A newly humming economy and still-reasonable home prices have sent a wave of investors and homeowner flowing into the Okanagan Valley.
As downsizing empty-nesters and burgeoning young professionals flee Vancouver for the (relatively) inexpensive Okanagan Valley, local developers are stepping up to meet the growing housing demand.
Konnect Developments, the company behind the soon-to-be-completed Brookside Villas, says the wave of arrivals means he’s seeing new housing developments fill up like never before.
Bill Szeto, the president of Oakwyn Marketing, points out that Vancouverites have been making a move from the city’s increasingly unaffordable housing market for years, but that Kelowna’s job market has in the past been a bit of a barrier keeping them away.
Now, he says, things are different.
The last two years have seen the city’s tech sector vault to unprecedented heights, growing by more than 30 per cent. There are now close to 700 tech businesses, employing about 8,000 people, contributing a whopping $1.3 billion to the economy.
Part of that may be due to the fact that the sunny Okanagan is also an inexpensive place to do business. In 2016, KPMG named Kelowna and the Central Okanagan the most Cost Competitive Region in the Pacific.
That, paired with substantial population growth and the record-smashing number of new homes built last year, lead Western Investor to name Kelowna the No. 1 real estate investment destination for 2018.
The massive residential towers going up around the city are a good indication of the near-insatiable demand for quality housing in the area.
Szeto points out most of those projects won’t be finished for at least two or three years. Meanwhile, people want a place to park their family, or their money, right now. That’s where developers like Konnect Developments come in.
Brookside Villas’ units will be move-in ready by the fall of this year. Szeto says that timeline, combined with the development’s prime location 10 minutes outside of Kelowna, as well as its complete appliance packages and sleek floor plans, makes it an attractive option for many.
Pair those features with an impressive, sub-$500,000 price point and Szeto says interest in Brookside Villas has been exploding.
To keep up with that demand, Oakwyn Marketing has started offering exclusive information packages to anyone who pre-registers on the development’s website.
Those who do will get on the inside track, prior to Brookside Villas’ public launch, which will take place at The Lake House at Quails’ Gate Winery, Feb. 10.
For more exclusive and early information on Brookside Villas, pre-register through the development’s online portal.
This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Okanagan Edge.
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