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.