Buying a townhouse in Kelowna might be considered one of the safest real estate investments our city has to offer. So far this year there have been 209 townhouse sales with an average sale price of $349,000. Five years ago the average sale price was $280,000 and ten years ago they were selling for $140,000. In other years, the average sale prices were.. 2010 – $326,000, 2009 – $333,000, 2008 – $367,000, 2007 – $324,000, 2006 – 280,000……2001 – $140,000.
Everyone pretty much agrees that 2008 was the height of the market but other than that year prices have been increasing steadily. There was a 100% increase during the 5 year period from 2001-2006 and a less impressive but increase of 37% in the past 5 years (2006-2011).
Demographically as our population ages and younger retirees move to Kelowna, especially those who aren’t quite ready for an apartment, are going to consider a townhouse as an alternative to a single family house for the obvious reasons which include minimal yard work and home maintenance. Townhouses seem to have escaped the evil wrath of the housing slowdown and are generally easier to sell if located in desirable parts of town.