I spent the last few days looking at homes in Kelowna’s Upper Mission area which has to be one of the nicest neighbourhoods in Canada. Great schools, little crime, people looking out for one another, jaw dropping views of the lake, luxurious houses complete with media rooms, oversized decks, gyms, 2nd kitchens, amazing ensuites, flatscreen TVs in every room….you get the picture. Upper and Lower Mission are two areas where students on standardized tests outperform students from private schools. Click HERE for an example of what you can buy in Upper Mission.
Out of 235 active residential homes for sale in Upper Mission, 25% of them are priced over $1 million with the average asking price being $1,050,000. On the other end of the spectrum, there are only a handful of homes under $400,000 with the most affordable being $397,000.
The average sale price in this area this year is $690,000 which is quite a leap from a million dollar average asking price. There have been 93 sales this year making UM a buyer’s market with home buyers having dozens of choices when looking. Something has to give here. Either an influx of high end buyers materialize soon or prices have to eventually soften.