Buying a Home in Kelowna, BC
by R. Borhi
So you've decided to move to the City of Kelowna, in the Okanagan Valley of British Columbia. Maybe you spent your vacation here in the summer, or took a winery tour, fell in love with the warm, dry climate of the Okanagan, and concluded that this is the place to be. Or perhaps you're just looking for a second home or vacation property to visit a few times a year. The 2008 BC assessment showed that Kelowna is the highest priced home market in Canada, the result of double digit % growth over the last few years. This article will give you some other factors to consider if buying a home in Kelowna.
Do I want a home in Kelowna or outside Kelowna?
The first decision to make is do you want to live in Kelowna, or outside the city? This is an important consideration, because it will determine how much time you spend driving and how close you are to Kelowna. If you decide to live outside Kelowna, to the North, South, or West, your driving time to Kelowna will be anywhere from 5 to 45 minutes each way. If you plan to make several trips per day (e.g.: work, kids activities and sports, shopping) this driving time can add up. If you work from home or don't have kids, this might not be such a factor in your decision.
There are many communities to choose from if you want to commute to Kelowna daily. Everywhere in the Okanagan Valley has been booming in the last few years, and it's expected to continue for the forseeable future.
Where to buy a home in Kelowna?
There are many different locations and home styles to choose from in Kelowna. Because Kelowna is an 'older' town for BC, you can still find small homes over 50 years old near the city center. These homes tend to be close to businesses and industrial areas, or high traffic roadways. They are in flat areas close to many services, but may be too busy if you enjoy a more peaceful setting.
Newer homes have spread out in subdivisions from the city center, and on the hills around the city edge. These homes are located in quiet settings, and some have nice views of the town, lake, or valley. These homes are also larger, and new construction is always happening. Be careful if choosing a home near forested area. The Kelowna wildfire of 2003 caused many evacuations and home losses. However, because this event occurred, there is now a greater fire-awareness in residential areas.
Buying a home outside Kelowna
People commute to Kelowna from the north (Vernon), the south (Penticton, Summerland, Peachland) and the west (Westbank). Because the winters are so mild, road conditions are usually good year round, though there is the odd snowfall or period of freezing weather. One advantage of buying outside Kelowna is you might be able to get a larger property, which is great if you have animals or need more storage area for things like an RV or boat. You can also buy a home on the lakefront or with a lake view in other areas. Living to the north puts you closer to Kamloops, Vernon, Salmon Arm, Alberta and the TransCanada highway. Living further south puts you closer to Penticton, OK Falls, Osoyoos, Vancouver, and the US border.
If you are travelling from the south or west, you need to cross the bridge over Okanagan Lake. This bridge used to be a two-lane floating bridge, and got quite congested during busy times. A newer bridge is being constructed that should speed up travel in both directions.
As was mentioned earlier, most towns in the Okanagan Valley are growing and expanding, so you are always somewhat close to any services or shopping you might need.
Get a home inspection
Since many homes in Kelowna are older (Kelowna is over 100 years old), it's a smart idea to get a home inspection. Sometimes competition is so fierce for homes that come on the market, that buyers waive the home inspection to get the deal done. If you can't afford a nasty surprise in the way of home repairs, then make sure to get an inspection.
Future Home Sales in Kelowna
Kelowna home sales will likely stay buoyant for the next decade, despite the economic downturn of 2008/2009. Kelowna is fast becoming one of the bigger cities in Canada, with a major hospital, international airport, concert and hockey stadium, and major shopping and restaurant destinations. Activities include golf courses, water sports, skiing at Big White, fishing, hunting, wine tours throughout the valley, and much more.
