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View Full Version : Okanagan Real Estate market



bluerush
08-10-2011, 08:24 PM
Does anybody have any knowledge of the okanagan real estate market? Specifically Kelowna & nearby area.

I talked to a couple realtors down there this year, but got the impression they were just telling me what I wanted to hear to make a sale.

I've done some of my own research but was looking for opinions on whether or not it's a good time to buy a condo.

jdmXSI
08-10-2011, 08:45 PM
I was in Kelowna last week and there was a building going up a block and a bit away from the lake on the south end. IIRC the starting price was $600k and some of the others were selling for $900+.Just from that, my opinion would be over priced for what was offered being around 1200sq/ft.

What area you looking in specifically?

bluerush
08-11-2011, 10:03 AM
Was looking at some in Kelowna and in West Kelowna, just a basic, furnished 2Bd to use as a vacation property. Might consider renting it out when I'm not there as well, so the strata bylaws need to allow for that.

Seems property values have been basically flat since the correction in 08/09, but just don't know if that is a good place to tie up some cash.

Xtrema
08-11-2011, 11:39 AM
http://www.realtor.ca/PropertyDetails.aspx?PropertyID=10892739&PidKey=1461348220

This is the complex I stayed in last week for a few nights.

I paid around $250/night for that same size unit as that MLS posting. I think if you put it up for rental, it should at least cover all the management fees and operating costs.

But I do see a lot of vacancy and competing rental offers on Kijiji, so I don't know if it's a good investment or not. But the resort is nice.

EDIT: Yeah, I guess Kelowna has winter just like Calgary. They can get as low as -10. So it's not really a year round vacation spot.