Undoubtedly, the pandemic has drastically changed the state of the housing market, especially across Kelowna. So, what’s happening? We break down some of the major Kelowna real estate news and how it’s affecting both local, BC citizens, and foreigners alike.
Kelowna Real Estate News: More Remote Work
Firstly, it’s important to understand how the market got to where it is. Because the pandemic forced so many people to work at home, many people started to question what “home” actually should be. Why live in an area you’re unhappy with just to be close to your job when you can work in a place you love while still being able to go to work from the comfort of your home?
Why So Many People Are Moving From Vancouver
The mindset shift in remote work prompted many people to sell their homes, especially in Vancouver. Vancouver’s urban sprawl and access to many amenities are nice, but for some people, the taxes, cost of living, and landscape aren’t enough to make it worthwhile to stay there.
Kelowna makes a lot of sense as a place to move to with still many of the amenities of Vancouver, more sun, and a wealth of outdoor activities to choose from.
The State of Kelowna’s Housing Market
Unfortunately, this large migration has put a strain on Kelowna’s already low number of available homes. Like other parts of Canada, the supply hasn’t kept up with the demand for housing, and first-time homebuyers are especially caught up in the squeeze of all of it.
However, with the help of a good real estate agent, it’s still possible to buy a home in Kelowna.
To summarize, the ability for people to work remotely has shifted many people’s priorities about where they live and have rapidly purchased up homes in Kelowna. Although the dip in supply is significant, it’s still possible to buy a home.