Kelowna ranks 6th in list of top 10 B.C. housing markets to invest in.
A newly released report by Real Estate Investment Network (REIN), which shows where, when, and how to invest in B.C.’s best real estate markets have included Kelowna in their list of top 10 cities to invest in.
Studying 36 economic and market factors, REIN’s Top 10 B.C. Towns and Cities scorecard identifies real estate markets that are poised to outperform over the coming five year period
Kelowna ranked sixth in the list in order of potential for housing market strength over the next five years.
The detailed report provides additional analysis that concludes where each market is in the real estate cycle and what to expect as the cycle continues.
For Kelowna, when all the factors are added up, our real estate market is in the “beginning of boom” part of the cycle.
Kelowna spot on the list is attributed to its increasing employment opportunities, especially with the city’s reputation for being a tech industry hotspot, its population growth, and housing market growth.
“Each of these economic fundamentals indicates a further rise in the real estate market that is approaching its peak,” says the report.
“We determine that Kelowna has a great rental market opportunity, where the right property can deliver solid monthly cash flow,” REIN concludes.
The prediction is that as Kelowna reaches its peak in the market in 2018, month-to-month sales, values, and rental could begin to send “mixed signals.”
“There is still some runway as population-driven demand continues, but strategic investors are being very careful with the properties and neighborhoods they choose and the tactics they use.”
As the market approaches its next peak, REIN says that both “buy and hold” and “rent to own” are tricky, and the optimal tactic during the current phase of the cycle is ‘fix and flip.”
Article taken from KelownaNow website.