Knew Realty Research Okanagan Single Family Lot Count Survey Results: City of Kelowna Summary, May 2017
After discussions with various sales teams and visual surveys of over 30 developing single family communities within the city of Kelowna, Knew Realty Research has found that there are only 27 serviced single family lots currently available for purchase from the developers of these communities, and an additional 119 lots available from these developers through pre-sale (these are lots that developers are still servicing).
Notably, these inventory levels are collectively dwarfed by the 431 serviced and empty single family lots that are currently owned by new home builders and private members of the public within these communities. Moreover, new home builders and members of the private public have already purchased an additional 165 single family lots within these communities through pre-sale.
For those keeping close score, single family housing starts within new communities in the city of Kelowna totaled just 270 in 2016, but reached 119 in the first quarter of 2017! Providing that the actions of Kelowna’s new home builders are well matched to their own client demands all of the above trends suggest that the market for new single family homes in the city of Kelowna is as tight and red hot as the market for existing homes.
In any case, many single family land developers are currently working quickly to replenish their own inventories of single family lots available for sale evidenced by the 382 single family lots that we found currently under-service for future pre-sale, and developer plans in general to grow this number in the near future.
Notes: Knew Realty Research Inc. performs a full accounting of all single family lots marketing within the District of West Kelowna, the City of Kelowna, the Disrict of Lake Country and the City of Vernon and surrounding areas on a semi-annual basis: During the months of May (District of West Kelowna, City of Kelowna, Disrict of Lake Country) and June (City of Vernon), and during the months of November and December.
Disclaimer: Although the data analyzed have been produced and processed from sources believed to be reliable, no warranty expressed or implied is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of this articles information.