Kelowna has been listed as a hot market for real estate investment in a prominent business magazine.
Western Investor published a report this week saying that a combination of ideal economic and geographic factors coupled with local government initiatives have placed Kelowna No. 1 in its list of Top 5 places to invest in real estate in 2018.
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“Here is a clue to what is happening: more new homes were started in Kelowna this year than in any area outside of the Lower Mainland, including Greater Victoria, which has three times the population of Kelowna,” reads the report.
“Investment play: Land assembly of detached lots near downtown, courtesy of a January zoning change that encourages higher density. Also retail property, particularly for developers of badly needed new retail space in the downtown zone.”
Surrey was No. 2 and highlighted for its young demographics and proximity to Vancouver.
“Investment play: Multi-family rental apartments and rental condominiums,” read the report. “Based on recent sales, the average cost per door for a Surrey rental apartment building is $171,000, at least $50,000 below the Greater Vancouver average, yet the rental vacancy rate and rental rates are similar.”
Rounding out the top five were Saskatoon at No. 3, Calgary at No. 4 and Lethbridge was at No. 5.
To read the full report here’s the link.
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