Selling Your Home in Vancouver to buy in Kelowna
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by Richard Morrison
- April 13, 2016
- Sellers
- 0
Are you considering selling your home in Vancouver and buying a new one in Kelowna? If so, you’re likely looking for some advice on how best to make this transition. As an experienced BC real estate agent who works with clients all over British Columbia, I can provide the guidance you need. In this article, I’ll discuss what it takes to sell your current home quickly and efficiently while finding the perfect new property in Kelowna.
Real estate is always changing – prices are in flux and trends come and go. To get the most out of your investment, it’s important to have knowledge of both local markets as well as an understanding of industry standards. With my years of experience in BC real estate, I’m here to help you navigate through these waters safely!
So take a deep breath – we’ve got this! Read on for all the information you need about successfully selling your Vancouver house and buying a new place in Kelowna.
While Vancouver has been justifiably hogging the real estate spotlight for some time now, it seems the attention is shifting towards Kelowna.
Quick Summary
The Vancouver real estate market has over the years witnessed a sharp increase in prices driven by demand. This demand has been partly fuelled by interest from foreign buyers. Even though Vancouver is still the place to be for investors and residents alike, people are starting to turn to Kelowna BC. It is difficult to pin down the overriding factor driving this new trend but two can be touted.
One, people are buying homes in Kelowna to live there due to the favourable weather, recreation, and overall better lifestyle. Second, the investors have their eyes set on the lower prices considering the potential for growth. For them, it is a good opportunity. Should you also buy a home in Kelowna? I would say, if you are here my dear reader, then the answer is YES! Read on for more of my research…
Prices of property in Kelowna
Kelowna has witnessed a surge in people seeking to move in and a good number of them is coming from Vancouver. The people who are seeking this move are those who are in their thirties, have a stable income, want to live comfortably with their families and want affordable housing. The Lower Mainland is finding it tougher to fulfill these desires. Subsequently, Kelowna has swooped in with decent jobs, a better standard of living, and affordable home ownership. As early as 2016, the number of people leaving the Lower Mainland headed for Kelowna BC was already increasing. By now, the rate of migration is at an all-time high.
When a 35-year-old looking for a home in Kelowna realizes that a waterfront property costs nearly the same as a two-bedroom condo in Coal Harbour Vancouver, they find it almost imperative to move. One of the key differences between the housing market in Kelowna and that of Vancouver is how they are framed. Kelowna is consumer-driven while Vancouver top ares are investor driven. A consumer-driven market is more stable thus less prone to price fluctuations due to speculations. When someone buys a house in Kelowna, in most cases they either want to live in it or to have it as their second home.
A research conducted by Numbeo has unearthed some significant findings as of April 2018. The price of an apartment per square feet in the City Center is $1168 in Vancouver and $360 in Kelowna. If you buy an apartment on the outskirts, you will part with $294/sqft in Kelowna and 0/sqft in Vancouver. In addition to that, the rent prices in Vancouver are higher than in Kelowna by almost 53.29%. In Kelowna, a single-family house is quite popular with the people who are selling in Vancouver and relocating to Kelowna.
The quality of the houses is also noticeably different. There are numerous condos being built in Kelowna and they are better than those in Vancouver when you consider those within the same price range. There are also private homes that people are acquiring on freehold.
According to flyawaycafe.com, in Vancouver, people who work on lower salary jobs can only afford houses which are on the outskirts of the city. They have to commute to work on a daily basis which is inconvenient. Even the people who have white-collar jobs also find themselves squeezed out of the Core by speculators from overseas. Conversely, Kelowna has its housing market driven by income and population. That explains why people who once lived in lower quality houses in Vancouver are now starting to migrate to Kelowna.
A good example is the story of Lisa Lock who works for Mission Group Homes. She is a former resident of Vancouver who lived in West Vancouver in a house worth $2.5 million. When she and her husband moved to Kelowna, they acquired a house that was twice the size of their previous one in Vancouver, and it had a pool and a hot tub. They even had some money to spare. This clearly illustrates why houses in Kelowna offers a superior value to housing in Vancouver.
Waterfront Property in Kelowna
To add on to that, Kelowna has condos built along Lake Okanagan’s shores. If you love a condo that has a spectacular view of the lake, Kelowna is the place for you. If you live in the Lower Mainland but wish to have a scenic landscape to enjoy and the luxury of taking out your boat for an afternoon cruise, why not sell your home in Vancouver and buy in Kelowna by the lake? It is a lifestyle that is within reach for the average Vancouverite home owner!
If you are after lakefront property in Kelowna, you can find something that suits your budget and preferences. There are elegant condos you can choose from. There are also homes for sale as well. Kelowna luxury waterfront homes range from $1,800,000 to $7,000,000 on Freehold. Condos range from $130,000 to $500,000.
Millenials and Generation X
As many people leave Vancouver for Kelowna for various reasons, the generation Xers and the Millennials are leading the charge. They are attracted to the lower house prices that will allow them to live better lives with their young families. Also this demographic from Vancouver is also more mobile a large percentage of them work online and thus have no need to live in a major city centre.
The older Vancouverites who were around when the real estate market started gaining traction are also selling and moving. For them, the investment has paid off. By relocating to a cheaper city, they can make a few dollars, and live mortgage free.
