Economic Drivers

Economic Revitalization

As the economic centre of the Okanagan, Kelowna BC has experienced strong economic revitalization in recent years. With a new and progressive mayor and city council in place, large developers and investment groups are now being drawn to the city due to the favorable investment climate. As a result, multiple projects have been undertaken in the multi-family, housing developments, and commercial sectors.

With a City Council committed to revitalization, the downtown core has become a hub of healthy economic, cultural, and social activity. Following a “Healthy City 101” philosophy, a vibrant downtown core has been created, enticing people to reside and business’ to operate. This environment is proving to have a strong and immediate impact on the economic growth in the region.

High Tech Industry

The economic impact of the Technology sector in the Okanagan has been assessed at well over $1.3 billion and is growing rapidly. The implications of this rapidly growing sector on the relatively small population base of the Okanagan (under 250,000) cannot be overlooked. The tech sector has now surpassed tourism, manufacturing and forestry combined, with respect to total people employed.

With over 650 companies and 7,600 employees, the tech sector is one of the largest contributors to the region’s growth. With 52% of tech workers being under the age of 35, young professionals and young families are moving to the Okanagan in numbers never seen previously. When polled, these young professionals are stating lifestyle and affordability as top reasons for making the move.

For more statistics on the Technology Sector please visit the Okanagan Young Professionals website at oypcollective.com or Accelerate Okanagan at accelerateokanagan.com.

Young Professionals & Families

In addition, young professionals and young families are moving to the Okanagan in numbers unprecedented in the valley. Affordability, quality of life, and career opportunities are bringing this vital segment to the region.

Exchange Rate

The strengthening US dollar and resulting softened Canadian dollar has driven a shift in vacation, retirement, and investment property purchases from the US to the Okanagan. In the early 2000s (driven by the exchange rate and low US cost of housing) there was a major wave of property investment by Canadians in areas such as Phoenix, Palm Springs, northern Montana, and Washington. The investment wave has now shifted back to Canada with the Okanagan being the most desirable of Canadian regions.

Our US Neighbors

For our US clients, the power of the dollar exchange rate is creating a very desirable property investment opportunity. Also fueled by the increased cost of housing in the US and the infamous “Political Climate” , there is an unprecedented number of Americans purchasing vacation or retirement property in the Okanagan.

Retirees

A combination of Canada’s best climate, affordability, the exchange rate, quality of life, world class amenities and easy access to medical services is bringing retirees to the Okanagan in unprecedented numbers.  

Vancouver BC: Real Estate & Social Opportunities

The unaffordability of housing and the social issues of the Lower Mainland have become infamous. Leading the investment wave in the Okanagan are people from Vancouver and the Lower Mainland looking for investment opportunities, affordable housing and/or a better quality of life.

University of British Columbia

UBC is a global centre for research and teaching, consistently ranked among the top 20 universities in the world. The Okanagan campus of UBC is a rapidly growing institution providing a higher level education opportunity for students from all across western Canada and international students alike.

The economic impact of Tier 1 Universities on communities is well documented and the UBC’s positive influence on the Okanagan reinforces the statistics.

For more information on UBC, visit UBC.ca (Okanagan Campus).

Kelowna International Airport - YLW

As one of Canada’s fastest-growing airports, it is the perfect balance of manageability and access. As any seasoned traveler who has been through YLW will attest to, this airport is the quickest and easiest to get through of any “well connected” airport they have experienced.

YLW has direct or one-transfer flights to most major Canadian and US cities.

But don’t take our word for it. Check out flights to Kelowna for yourself.

Tour Kelowna

As two people who have moved our families to the Okanagan for the lifestyle and the investment opportunity, we can say we truly “put our money where our mouth is” as they say. And the results could not have been better.

If you have a desire to own property as an investment, or as a future plan to move to the Okanagan we strongly suggest you book a trip to scout the opportunity (and enjoy a fantastic vacation). Give us a call anytime and we’ll point you in the right direction.

Regards,
Shaun

NapaNorth Developments Inc.