Happy New Year, my friends!
Here I go stepping out into speculation....surely if I had a perfect crystal ball I'd be a zillionairess, but I'll share the benefit of my educated opinion on what to expect of our market this year in the North Okanagan.
Here I go stepping out into speculation....surely if I had a perfect crystal ball I'd be a zillionairess, but I'll share the benefit of my educated opinion on what to expect of our market this year in the North Okanagan.
2016 saw great economic development in our area: a high rise going in downtown Vernon, glass plant being purchased and re-purposed in Coldstream, building permits soaring, expansion at Predator Ridge, the old Legion building downtown Vernon being purchased, several retirement community units going in at north end of Vernon.....the list goes on.
Traffic in Kelowna -- for us more country loving folks -- is becoming too thick for comfort and Lake Country is going gangbusters so there is a natural push toward the North Okanagan where wildness and small town living still feels like an option.
Based on evidence and based on non-evidence I predict a solid year in real estate. I think prices will continue their gradual rise, vacancy rates will stay very low (encouraging rental housing investment), new building will continue apace and we'll see more "fix and flips" this year.
People who purchased in the 07 frenzy can now recoup their investment and more.
I expect to see lakefront pricing getting higher and some more luxury homes going in on lake front and lake view lots. Given our fortune in having Okanagan, Kalamalka, Swan and many smaller lakes in the North Okanagan....well, this is a complete draw in it's own right!
And the Okanagan Rail Trail is happening! This is going to bring an uptick in tourism (already at record highs with our great Silver Star and world class golf and lake lifestyle.) More people will see; and inevitably fall in love with our most amazing area.
If you're looking for economy......greatest rental buy right now in my opinion is in the Mountainview Apartments if you're looking for a rental. The entire building inside and out has been renovated and strata is doing a superb job at keeping costs low and lifestyle appreciated. (Full disclosure, I have a rental unit in there.) This building was getting a bit shop worn but is now a gem with easy walking to all amenities. Prices are soft in there and I expect them to rise significantly over the next year.
Best lot value is The Rise with many view lots at bargain prices. The new golf course owners seem to be going full steam ahead on a new club house and the owner/investors have built out "The Bellagio" so hammers are swinging. This was another development that got caught in the 08 economic downturn and 1st developer woes. I expect over the next few years this property will get its groove back.
Single family housing gets less expensive both in the inner city and also the further out you go. I'd love to see more residential downtown -- lofts above businesses and the like!
Whitevale is one area that is often overlooked -- the back road between Lavington and Lumby. It is a beautiful valley with affordable housing options.
That's it for now!! Enjoy home. There really is no place like it.
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