It was a once in a lifetime real estate opportunity that many Kelowna residents could only dream of today.
An ad dating back to 1909 in Kelowna’s Orchard City Record show residential lots along Richter and Ethel Street selling for as low as $250. Adjusted for inflation, the Bank of Canada estimate that’s about $4,500 in 2019.
To put that into perspective, newer homes along Ethel Street in Kelowna are now selling for more than $800,000.
It’s the same story along Richter Street, where newer condos are selling for around $810,000.
Despite a nearly 400,000 per cent increase in real estate prices over the last decade, there is still some hope for people who want to buy a home in Kelowna.
A recent BC Assessment report shows that Kelowna house prices dropped on average by two per cent in 2020 to $643,000.