Transaction volume since the second quarter of 2017 continues to be predominantly focused on land that is currently, or has the potential to be, zoned as medium density of mixed use.
- In 2018 to date, the average price per buildable square-foot in Kelowna decreased 19% to $45.69 from $56.48 for the same period in 2017. This drop primarily reflects a greater number of sales transactions in Kelowna's urban centres, where densities are higher allowing developers to maximize land use and build taller structures on smaller parcels, reducing their overall price per buildable square-foot.
- In West Kelowna, as development activity ramped up this past year so did prices for the limited stock of vacant freehold land. During the first three quarters of 2018, the average price per buildable square-foot increased 56% to $22.38 from $14.39 for the same period last year.