Kelowna Pushes Highrise Development as Central Region Basks in Recovery

October 27, 2015 8:25 pm

Western Investor

BY WI STAFF/FRANK O’BRIEN

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When you talk about Okanagan real estate, the real focus is the residential and resort properties that have dominated and defined the market for years. And, as the busy summer season begins, it appears that real estate is poised to continue an uptick that started last year.
Residential sales in the central Okanagan, anchored by Kelowna, were up 3.3 per cent during the first quarter of this year – compared with 2012, which had posted a near-12 per cent rise in sales from 2011 according to the BC Real Estate Association. In the south Okanagan – think Osoyoos – sales were up 2.8 per cent after posting a similar increase in early 2012.
Prices are holding steady, with central Okanagan’s average MLS detached-house valued at $379,000 and south Okanagan’s at $305,000, both virtually unchanged from a year ago.
Encouraging for the resort market, Alberta buyers appear to be returning.
“We are seeing more buyers from Alberta than from the Lower Mainland,” confirmed developer Rick Bruschinsky, who has only eight building lots remaining at his 40-lot Casa Loma Estates subdivision near Kelowna, where lots sell from $300,000 for one-third of an acre.
Bruschinsky, who is also selling 2,900-square-foot Casa Loma lakeview townhomes from $700,000, said sales have been steady this spring.

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