Even if you plan on living in your home for years to come, it’s still important to consider how your investment will grow over time.
Many savvy real estate shoppers will look for up-and-coming neighbourhoods with promising futures. Buying in a community that’s on the rise means that your investment is likely to grow at a faster rate than more developed areas, offering you a better return when it’s time to sell.
In the Okanagan, most up-and-coming communities are in areas that are being newly developed and aren’t yet densely populated. But, how can you tell if a community has yet to reach its peak?
Here are a few questions to ask if you’re looking to maximize your investment by buying in a growing area in the Okanagan.
Are new buildings and businesses popping up?
This one is a bit obvious, but it’s first on the list because it’s one of the surest signs of a growing neighbourhood.
Are new buildings starting to pop up where barren fields or dilapidated structures once stood? What businesses are moving into the area? One clear giveaway that many people refer to is the location of the nearest Starbucks. It may sound a bit absurd, but they’re known for their data-driven approaches and ability to spot up-and-coming areas for new stores.
Is it on a transit route?
The accessibility of an area is often a significant factor for demand. Are residents able to get around without a car? Can they reach surrounding areas using BCTransit? How frequently do buses visit the area? Most importantly, is transit to the area expected to grow?
If the City is adding bus routes to an area, it’s a sign that they expect the population to grow. Being on a transit route also increases property values, so it’s a double win.
Does the City have plans to invest in the area?
Speaking of the City, are they investing in the area with new roads or other infrastructure? Perhaps they’ve already been completing upgrades or projects in preparation for a population increase.
When a neighbourhood is transitioning through the early development phases, residential properties begin to spring up. This will change the neighbourhood from heavily commercial to residential with plenty of investment opportunities.
Does it offer the Okanagan lifestyle?
It’s almost becoming a bit of a cliché, but it’s true — a lot of the people who move here do it for the lifestyle.
If the neighbourhood is near beaches, hiking trails, golf courses, wineries, and other classic Okanagan goodies, it’s likely to work in your favour. Plus, you get to enjoy all that the area has to offer while you’re there!
Are there schools nearby?
Families make up roughly 30% of Kelowna’s population, and schools are something that almost every family cares about when searching for a home. Therefore, properties that are near good schools are often in high demand as many people in this demographic are in the home-buying stage of their lives.
If the community is still developing, and there are reputable schools nearby, then you’re looking at a potentially solid investment.
Homes in Kelowna’s University District
Kelowna’s University District is a great example of a growing neighbourhood in the Okanagan.
With UBC Okanagan expected to grow in the coming years, an increase in demand for housing will naturally follow. An area that was once quite desolate is quickly becoming rich with amenities as new developments and opportunities to live come to fruition.
The University has also become a hub for transit, with direct bus routes to West Kelowna, Okanagan College, Lake Country, Pandosy Street, Glenmore, Quail Ridge, and even Vernon. Meanwhile, the recently completed John Hindle Drive connects the area to North Glenmore, making it easier to access several areas of town including the downtown core.
Despite its name, the University District isn’t just for students. While it’s an extremely convenient location for those who attend UBCO, it’s also an excellent area for families due to its close proximity to Aberdeen Hall Preparatory School and several public schools in the Glenmore area. As the area is still in fairly early stages of development, it is surrounded by nature and some properties offer beautiful hillside views of the lake and valley.
If you’re looking to grow with your community (and your investment), this area is one worth considering! Click here to learn more about customizable, detached homes in one of the city’s fastest-growing neighbourhoods.