Before council right now is the 2040 Official Community Plan which is set to be adopted next month. You might have been following it since the draft was initially circulated in January. Click this link to view the draft OCP online.
Part of the plan highlights central areas where they are working to create growth. There are 5 main areas for growth and they estimate an additional need for 25,000 units throughout Kelowna before 2040.
I have highlighted the top 5 areas in this brochure which was derived from the 2040 OCP. If you are interested in what the future of Kelowna may look like, take a look at the top of the blog to be able to download the brochure
In short, the top 5 areas are some you would expect and you might be surprised by number 4.
1. Downtown Core is projected to grow by 18% and is in need of 4,500 units.
2. Core Central/Pandosy is projected to grow 19% and is in need of 4,825 units
3. Capri-Landmark is projected to grow by 15% and is in need of 3,650 units
4. Rutland is projected to grow by 11% and is in need of 2,850 units
5. Midtown area projected to grow 4% and in need of 1,075 units
Some issues with those projections are that they were based on 2016 Census information and it will be interesting to see if when the 2021 census is released in February if the where the numbers are at and if the City of Kelowna changes the density guidelines.
Regardless the future growth will continue, and if the OCP is any indication it will be greatly increased.
Reach out to me if you have any questions on the OCP or on growth and development/investment options here in the Okanagan.
Let me know if there is anything I can do for you!
Have a great week and feel free to reach out with any questions!