- The property is located within Lake Country, along Highway 97 and around 500 feet from Wood Lake. Additionally, the property is 23 kilometres north of the City of Kelowna’s downtown business district and 28 kilometres south of the City of Vernon’s downtown business district.
- The adjacent neighbourhood is comprised of a mix of property types/uses. To the west and across the highway, there are commercially oriented properties. Residential and rural residential properties dominate in the north and west. In the mix, there are agriculturally oriented properties. To the east, Lake Kalamalka’s shoreline has recreational and residential properties.
- The City of Kelowna (pop. 142,146) is the centre of economic and business activity in the Okanagan Valley and is the largest trading centre between Metro Vancouver and Alberta. The population of the Regional District of Central Okanagan – currently 223,000 – is projected to grow by 80,000 residents over the next two decades and reach a total of 305,000 by 2040.
- The Central Okanagan’s economy continues to diversify and demonstrate strong growth with an entrepreneurial culture that supported over 11,000 new businesses starting since 2010. Supported by the airport, world class educational institutions, medical facilities, and new and diverse housing, billions of dollars have been invested in the area in recent years, improving infrastructure and attracting high-growth industries like film and digital animation, and technology. Major regional employers include School District 23, Kelowna General Hospital, UBC Okanagan and Okanagan College.
- Situated on the eastern shore of Okanagan Lake, in the centre of the stunning Okanagan Valley, Kelowna has the best of rural and urban lifestyles packed into one unique city. Until the 1990s, the region was best known for peach orchards and beach culture. Then in 1994, at the International Wine & Spirit Competition in London, Mission Hill won the award for Best Chardonnay Worldwide, and suddenly the world began to take notice. Now, the Okanagan Valley is home to 185 wineries and nearly 9,000 acres planted with vines, growing more than 60 grape varieties ranging from Auxerro is to Zinfandel. It’s the climate that makes the Okanagan so appealing for both grapes and people.
About Real Estate Market
- In 2016, Statistics Canada measured Lake Country’s population at 12,922, which is below the projected population of 14,108 within the OCP and representing a growth rate of 1.9% between the 2011 and 2016 Census periods. BC Stats estimates that between 2013 and 2014, Lake Country grew by 3.7%, establishing Lake Country as the fastest-growing municipality within British Columbia.
- Regional population growth outpaced the provincial rate of growth over the 2018-2022 period. The most significant growth was in Lake Country (17.07%) within the Central Okanagan.
- The Okanagan region, as the fastest growing in Canada, continues to be well positioned for the post-pandemic migration phenomenon that sees people with means moving to livable mid-sized centers such as Kelowna. — DOUG GILCHRIST, CAO, CITY OF KELOWNA
ECONOMIC DRIVERS
- UNIVERSITY OF BRITISH COLUMBIA – OKANAGAN CAMPUS (UBCO)
- UBC is one of North America’s largest public research and teaching institutions
- Consistently ranked among the world’s 22 best universities
- 8,700+ students enrolled from Canada and 81 other countries
- 8 faculties and school, including the faculty of medicine, Southern Interior Program
- Annual economic impact of more than $1 Billion
- OKANAGAN COLLEGE
- Largest post-secondary institution in the region, educating 22,000+ people annually
- 50% increase in full time equivalent students since 2005
- Kelowna Trades Complex – $33 Million renovation and expansion, doubling in size to 100,000+ square feet
- 2nd largest trades training institution in BC
- KELOWNA INTERNATIONAL AIRPORT
- Top 10 busiest airports in Canada, served over 16 million passengers in 2014
- 67+ daily non-stop flights to destinations in Canada and the US
- 375 destinations world-wide with one connection from YLW
- 2,730 jobs and $610 Million in total economic output to the province of BC
- KELOWNA GENERAL HOSPITAL
- High-level specialty medical care including 24 hour emergency services
- $1 Billion in recent capital investments for facility expansions
- State-of-the-art cardiac and surgical centre
- OKANAGAN CENTRE FOR INNOVATION
- New, modern high-tech business hub for both small teams and large firms
- $35 Million project, 6 story building, 106,000 sq. ft.
The Central Okanagan (Kelowna CMA) has a household income distribution that matches closely, within 2% differential in each income bracket, with that of BC and Canada. 51% of households in the Central Okanagan have an income of more than $70,000 annually.