(Photo is the dusk view of Kelowna from 2830 East Kelowna Road listed by Domeij and Associates)
The face of Kelowna is changing: Housing trends in 2017
As we move forward into 2017, we can look back over the previous year’s media reports. In those reports we see that Kelowna is getting bigger and younger. CBC News reported in November 2016 that 25-34 year olds make up the largest group moving to Kelowna. This is one of the housing trends presented to Kelowna city council that was highlighted in a city report, Community Trends. This increase is attributed to a 3.1% increase in population (about a 4,500 increase in people) in Kelowna proper. Brining Kelowna’s population to 127,500.
What is the city’s solution to this potential trend of younger demographics deciding to settle into roots within an expensive housing landscape? Infill housing. Creating higher density neighbourhoods in Kelowna’s downtown neighbourhoods. The idea is to tap into current available infrastructure and create additional housing opportunities. Until now, high density development restrictions were in place.
The infill model comes with both social challenges and positive outcomes. One of the positives includes alleviating rental market tensions. The current vacancy rate fluctuates at around a 0.7%. Investors are hoping to tap into this market and create housing products that are responsive to the changing demographics of Kelowna.
Time will tell as to whether the public will embrace the city’s attempt to accommodate new housing trends (carriage homes, duplexes, suites etc.) in the downtown core. These are exciting and controversial times for the downtown core! Contact us for more market information!