The average sale price for a house in West Kelowna’s Lakeview Heights neighbourhood has now surpassed $1 million , according to Kelowna realty company.—Image: contributed

House prices surpass $1 million in West Kelowna neighbourhood: study

Vantage West Realty’s latest report says double-digit increases are being seen in many areas

Property prices are exploding in West Kelowna according to a report issued by a local realty company.

According to Vantage West Realty, which released its winter 2017 Okanagan real estate micro-study Friday, double digit increases have been seen in many neighbourhoods, and the the average single family home price in West Kelowna’s Lakeview Heights area is now just over $1 million.

Across the lake in Kelowna’s Southeast Kelowna/Crawford area, the average price has topped $1 million.

“Kelowna is still very much a seller’s market,” said realtor A.J. Hazzi of Vantage West. “I believe we are entering into the third trimester of a boom phase. This will last 12 to 18 months before the supply and demand dynamics shift back in favour of the buyer.”

He said the area has some of the most desirable real estate in Canada, with a lifestyle that suits the two largest demographics in history—Baby Boomers and Millennials.

“A well-located real estate holding in the Okanagan will be one of the safest, most lucrative investments over the next couple of decades,” predicted Hazzi.

The Vantage West report offers in-depth analysis of the Kelowna communities of Black Mountain, Dilworth, Downtown, Glenmore/North Glenmore, Lower/Upper Mission, Rutland, Southeast Kelowna/Crawford and the University District in Kelowna, as well as West Kelowna Estates, Glenrosa, Shannon Lake, Lakeview Heights and Westbank in West Kelowna. It also includes Peachland and Lake Country, which according to the B.C. Assessment has some of the highest valued properties in the area.

The report says West Kelowna’s Lakeview Heights area saw price increases of 24 per cent, with the average single-family home selling for $1.03 million. Shannon Lake saw increases of 16 per cent with an average of $674,487 and townhomes there increased 28 per cent to an average of $488,260. Single-family homes in Westbank have experienced a 27 per cent rise in the average sales price, while apartment-style condo prices rose by 23 per cent over the past 12 months.

In Kelowna, the report says double-digit home price increases have been seen in Glenmore/North Glenmore and Southeast Kelowna/Crawford.

Single-family homes prices are up 20 per cent in Southeast Kelowna/Crawford and 16 per cent in Glenmore/ North Glenmore. In Southeast Kelowna/Crawford, the average price for a single-family home reached $1.1 million, while Glenmore saw prices at $675,546.

Premium prices for single-family homes are being seen in Lower Mission ($933,587) and Dilworth ($832,096) and Lake Country ($812,665).

But it’s not just the single-family house market that is way up, says the report.

Prices are keeping steady in the downtown condo market as well, with a slight 1.7 per cent increase. A variety of units from micro-suites to penthouses are on offer and prices range from the mid $200,000s to a high of $2 million. The average price is $387,471.

“Townhomes and apartments that fit the price range and lifestyle of Boomers and Millennials will be the hot item in the year ahead,” said Hazzi.

He said he expects the landscape of Kelowna to change in 2018 as homeowners flock to the new downtown residential towers

“We’ll see a vitality on our streets and in the shops and restaurants as the densification of the downtown core increase,” said Hazzi. “With so much renewal and re-imagining going on in our city, it is going to be exciting for residents to watch it all take shape and come alive.”

Overall, inventory of downtown condos increased year-over-year by 70 per cent, with 346 new units starts.

Last year also saw construction start on the 1151 Sunset Drive tower and resume on SOPA Square in South Pandosy.

Three other tower projects, Ella, Ellis Parc and the south tower of One Water Street, are all expected to all break ground in 2018. All three projects experienced successful pre-sale campaigns in the fall.

Overall, Kelowna and area are experiencing premium prices across all housing types, says the Vantage West report , with the average single-family house in the area now pegged at $735,523.

To report a typo, email: edit@kelownacapnews.com.



awaters@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Okanagan Sun advance to Cullen Cup championship

Will host Langley Rams Oct. 28 with title up for grabs

Preliminary inquiry for Sagmoen begins in Vernon

Sagmoen, whose charges were split into three separate matters, has been in custody since Oct. 2017

Kelowna oncologist changing the face of breast cancer treatment

Dr. Juanita Crook, a Kelowna oncologist, has seen 100 per cent success using brachytherapy to treat breast cancer in some patients.

Peachland mayor asks for recount after one-vote loss

Cindy Fortin went to Facebook to state her case

Find me my furever home

Frankie is available for adoption from the Kelowna BC SPCA

Man who died at BC Ferries terminal shot himself as police fired: watchdog

Officers didn’t commit any offence, says police watchdog office

Canada Post strikes leaves small shops in the lurch as holidays approach: CFIB

Rotating strikes began in Victoria, Edmonton, Halifax and Windsor

Voter turnout at 36% in B.C.’s municipal election

Vancouver saw 39% turnout, Surrey saw 33%

Harry and Meghan travel in different style on Australia tour

Prince Harry and his wife Meghan are on day seven of their 16-day tour of Australia and the South Pacific.

AP Exclusive: Stephen Hawking’s wheelchair, thesis for sale

The online auction features 22 items from Hawking, including his doctoral thesis on the origins of the universe, with the sale scheduled for 31 October and 8 November.

In Khashoggi case: Saudi calls, ‘body double’ after killing

Saudi Crown Prince Mohammed bin Salman called the son of Jamal Khashoggi, the kingdom announced early Monday, to express condolences for the death of the journalist killed at the Saudi Consulate in Istanbul by officials that allegedly included a member of the royal’s entourage.

Alleged serial killer Bruce McArthur waives right to preliminary hearing

Bruce McArthur, a 67-year-old self-employed landscaper, has been ordered to stand trial on eight counts of first-degree murder.

N.B. village faces backlash after council raises ‘straight flag’

Chipman Mayor Carson Atkinson says the flag met the village council’s criteria because it “recognizes, accepts and respects the rights of individuals under the Charter of Rights and Freedoms.”

Most Read