The condominium market had a strong 4th quarter registering 154 sales of apartment condominiums at an average sale price of $245,000. This is a significant increase from the previous year’s 4th quarter when there were only 114 condo sales at an averages sale price of $241,000. With 850 condo units still on the market we are still in a buyers market and there is still a lot of product available. Regardless, the news is certainly getting better for condo sellers during a quarter that is traditionally the slowest of the year. We are still a long way from where we were in 2007 when we recorded 235 sales during Q4 at $283,000.
Buying a Kelowna condo is a lifestyle choice and often considered by first time home buyers wanting to get started with home ownership and with Kelowna’s empty nesters or retirees wanting to enjoy a lifestyle of living in Kelowna without the responsibility of looking after the landscaping and upkeep of the out side of the home. Some of the later condo owner’s also chose this lifestyle of strata ownership so that they could use some of the equity their homes have obtained to use for their own personal use.
Kelowna condos can be in large concrete buildings with lakeviews or in 3 story wood frame buildings that have easier access and easier to meet the neighbors. Often the complexes that a retiree is attracted to has age restrictions of 45+ or 55+ years of age thus allowing the buyer to live in a complex with like minded people
Some of the considerations for purchasing a condo is asking about the by laws to see if there is an age restriction or a pet restriction. If you do own a dog or cat this can make a huge part of the decision process in which strata building you will want to look at for a new home.