Want to live in Kelowna? Go ahead

Terrace real estate prices now nearly at par with those of Kelowna, a popular retirement haven

What seemed almost unimaginable even three years ago has arrived.

Property prices here, if not yet on the same level as Kelowna’s, are pretty darn close – so close, in fact, it’s now feasible for people to sell their home here and buy a retirement abode in the central Okanagan city with no, or very reasonable, added cost.

“Absolutely. We’re surging forward and down there, they’re falling back. The gap is closing,” says John Evans from Remax Terrace.

Clients here recently sold an 18-year-old home for $490,000 and purchased a brand new home in the Okanagan, with a view of Okanagan Lake, for $500,000, he said.

“And because it is new, they will pay GST but it is an example of what is possible,” said Evans.

Locals selling homes for less than the above example won’t have much trouble finding something affordable, all things considered, in Kelowna either.

There are numerous apartment-style units on the market in the central Okanagan in the under $200,000 range, the posted average selling price for older and smaller homes in the Terrace area.

Built in 2006, a two-bedroom and one-and-a-half bath suite in a condominium style complex at 1288 Water St. in Kelowna is one example at $175,000. It’s on the Okanagan Lake waterfront close by a major hotel, casino, walking paths and sports complex. There is a monthly maintenance fee.

Someone selling a home here for $350,000, not an untypical price nowadays, can buy 224-511 Yates Road in Kelowna’s Glenmore area.

It’s just minutes from two well-appointed shopping centres and no more than five minutes from Orchard Park Mall, the central Okanagan’s largest shopping complex.

Built in 2008, it’s a strata townhome of 1,156 square feet with an attached garage and comes with all appliances – all for $300,000.

“It’s a good price,” says listing Kelowna real estate Lisa Moldenhauer. “The seller is getting married and is motivated.”

And after a long winter in Kelowna and an even longer one on the Prairies, there’s a pent up demand for housing in Kelowna, she adds.

“Right now 20 per cent of our buyers are coming from out of the province,” said Moldenhauer.

The kind of demand now being experienced in Kelowna and environs is near the level it was in 2008 prior to the recession which affected the market there, she said.


Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

COLUMN | Waste carts

Columnist Andre Carrel talks about garbage collection in Terrace

Officials for Mills Memorial Hospital replacement project named

Project is estimated to cost $450 million

Letter to the editor: I stand with them

Hazelton resident shares his perspective on why he supports the Wet’suwet’en

Terrace cab stolen, found destroyed along Hwy 16 riverbank at rest stop

Driver was sent to Prince Rupert hospital after stealing the running vehicle from company lot

Wet’suwet’en hereditary chiefs call for end of police patrols

Temporary closure of field office not enough to meet demands

VIDEO: Wet’suwet’en supporters vow to keep protesting at B.C. legislature

Supporters say they will continue ongoing action to hold government accountable

VIDEO: Province promotes ‘lifting each other up’ on 13th annual Pink Shirt Day

Students, MLAs, community members gathered at B.C. Parliament Buildings Wednesday

Prepare for new coronavirus like an emergency, health minister advises

About 81,000 people around the world have now become ill with COVID-19

B.C. residents in Wet’suwet’en territory have right to police presence: Public Safety Minister

Nevertheless, Bill Blair said officials remain ‘very anxious’ for the barricades to come down

Winnipeg police investigating graffiti on RCMP and other buildings

Manitoba Justice Minister Cliff Cullen denounced the vandalism

B.C. seniors’ watchdog calls for better oversight after recent problems at Retirement Concepts care homes

‘There is no financial incentive right now to be a good operator’ - Isobel Mackenzie

Trucking company fined $175K for Kootenay creek fuel spill

Decision handed down last Friday in Nelson court

B.C. city rebrands with new logo, cheeky slogan

‘Langford, where it all happens’ is the City’s new slogan

B.C. Liberals call for ban on foreign funds to pipeline protesters

Sierra Club, Wilderness Committee back Coastal GasLink blockades

Most Read