While interest rates are cooling the real estate market in urban centres like Vancouver and Toronto, Kelowna housing prices continue to rise, with the benchmark price for a single-family home hitting $1,112,400 in June, a 15% increase over June 2021.
According to Statistics Canada, Kelowna has the fastest growing population in the country, predicted to grow 14% between 2021 to 2026, and a report by Fundscraper named Kelowna as Canada’s top emerging real estate market. But as Kelowna continues to attract more residents, housing has become and remains a challenge. The Canada Mortgage and Housing Corporation reports that Kelowna has the lowest vacancy rate of any major Canadian city, and according to rental website, Zumper, rents are the third highest in the country.
In Kelowna, townhomes have become an increasingly popular and more affordable option for…