The Okanagan Valley’s rapidly growing reputation as the “Napa of the North” is in part fuelling the thriving economy. With over 240 wineries in the region, the Okanagan is earning world acclaim as a global leader in the Wine Industry.
However, the strong growth and appeal has evolved well beyond its reputation as a leading wine region. NapaNorth clients are also looking to the Okanagan due to the long term geographic and demographic appeal of the area.
With accelerated investment from Lower Mainland B.C., Alberta, Saskatchewan, Ontario and United States, all economic indicators point to strong real estate returns in the foreseeable future.
In comparison to larger Canadian cities, property is still very affordable in the Okanagan. In addition to strong principle residence demand, many people are looking to the Okanagan to fulfill their Real Estate investment goals.
Unprecedented Demand & Record Low Vacancy Rates
The unprecedented demand for property in the Okanagan is being fuelled by the affordability and a multitude of economic drivers. Coupled with record low vacancy rates and strong rental returns, a unique opportunity exists for Real Estate Investment.
Baby Boomers & GenX Demographics
The investment power of the Baby Boomer and GenX demographics is unprecedented. This group is flocking to the Okanagan for strong Real Estate Investment Returns, Lifestyle, Retirement and a variety of other reasons.
The Okanagan Valley’s rapidly growing reputation as the “NAPA of the NORTH” is in part fuelling the thriving real estate market in the region. With over 240 wineries in the region, the Okanagan is earning world acclaim as a global leader in the Wine Industry.
In addition to driving the region’s tourist industry, it is also generating strong investment in the valley.
Tourism & Quality of Life
The Okanagan Valley’s strong growth and appeal also goes well beyond its reputation as a leading wine region. Its reputation as one of Canada’s most desirable vacation & lifestyle destinations, second only to Whistler B.C., has also been earned due to its endless list of activities & pursuits.
Canada’s fastest growing and most user friendly Airport puts the Okanagan within anyone’s reach.
...and Canada’s Warmest Climate is our Icing on the Cake!
Photo Credit: CedarCreek Estate Winery, cedarcreek.bc.ca
As the economic centre of the Okanagan, Kelowna B.C. has experienced strong economic revitalization in recent years. With a new and progressive mayor and city council in place, large developers and investment groups are now being drawn to the city due to the favorable investment climate. As a result, multiple projects have been undertaken in the multi-family, housing developments, and commercial sectors.
With a City Council committed to revitalization, the downtown core has become a hub of healthy economic, cultural and social activity. Following a “Healthy City 101” philosophy, a vibrant downtown core has been created, enticing people to reside and business' to operate. This environment is proving to have a strong and immediate impact on the economic growth in the region.
High Tech Industry
The economic impact of the Technology sector in the Okanagan has been assessed at well over $1.3 billion and is growing rapidly. The implications of this rapidly growing sector on the relatively small population base of the Okanagan (under 250,000) cannot be overlooked. The tech sector has now surpassed tourism, manufacturing and forestry combined, with respect to total people employed.
With over 650 companies and 7,600 employees, the tech sector is one of the largest contributors to the region’s growth. With 52% of tech workers being under the age of 35, young professionals and young families are moving to the Okanagan in numbers never seen previously. When polled, these young professionals are stating lifestyle and affordability as top reasons for making the move.
Young Professionals & Families
In addition, young professionals and young families are moving to the Okanagan in numbers unprecedented in the valley. Affordability, quality of life and career opportunities are bringing this vital segment to the region.
$$ Exchange Rate
The strengthening US dollar and resulting softened Canadian dollar has driven a shift in vacation, retirement and investment property purchases from the U.S. to the Okanagan. In the early 2000’s (driven by the $$ exchange rate and low U.S. cost of housing) there was a major wave of property investment by Canadians in areas such as Phoenix, Palm Springs, northern Montana and Washington. The investment wave has now shifted back to Canada with the Okanagan being the most desirable of Canadian regions.
Our U.S. Neighbors
For our U.S. clients the power of the dollar exchange rate is creating a very desirable property investment opportunity. Also fueled by increased cost of housing in the U.S. and the infamous “Political Climate” , there is an unprecedented number of Americans purchasing vacation or retirement property in the Okanagan.
A combination of Canada’s best climate, affordability, the exchange rate, quality of life, world class amenities and easy access to medical services is bringing retirees to the Okanagan in unprecedented numbers.
Vancouver - Lower Mainland… Real Estate & Social Issues
The unaffordability of housing and the social issues of the Lower Mainland have become infamous. Leading the investment wave in the Okanagan are people from Vancouver and the Lower Mainland looking for investment opportunities, affordable housing and/or a better quality of life.
University of British Columbia
UBC is a global centre for research and teaching, consistently ranked among the top 20 universities in the world. The Okanagan campus of UBC is a rapidly growing institution providing a higher level education opportunity for students from all across western Canada and international students alike.
The economic impact of Tier 1 Universities on communities is well documented and the UBC’s positive influence on the Okanagan reinforces the statistics.
For more information on UBC, visit UBC.ca (Okanagan Campus)
Kelowna International Airport - YLW
As one of Canada’s fastest growing airports, it is the perfect balance of manageability and access. As any seasoned traveller who has been through YLW will attest to, this airport is the quickest and easiest to get through of any “well connected” airport they have experienced.
Connectivity…Kelowna International Airport has direct or one-transfer flights to most major Canadian and U.S. cities.
But don’t take our word for it…Check out flights to Kelowna for yourself.
As two people who have moved our families to the Okanagan for the Lifestyle and the Investment opportunity, we can say we truly “put our money where our mouth is” as they say. And the results could not have been better.
If you have a desire to own property as an investment, or as a future plan to move to the Okanagan we strongly suggest you book a trip to scout the opportunity (and enjoy a fantastic vacation). Give us a call anytime and we’ll point you in the right direction.
Mark & Shaun
Co-owners, NapaNorth Properties Ltd.
Thank you very much for your time and interest in NapaNorth Properties.
Please contact us for any Okanagan Property related matter.
We will ensure you embark on the correct planning path.
|For Investment Property, Development &
Design inquiries please contact Shaun Tourigny.
|For Real Estate services contact Mark Walker.
Mark is a Licensed REALTOR® with Royal Lepage, Kelowna.