There are tell-tale signs that Kelowna is headed the same path Vancouver found itself on. For Vancouver, there is a high degree of speculative activity from foreign buyers and this has meant that the prices never fall much and the houses are usually left empty (read ghost town). This has driven people who don’t want to live there to places like Kelowna. Nevertheless, it almost feels inevitable that Kelowna will become like Vancouver as foreign speculation is making its way to Kelowna as well. In the meantime, it will be a nice place to invest and live – and to boot the foreign speculation should provide for a nice investment over the years. Eventually, it may fall into the trap of speculators if there is no intervention. In the meantime, it is a haven for people who wish to find affordable housing to live in while they enjoy their lives.
One piece of good news, although it depends where you side, and certainly not welcomed by the city, is that the province of British Columbia has included Kelowna in the .5% foreign buyer tax. This may dampen the investment growth of housing prices, but it will ensure that the city remains within reach of local residents.
Frequently Asked Questions
What Kind Of Lifestyle Changes Should I Expect When Relocating To Kelowna?
Though the two cities are only about four hours apart, they have distinct differences in culture and climate. For example, while Vancouverites enjoy mild winters with plenty of rain, those living in Kelowna must contend with heavier snowfall and colder temperatures during the winter months. But there’s no need to fear – this change can actually bring many benefits! The warm summers mean longer days for outdoor activities like biking, hiking, or camping at nearby lakes and parks. Additionally, the cost of living in Kelowna is generally lower compared to Vancouver, so if you want some extra money each month then this move might be perfect for you!
Here’s a quick rundown of how else life could change when making the transition from Vancouver to Kelowna:
- A smaller population size may mean less access to certain amenities such as nightlife spots or cultural attractions.
- Depending on where you live in Kelowna, your commute times may increase because public transport options are not as extensive as they are in larger cities.
- You will likely find yourself surrounded by friendly locals who value community engagement and tightknit relationships within their neighbourhoods.
- The slower pace of life offers opportunities for people looking to pursue hobbies or spend time exploring nature without all the hustle and bustle associated with big cities.
- With its abundance of wineries and craft breweries dotted throughout town, Kelowna has established itself as one of Canada’s premier wine regions – great news for oenophiles!
Is The Process Of Selling My Home In Vancouver And Buying In Kelowna Complicated?
Selling a home and buying another can be an intimidating process. When relocating to a different city, the complexity of this process is amplified even further. Is the process of selling my home in Vancouver and buying in Kelowna complicated? Let’s take a look at what you should expect:
- Firstly, it’s important to understand that each condo market has its own unique dynamics, so researching both markets is essential for making informed decisions throughout your journey.
- Secondly, I would recommend finding an experienced local Realtor with in-depth knowledge of the area you are moving to as they will have valuable insights into areas such as neighborhoods, schools, transportation options and other amenities that could influence where you decide to buy.
- Thirdly, you’ll need to ensure all necessary paperwork is taken care of when transferring ownership from one property to another; contracts must be legally binding and closing documents properly prepared before any exchange of funds occurs between buyer and seller – which brings us back to the question posed earlier – how complicated is this transition?
What Are The Benefits Of Selling In Vancouver And Buying In Kelowna?
“As the old adage goes, ‘where there’s a will, there’s a way.’ When it comes to selling your home in Vancouver and buying one in Kelowna, this could not be truer. As an experienced real estate agent, I can confidently attest that for anyone willing to take on such a task, the process is relatively straightforward – with plenty of exciting benefits to boot!
First off, let’s talk about those benefits. One major plus from relocating from a larger city like Vancouver to smaller cities like Kelowna is more bang for your buck: you may get more house or land than what you would receive in Vancouver for the same price. Additionally, if you’re looking to escape the hustle and bustle of urban living without sacrificing necessary amenities (like grocery stores and hospitals), then making the switch to a quieter area might just hit all the right notes.
What Is The Average Cost Of Buying A Home In Kelowna?
The average price of a detached, single-family home in Kelowna is $671,000. However, it’s worth noting that the luxury market in Kelowna has a typical starting price of approximately $1,000,000.
For 2023, the typical average price of a detached, single-family home in Kelowna is $664,290. It is noteworthy that the luxury market in Kelowna has a starting price of approximately $1,020,000.
Conclusion
The process of selling your home in Vancouver and buying a new one in Kelowna is nothing to be intimidated by. With my experience as a real estate agent, I’m confident that you can make the transition with ease.
Just remember the tax implications, lifestyle changes, and costs associated with such an endeavor before taking action. It’s important to do your research and know what you’re getting into before making any big decisions.
If you’ve already taken the plunge, congratulations! You’ll find yourself part of a growing number of people who are experiencing all the benefits of relocating from Vancouver to Kelowna – for 2023, the average housing prices have been reduced to $528 /sqft compared to $1,084 /qft in Vancouver! That’s almost half the cost for double the value. So don’t let fear or doubt stand in your way; take advantage of this great opportunity while it lasts!
Sources:
https://globalnews.ca/news/8487435/2022-property-values-okanagan/
Ready to turn your real estate dreams into reality? Contact Richard Morrison, Vancouver’s top realtor with 20+ years of experience. As a Medallion Club member and RE/MAX Hall of Fame award winning agent, he’s the expert you need on your side. Whether buying, selling, or investing, Richard’s personalized approach and deep market insights ensure a successful transaction. Reach out to Richard today at (778) 900-2235 and make your real estate journey seamless and rewarding.
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