Kelowna, the third largest metropolitan area in BC, has been a hot spot for real estate for the past few months. The lifestyle that Kelowna provides is appealing to everyone. An active outdoor lifestyle is what everyone is looking for these days especially within these restricting times. With people working remotely the mass exodus from metropolitan cities continues. People from Ontario, Alberta, and Lower Mainland are flocking to the Okanagan and falling in love with the valley. With many non-locals being drawn to the area, we saw 23% of purchases with buyers from the Lower Mainland/Island compared to 51% of buyers from within the board. So let’s take a look at the Kelowna Real Estate Market Stats.
Kelowna Real Estate Market Stats
With that, we have been seeing a major increase in single family home sale prices and a large decrease of that same inventory. February saw a benchmark price for single family homes at an astonishing $776,300. An increase of 17% from the same time last year. If that statistic doesn’t shock you, the listing inventory will. With a decrease of 51%, February had just 388 active listings. Days to sell are also down, about 40%, to just 44 days on average.
Single family homes remain sought-after; however, the condo market is steadily increasing for those who enjoy the low maintenance, lock and leave lifestyle. In February 2021 there were 183 sales, an increase of 108% compared to February 2020. Inventory is also sitting at 23% below last years. Kelowna’s condo market will be seeing a large increase of availability with new developments and proposals.
With many of the new listings, especially single family homes, getting multiple offers, the final sale price is often going above the list price. Competitive buyers are winning offers by agreeing to less subjects, quicker removals, and of course, higher prices. As agents we are seeing an increase of listing notes with “Sellers will review all offers by such and such date.”. This allows any interested buyers to view the property in an allotted time and make an informed not rushed decision.
March continues to show us that the market is not slowing down. If anything, it’s getting crazier. Buyers are feeling the stress of not being able to find a place, and sellers are wondering if now is the right time to list. With so many questions going around, I am always happy to answer any that you may have. You can always contact me here to have a chat. You can also check out all of my current Kelowna listings here.
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People are flocking to the resort to purchase vacation rentals for themselves and their families as well as purchasing investment homes to provide revenue. There are many options for whatever you are looking for in your Big White Ski Resort property. Whether it’s a lot for building your dream chalet, a commercial investment up to $10 million, a studio or anything in between.
Continuing on from 
The next few years brought the Ice Skating Rink, Snowboard Park, The Village Center Mall, The Big White Kid’s Center, Gem Lake Express Quad Chair and 1,200 acres of new terrain. Bringing the investment totals to over $75 million. Accommodations grew tremendously in 1997 and 1998 with the developments and expansions of Black Bear Lodge, The Coast Resort, Legacy Condominiums, Snowpines Estates, and The Ridge Day Lodge. Not long after in 1999, huge development milestones were hit with the completion of the Legend, Timber Ridge, Whiskey Jack, Treetops, Chateu at Big White projects. The Real Estate total for 2000 is $39.1 million!
In the early 2000’s, over $125 million was invested into the Gondola Woods Happy Valley Project. 100 acres of newly gladed terrain, summer grooming projects, and car park expansions were completed in 2001. While a year later, in 2002, a new super Olympic sized pipe, the 2nd one in Western Canada was constructed, along with the new skier bridge linking the village to Happy Valley. 2002 also saw a massive jump to nearly $50 million in real estate.
Condos at Big White Ski Resort are becoming more luxurious and the amenities are increasingly raising the standards. Complexes such as Stonegate Resort offer incredible building amenities like a heated indoor/outdoor pool, 18 seat movie theater, fitness center, game room, and more! To check out the sophisticated Stonegate Resort, 
