Where Should You Buy a Home in Kelowna in 2023?

So are you thinking about buying a home in Kelowna?

If so, you're in luck - Kelowna is home to some of the most desirable neighborhoods in the Okanagan, and on today’s blog and video (below) we are going to cover the top three neighbourhoods to buy in 2023.

With so many great options to choose from, it can be tough to narrow down the search. That's why we've compiled a list of the top 3 neighborhoods to buy in Kelowna in 2023 based on proximity to schools, shopping, infrastructure and lifestyle options like hiking, swimming and boating.

But before we get into the list, let me ask you a question: What do you value most in a neighborhood? 

Is it proximity to amenities and downtown? Great schools and parks? Or maybe you're looking for a more laid-back, rural vibe? No matter what you're after, Kelowna has something for everyone.

Without further ado, let's dive into the top 3 neighborhoods to buy in Kelowna in 2023.

Buying a Home in Upper Mission: Neighbourhood #1

First up, we have Upper Mission. This southeast corner of the city is a popular choice for families and professionals alike, thanks to its close proximity to shopping, recreational facilities, world class golf courses, hiking trails and great schools like Chute Lake Elementary, Canyon Falls Middle School and Okanagan Mission Secondary.

It's also surrounded by rolling hills and stunning views of Okanagan Lake, making it a paradise for outdoor enthusiasts.

Homes in Upper Mission range in price price from $630,000 for a vacant lot with single family homes starting at around the $900 thousand mark and go all the way to 8 million. You can find townhomes, when they are listed (they have a tendency to go quickly), starting at the mid to high $600 thousand range.

Buying a Home in Glenmore: Neighbourhood #2

Next, we have the Glenmore area. Located just a few minutes from downtown Kelowna, this neighborhood is perfect for those who value convenience and proximity to amenities.

It's also home to a number of great schools like Glenmore elementary and Dr. Knox Middle School  making it a top choice for families. If you are wondering about home prices in Glenmore, there are some fantastic options between $700 thousand and a Million and you can find your dream estate home starting at around $1.5 million dollars.

Buying a Home in Lower Mission: Neighbourhood #3

Last but not least, we have the Lower Mission. This neighborhood is known for its laid-back, beachy vibe and is a popular choice for those who love the outdoors.

It's home to a number of parks, beaches, and trails, making it a great place to enjoy the Okanagan's stunning natural setting. If you are family with school aged kids you will find Lower Mission has access to all three levels of schools with Anne McClymont elementary, KLO Middle and Okanagan Mission as the high school.

If you are in the market for a home in Lower Mission then you are in luck, you can build in Orchard Park or you can buy a pre-owned home starting in the high $800 to low $900 thousand dollar range. If you are more of a condo person, you’re in luck as Lower Mission has a mix of townhouse and apartment style strata.

With the new rule changes coming into effect you will have a little more choice with no age restrictions allowed in the province. Prices for an apartment style strata will start at the $250 thousand mark and go up from there.

Investing in Kelowna North: Neighbourhood #4

Kelowna North is a high density neighbourhood with enormous upside potential with the pending development of the old Tolko Mill Site which is currently undergoing remediation.

The development will be massive and will take advantage of the waterfront and will incorporate the landscape into the architecture, there is no doubt about that.

Right now there are multiple opportunites to buy and hold in Kelowna North, this kind of real estate investment is not short term, it will be a long term type of opportunity.

The potential upside for this area could wind up being very lucrative with the redevelopment of the old Tolko Mill site which will most likely include shopping, restuarants and of course a mix of commercial and high density residential real estate.

This development has the opportunity to completely transform Kelowna North to a very urban, trendy community in the north part of Kelowna's downtown area.

Living in Kelowna, BC: Spotlight on Upper Mission

If you're in the market for Kelowna real estate, you'll want to take a closer look at the Upper Mission neighborhood.

Located in the southeast corner of Kelowna, Upper Mission is a popular choice for families and professionals alike, thanks to its close proximity to great schools, shopping, and recreational facilities.

One of the key features of Upper Mission is its stunning natural setting. Surrounded by rolling hills and stunning views of Okanagan Lake, this neighborhood is a paradise for outdoor enthusiasts.

The area is home to several parks and hiking trails, making it easy to get out and enjoy the beautiful surroundings.

Another draw of Upper Mission is its close proximity to some of Kelowna's top schools. The neighborhood is home to a number of excellent elementary like Chute Lake Elementary School, middle school at Canyon Falls Middle School and secondary school at Okanagan Mission, making it a great choice for families with children.

In terms of real estate, Upper Mission offers a range of housing options to suit a variety of budgets and lifestyles. You'll find everything from cozy starter homes to luxurious estates in this neighborhood, with prices ranging from around $700,000 to over $1 million.

Where is Upper Mission Located?

One of the great things about Upper Mission is its location which is in the south east part of Kelowna, straight up Gordon Drive.

It's just a short drive from the downtown core, making it easy to access all of the amenities and attractions that Kelowna has to offer. It's also relatively close to the airport and major transportation routes, making it a convenient choice for commuters.

