Challenged by a skyrocketing real estate market and frustrated by a resale housing market in which potential buyers face blind bidding and multiple offers which drive many homes to sell well above asking price, urban buyers from Toronto and the Vancouver are looking at Kelowna as an attractive option.
Home prices in Toronto skyrocketed in March, with a benchmark price of $ 1,104,509 in March 2021, reflecting a huge 22.5% increase over the previous year, according to the Toronto Regional Real Estate Board. Sky-high prices coupled with low inventory levels only make purchasing a home more difficult for Toronto buyers. In a recent press release, President of the TRREB, Lisa Patel stated, “While the robust market activity is indicative of widespread consumer optimism, it is also shedding light on the sustained lack of inventory in the GTA housing market, with implications for affordability.”
That lack of affordable housing has met with a palpable change in how Canadians are choosing to prioritize their lifestyle preferences in a response to pandemic-era living. Many buyers from large centers like Vancouver and Toronto – and in major cities across the USA – are looking to leave the squeeze of city living and move to smaller communities where their housing dollar stretches much further. Kelowna, offering incredible lifestyle amenities, has become a leading choice for many of these buyers. Furthermore, though Kelowna has a robust economy with one of the lowest levels of unemployment in Canada, for many Canadians, the change to working temporarily at home in 2020 had evolved into a permanent remote work situation by 2021, allowing them the ability to choose where they want to live, regardless of where their corporate office is located.
Though the average single-family home price in Kelowna costs approximately $225,000 less than in Toronto, the benchmark price was still $880,000 in April 2021. But Millennial Developments is dedicated to bringing affordable quality homes to the Kelowna community through projects like The Nest at Findlay, a spacious townhome development that offers the space and feel of single-family home living.
Click here to learn more about The Nest at Findlay.