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Top Western Towns for Development

Looking at the planned growth of Kelowna in the next 20 years Kelowna is planning on focusing growth based on the map above. There are a number of different plans of growth from increased single-family homes but for the majority in the higher ratio areas, the growth will come in the form of multi-family. If you are interested in learning how high buildings may be going, reach out and let me know.

Last week the Western Investor who is one of the largest and most trusted real estate investment outlets in Western Canada, published a story on the top Western Towns for real estate investors. Ranking the top 5 in Western Canada, Kelowna made it on the list. In the second spot right behind Victoria. No. 1 Victoria No. 2 Kelowna No. 3 Surrey No. 4 Penticton No. 5 Winnipeg With the new official community plan, the City of Kelowna plans to continue to change and create higher density. Looking at the map above that indicates how much the City plans to have each area grow by in the next 20 years. Having done a number of land assemblies myself there is strong demand for these homes. See what Western Investor had to say below on Kelowna investment and what the best play is. Or just take a look at the article here "No. 2 Kelowna The play: land, multi-family strata

Vancouver’s Cressey Development Group is seeing a fast pre-sale sell-out of a luxury 127-unit mixed-use waterfront project in downtown Kelowna, and developers are bidding serviced land in the city to above-appraised prices.

  • Cressy’s project, known as Caban, consists of upscale strata residential and retail on the lakeshore at Kelowna’s popular Gyro beach.

  • Caban sales agent Taylor Musseau said a couple of invite-only previews in Vancouver and Kelowna were enough to register a potential 200 condo buyers for the Caban development.

  • Musseau expects most of the buyers will be owner-occupiers, but Cressey appears to be hedging its bets. The $850-per-square foot residential units will also be available for short-term rentals.

Another greenfield site, a 1.41-acre parcel on Pacific Avenue and Pasnak Street in Kelowna that resulted from a six-lot land assembly, was sold in June under court order. Appraised at $7.02 million, it sold for $8.31 million after multiple bids.

An unnamed Vancouver investor paid $3.27 million for a 0.58-acre Kelowna site with potential for 45-units of residential listed by Macdonald Realty, Kelowna. That pencils to $5.45 million an acre or $128 per square foot, which is getting close to values in the Lower Mainland.

The City of Kelowna is offering two shovel-ready mixed-use commercial lots totalling 2.4 acres at the city’s western entrance along Harvey Avenue /Highway 97A. Bids to $11 million are expected.

“It is just mind blowing what has happened to Kelowna prices,” said Jeff Hudson, principal and co-founder of HM Commercial Group in Kelowna, whose recent report on land sales tallied more than $24 million in deals since May.

Hudson said out-of-town buyers include groups from Ontario, Saskatchewan, Alberta and B.C., the latter primarily from the Lower Mainland and Vancouver Island.

Cressey is scouting for more land in Kelowna, said Hani Lammam, executive vice-president at Cressey Development Group. Vancouver mega-residential builders Adera and Polygon have already staked land in the city.

“Kelowna has grown up,” Lammam said, “It has become a real contender.”"

There is a lot happening and even a lot more happening off-market these days, if you are wondering if your home may have some additional land value or if you have any questions feel free to reach out, or even if you are looking for any investment opportunities, reach out and let me know if there is anything I can do for you! Have a great week! -Mark


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