Kelowna - get prepared for an influx of Vancouverites
Kelowna could see an influx of Gen-Xers and Millenials over the next 5 years.
According to a new study, a large percentage of Vancouver homeowners, aged 25 to 54, are thinking about cashing in their real estate holdings and moving to more affordable markets.
The Insights West survey for Resonance Consultancy found 40% of Vancouver Gen-xers - and 35% of Millenials are considering pulling up stakes - and Tom Gierasimczuk at Resonance Consultancy says Kelowna is one of the prime locations.
"Most, rest assured, do intend to stay in the region - the greater Vancouver region - the others though are thinking about leaving BC wholesale while Kelowna comes in at number three as a preferred destination. So, Kelowna stands to inherit a massive, massive amount of this greater Vancouver influx," he says.
Gierasimczuk says Kelowna is not only attractive because it's more affordable compared with Vancouver - but it also has all the amenities.
"They still want the great restaurants, they still want walkability so places like Kelowna (rank high), obviously number two in BC as a preferred relocation destination, but there's also places like Victoria and places like Nelson in the Kootenays - very isolated, however very contained; great culture, great restaurants, very walkable," he says.
Resonance Consultancy says almost 90% of those aged 35-54 - and 86% of millenials say Vancouver is way too pricey.
Gierasimczuk says for the first time, housing has cracked the top three election issues in BC- it's number one ahead of health-care and the economy.
British Columbians will hit the polls in May.