Kelowna is one of the fastest growing cities in Canada according to Stats Canada. The greater Kelowna area has grown by 1.9 percent, around 4,000 people between 2019 and 2020. The City of Kelowna projects future city growth at an annual rate of 1.5% through to 2030, which means the city will grow by 45,000. The City is quite active planning to accommodate the needs of a larger population. Growth is being fuelled by a growing tech sector, tourism, and research through UBC-Okanagan. Not to mention the great Okanagan lifestyle.
City Growth
All those people are going to need homes. The City estimates that approximately 20,000 homes will need to be built within ten years, with a larger emphasis on multi-unit buildings. Downtown Kelowna is going to be the focal point for that growth with several developments finishing in 2021-22, and several more underway or going through the City’s approval process. The buildings that are opening will be opening at full capacity, which provides an excellent investment opportunity to buy into the other projects coming to life.
The demand for housing downtown is currently high because more people are wanting the big city lifestyle while enjoying the milder year-round climate. Several organizations and companies have opened expanded offices in downtown Kelowna, including Interior Health, Kelowna Police Services/RCMP, and Telus. Future growth is happening with the fairly new Innovation Centre (home to various tech start-ups and other businesses) and The Block, a new office building under construction with 100,000 square feet of office space.
In addition to these buildings comes the news of the University of British Columbia-Okanagan starting the development of a campus downtown. Plans are underway with construction to begin in 2022 or early 2023. This complex is going to be part academic, part office space, helping to bring a portion of the student population (projected to be 20,000 by 2040) to the downtown core.
Because of the combined forces of city growth and demand to be downtown, rental rates in the newly built buildings are strong and will remain strong for the foreseeable future. Now is a great time to invest in the city of Kelowna and the central Okanagan.
Read more about the coming projects to invest in or review the rental rates for the city.
Investing Opportunities in Kelowna
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3976 Beach Ave
A new resort development proposed for the current Todd’s RV and Campground in Peachland. Located in the northern part of the town.
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The Savoy – Clement Ave
Madison Ave Group has a new project in Kelowna coming available in summer 2022. The Savoy will be their first development in Kelowna: a multi-family…
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1036 Coronation Ave Development
A new downtown condo building proposed for Coronation Avenue by Newtown Architecture.