If you're in the market for Kelowna real estate, be sure to check out the Upper Mission neighborhood. With its stunning natural setting, great schools, and range of housing options, it's a great place to call home.

To Rescind or Not Rescind, That is the Question!

In January of 2023 a new rule will take effect and it will affect both buyer’s a sellers of real estate here in Kelowna BC.

It’s called the Home Buyer Recission Period.

Under the new regulation, some buyers for some residential properties will have three business days to change their mind, for any reason, and walk away from an accepted Contract of Purchase and Sale.

There is a cost to enacting this, more on that in a minute.

So let’s walk through a hypothetical example…you find the home of your dreams, you write an offer, negotiate and get that offer accepted which is of course in writing.

You go home and are all excited, but there is something that is eating away at you and you just can’t place it.

In the morning you wake up to something we call buyer’s remorse and have decided that you don’t want to follow through with the purchase after all and you decide to exercise your option to rescind the contract.

You would have three days to make that decision, but that decision would come with a price to it, it would cost you .25% of the purchase price of the home.

And you would owe that money to the seller. If you had a deposit that was delivered after acceptance of the contract by the seller, then that .25% would come out of your deposit.

If there was no deposit, you would owe the seller that money, so to keep the math simple, on a $1 Million dollar purchase, you would owe $2500.

How is This Different Than Just Walking Away From Conditions?

So you might be thinking how this is different if you had conditions in the offer and wound up walking away from the house on inspection or financing?

In those instances, you would have acted in good faith and worked hard to get the purchase of your dream home to go through by paying for a home inspection and working with your bank or mortgage broker to get your financing approved.

Once you exercise this option, there is no going back, so not only do you need to be absolutely sure about the home that you are purchasing but you must be rock solid on whether you are going to kill the deal using this out because it could cost you.

Now, I think that the government is about 2 years too late with this piece of legislation. This idea was brought about when the market was hot and when there was a lot of emotion in the decision making process. 

This legislation would have provided an out for that buyer that wound up feeling remorseful.

There are some exemptions in this legislation, here's a link to the BCREA website that will give you all the detail that you will need moving into 2023. 

As always, if you are looking for a guide to help you find that perfect Okanagan home, or an experienced marketer to help you with the sale of your existing Kelowna property, then we should talk.

You can always email me at kelley@kelleyskar.com or give me a call at 778-716-7527.

Are You Thinking of Making a Move to Lake Country?

I know over the course of my last 18 videos I’ve covered off various topics about Kelowna. In today’s video I want to introduce you to an area just 15-20 minutes north of Kelowna called Lake Country.

Lake Country is a small community that is situated between Lake Okanagan to the west and Lake Kalmalka and Wood Lake to the east.

Now I have been writing and rewriting what I wanted to say about Lake Country but finally found that Tourism Kelowna captured it perfectly in their description which you can find on their website which I have linked up below:

“Home to three major lakes - Okanagan, Wood, and Kalamalka - below the lush valley hills, Lake Country has unparalleled natural beauty. Lake Country offers something for every member of the family. Fish or wakeboard on Wood Lake, hike Spion Kop, cycle the Okanagan Rail Trail, tour wineries along Lake Country's Scenic Sip Wine Route, explore working farms and orchards, visit a working artist, or zipline above the lakes and forest. Be sure to save some time to swim or simply relax on the beach and enjoy our warm Okanagan sun.”

Is Lake Country Part of Kelowna?

Lake Country is split up into three major areas that we refer to in our MLS, we have Lake Country Northwest, Lake Country Southwest and Lake Country Oyama. Lake Country North is located north of Okanagan Centre Road and ecompasses subdivisions west of Highway 97 all the way over to Okanagan Lake. 

Lake Country South are the subdivisions south of Okanagan Centre Road East and is on the west side of Highway 9, again, taking you all the over to Lake Okanagan.

Now Lake Country Oyama subdivisions are east of Highway 97 at the south end of Wood Lake, they also move up the east side of wood lake all the way up to the south end of Lake Kalmalka.

I think it’s fair to say that Lake Country is kind of spread out. It is a beautiful area, there is no question and there are a lot of things to do, like I mentioned before.

What Schools are in Lake Country BC?

Lake country has all three levels of schools with Davidson Road and Peter Greer Elementary Schools, HS Grenda Middle and George Elliot High School.

If you’ve got kids that play sports, I can tell you that you will be driving…a lot. 

From volleyball and basketball tournaments to baseball games and football games, a lot of those events and team sports take place in Kelowna.

Now you don’t always have to be on the highway as you can take Glenmore Road into the city which will spit you out close to UBCO and essentially along the northwest side of Kelowna (not to be confused with West Kelowna).

Overall I love Lake Country, in fact, when we were trying to decide which areas we wanted to move to in and around Kelowna, Lake Country was number 2 on our list.

If you like a quiet, slower paced, family friendly community, Lake Country ticks all the boxes.

If you are thinking of making a move to Lake Country, I would be happy to be your guide. You can give me a call at 778-716-7527 or send me an email to kelley@kelleyskar.com to get the ball rolling.