One Water Street is just one of many high rise developments planned for Kelowna in the coming years.—Image: contributed

Kelowna named top city for real estate investment

Western Investor places city at the top of its list of West Canadian cities to invest in next year

Kelowna has been named the top city in Western Canada for real estate investment.

Western Investor, Western Canada’s largest commercial real estate newspaper, put Kelowna at the top of its list heading into 2018, citing the fact the city has seen starts on more home construction this year than any area outside the Lower Mainland, including Greater Victoria which is three times its size.

Currently there are more than 1,900 multi-family residential units under construction, or in the planning stages, within one kilometre of Kelowna’s downtown waterfront.

Land assembly of detached lots near downtown, courtesy of a January zoning change that encourages higher density, is a positive the paper points to in recommending the city to investors.

It also says retail property, particularly for developers of badly needed new retail space in the downtown zone, would also be a good investment.

Lauded for having one of the most temperate climates in Canada and a fertile land base, the report report says there are a rich array of ski resorts in the area, many vineyards within city limits and lakeside attractions.

“The city is major tourism destination and a beacon for new residents—many from the Vancouver area—drawn by it’s recreational amenities and relatively affordable housing,” says Western Investor.

Following Kelowna on the list is Surrey, Saskatoon, Calgary and Lethbridge.

In Kelowna’s case, in recent months there have been a number of residential high-rise buildings either started or announced, especially in the downtown area.

They include the proposed 20-storey Ella building at Ellis Street and Lawrence Avenue, the 21-storey 1151 Sunset Drive tower currently under construction in the North End and the planned twin-dower development, One Water Street, next door. It will feature one mixed-use residential tower of 36 storeys and another of 29 storeys.

In addition, Westcorp has plans to build 32-storey hotel at the foot of Queensway.

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



awaters@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

RibFest Kelowna’s top moments

Take it in one last time, until next year

Lake Country woman advocates for district to build community park

A plot of land has recently become available

Newly-aquired Rockets defenceman invited to NHL rookie camp

Jake Lee has been added to the San Jose Sharks Rookie Tournament in September

VIDEO: Ride to Conquer Cancer rolls into Hope

Thousands of cyclist descend on small town for annual cancer fundraiser

VIDEO: Ride to Conquer Cancer rolls into Hope

Thousands of cyclist descend on small town for annual cancer fundraiser

Church building has been a landmark on Summerland’s Butler Street

Neighbourhood in Lowertown has gone through changes over the years.

Okanagan MMA fighter captures middleweight belt at home

Jordan Cabrejos scores victory at XFC Unbanned, the return of mixed martial arts to Vernon

B.C. VIEWS: Pipelines set to roll as federal politicians posture

Projects to drive B.C., Canadian economy in years ahead

B.C. Lions fall to 1-9 after 13-10 loss to Ticats

Lowly Leos have dropped six straight CFL contests

Man shot near Coalmont airlifted to hospital

A man was shot near Coalmont B.C. Saturday afternoon. The victim was… Continue reading

VIDEO: B.C. woman meets biological mother, 38 years later

Mother never gave up hope of finding daughter, despite all the obstacles

B.C. man who died after rescuing swimmer was known for helping others

Shaun Nugent described as a dad, a coach, a hero and ‘stand-up guy’ at celebration of life

Most Read