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Research

Thompson Okanagan LandShare Report Spring 2019

Thompson Okanagan LandShare Report Spring 2019

Thompson Okanagan LandShare Report Spring 2019
Transaction volume since the third quarter of 2018 continues to be dominantly (69%) focused on land that is currently (or potentially) zoned as medium density.

  • Over the last six months, there were 13 sales transactions totaling just over $27.4 million throughout Kelowna and West Kelowna. This compares to 16 sales transactions totaling nearly $45.0 million during the same period last year.

  • Overall, the price per buildable square foot in Kelowna increased 77% to $73.02 from $41.19 for the same period last year. This increase primarily reflects the high desirability of multifamily land, particularly in Kelowna's urban centres, with developers purchasing relatively smaller parcels at a premium compared to the same period last year.

  • While land acquisition activity in West Kelowna continues to remain slow, multifamily development activity has picked up in the last six months, resulting in 146 apartment/condominium units starting construction, a notable increase from the same period last year which saw only 56 units start construction.


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