Amid its burgeoning reputation as a city with an incredible quality of life—backed by an astounding 90% of residents endorsing their satisfaction—Kelowna is on the cusp of a significant real estate explosion, thanks to the impending expansion of UBC’s campus in downtown Okanagan.
Leveraging findings from a report from Real Estate Investment Network, called University Effect, the campus expansion represents far more than academic growth. Globally, universities have demonstrated their ability to significantly bolster local economies, enhance property values and foster innovation hubs. With every kilometre closer to a university translating to a 1% increase in average house prices, and the potential for high-tech job growth in communities with strong academic institutions, this expansion is set to unlock a wealth of opportunities for investors, entrepreneurs and residents alike.
Photo: Contributed
Population growth and property appreciation fuel economic transformation
As Kelowna prepares for an anticipated student population spike to 20,000 by 2040 from its current thriving cohort nearing 12,000, the city is set to witness a ripple effect on its economic landscape. UBC Okanagan’s expansion, crowned with architectural highlights, like a grand atrium, and cutting–edge facilities, including simulated hospital wards and a public art gallery, will serve as a magnet, escalating the already-high demand for housing, particularly in downtown Kelowna.
The city’s property market trajectory over the past decade already reveals a potent allure: a 54.1% rise in renter households from 2011 to 2021 (more than double the national average of 21.5% and a 13.5% population surge from 2016 to 2021, making it one of the fastest-growing census metropolitan areas in Canada. But it’s not just about population growth; it’s also about property value. Reflecting the broader “university effect” observed in other Canadian metropolises, homes closer to campuses often witness significantly higher appreciation rates. Proximity to downtown-based institutions can lead to a 10-20% rise in property values, making these areas hotspots for investors and homeowners.
The pressing need for student housing is further amplified by a 2020 Statistics Canada report, emphasizing that 1.3 million out of 1.5 million Canadian students depend on the private rental sphere.
This demand is particularly evident in Kelowna, where a low vacancy rate of 1.2% underscores the urgency for additional student accommodations. The city’s limited availability of rental spaces further highlights the need for investors and developers to focus on expanding student housing options.
Local businesses are also poised to reap the benefits of a student and faculty influx. Research underscores the pronounced university effect, with downtown-located institutions generating significantly higher numbers of licensing deals (80%), patents (123%), income from licensing (222%) and new ventures (71%), compared to their counterparts in rural, suburban or smaller college towns. Savvy investors are presented with a real estate market brimming with promise and ripe for strategic investment.
Kelowna’s ascent: a rising international star and Canada’s second-best small city
UBC Okanagan’s expansion further amplifies Kelowna’s global profile, drawing international academic and cultural attention. Resonance Consultancy’s 2022 Best Small Cities Report recognized Kelowna as Canada’s second-best small city, showcasing the city’s dynamic blend of opportunity, lifestyle and growth. The thriving downtown, enriched by top-ranking shopping options, diverse nightlife highlighted by 10 local breweries, five cideries, five distilleries and a culinary scene that ranks high compared to other small Canadian cities positions Kelowna as a burgeoning hotspot.
Kelowna’s vibrant growth is shining through as the city witnesses a surge in innovative architectural designs and tower proposals celebrating its flourishing downtown. With a vision for the future, the city is seamlessly integrating these developments, promising to elevate Kelowna’s skyline and enhance its stature on the global stage.
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Kelowna vaults in quality of life, eco-friendly and culturally rich
The accolades and advancements don’t end with just eco-friendliness. Tying into Kelowna’s green narrative is its cultural renaissance. The expansion of UBC Okanagan’s downtown campus stands testament to this, serving as a nexus for both academic excellence and Kelowna’s cultural evolution. This campus plays a pivotal role in amplifying the city’s renowned Cultural District, inaugurated in the 1990s. Home to cultural treasures like the Kelowna Community Theatre, Kelowna Art Gallery, Rotary Centre for the Arts and the primary branch of the Okanagan Regional Library, the Cultural District is a testament to the city’s rich artistic and literary heritage. Projections indicate an influx of approximately 5,000 residents in the Downtown Plan Boundary Area over the next decade and a half, promising to add rich layers of diversity to the city’s cultural landscape.
This dual focus on environmental and cultural growth complements UBC Okanagan’s endeavours to amplify the city’s infrastructure. With a clear emphasis on pedestrian-centric pathways and dedicated cycling routes, these initiatives reaffirm Kelowna’s unmatched pedestrian and cycle-friendliness—a perfect score for both metrics—and amplify its accessibility and safety standards.
Redefining real estate horizons, emerging as prime investment hub
As the city stands on the precipice of this expansive growth, spurred by the expansion of UBC Okanagan, the narrative is clear: Kelowna isn’t just bracing for change; it’s pioneering change. As new infrastructure takes shape, Kelowna isn’t just reshaping a skyline but redefining a future, one where the city shines at its most dynamic and radiant.
It’s clear that people with a keen eye for opportunity, both prospective residents and savvy investors, are eager to tap into Kelowna’s potential. They recognize the opportunity to be part of this transformation from the outset, laying the groundwork for future gains and enriched lifestyles.
Amongst one of the best real estate opportunities in new heart of downtown Kelowna is ONE Varsity, which features studio, one- and two-bedroom residences.
For more information or to register for updates, visit onevarsity.ca.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
