Kelowna is recovering faster
Lifestyle

Kelowna is recovering quicker

By

Kelowna is pretty amazing.

It has not been as medically, socially, and economically devastated by COVID as other cities and will recover from the pandemic faster than most other jurisdictions.

“To say Kelowna and the Central Okanagan weathered the COVID-19 store well would be an understatement in many ways,” Andrew Ramlo said during a recent webinar for members of the Okanagan branch of the Urban Development Institute.

“Our outlook for the Kelowna and Central Okanagan region is positive.”

</who>Kelowna weathered the COVID storm better than most and will recover faster, according to demographer, planning advisor and vice president of intelligence, Andrew Ramlo of the Vancouver-based Rennie Group. “Class =” img-responsive “src =” https: //www.kelownanow.com/files/files/images/Andrew%20Ramlo.jpg “style =” margin: 5px; “/></p> <p>Ramlo is a demographer, planning consultant, and vice president of intelligence at Vancouver-based Rennie Group, a company that provides analytics, insights, and strategy to property developers and the real estate industry.</p> <p>As everyone in Kelowna knows, the real estate market is scorching hot.</p> <p>Homes are in such demand that they are typically sold within a few days to a buyer who has won a bidding war to pay the list price.</p> <p>Home sales are up 20% from the decade average, and prices are up roughly the same as well.</p> <p>This trend is linked to the pandemic in that people are searching for souls in larger cities like Vancouver, Edmonton, Calgary, and Toronto during the lockdown.</p> <p>Many came to the conclusion that they could move to a smaller town like Kelowna for a better lifestyle from home and cheaper house prices.</p> <p>This desirability has driven home sales and prices soaring.</p> <p>It also means there is long-term demand for all types of homes in all price ranges – low-rise and high-rise buildings and condos, townhouses and single-family homes.</p> <p>It’s the kind of news the brokers, developers, and bankers in the Kelowna virtual crowd watching the webinar wanted to hear.</p> <p><img alt=There is long-term demand in Kelowna for all types of homes in all price ranges – low rise and high rise and condominiums, townhouses and single family homes. “Class =” img-responsive “src =” https: / /www.kelownanow.com/files/files /images/Kelowna%20skyline%20(with%20One%20Water%20towers).JPG “style =” margin: 5px; “/>

“Strong international flows (of immigration and) the influx of smart children and retirees westward to more favorable climates are expected to encourage population growth in high-quality areas like the central Okanagan,” said Ramlo.

His forecast is that the Central Okanagan, with a current population of 223,000, will grow by 80,000 over the next two decades.

And that’s on top of the 70,000 growth over the past 20 years.

The region’s 2% growth in 2029-20 was the fastest in the province.

Ramlo made a pink drink pun, pointing out that in wine country, not everything is rose.

“From a housing perspective, Kelowna and Central Okanagan are suffering from a housing availability and affordability crisis, problems that will only increase if supply of new housing does not keep pace with expected demand,” he said.

“From a justice, equality and equality perspective, the city and the wider region also suffer from diversity and inclusion challenges, growing income inequalities, and a growing homeless population, all of which require careful attention and engagement.”
Ramlo concluded his presentation by calling on everyone – developers, planners, politicians, and the general public – to seize the opportunities and use them to address the challenges.

Support local journalism by clicking here to make a one-time contribution or sign up for a small monthly fee. We appreciate your consideration and every contribution you can make.

0 posts 0 comments
You might also like More from author

Comments are closed.