Investors flock to reserve land as Kelowna home, condo values slump
Castanet reported falling Kelowna home and condo values in 2023, and growing interest in Westrich Bay across the lake on Westbank First Nation land.
In February 2024, Castanet reporter Cindy White covered a Point2 Homes analysis that found home and condo values in Kelowna fell through 2023. Single-family owners who bought in late 2022 lost an average of $98 a day, the largest loss in B.C., and the average Kelowna condo or apartment price slipped from $502,800 to $480,800. Point2 pointed to inflation, high interest rates and, for condos, falling demand.
The story then crossed Okanagan Lake to Westrich Bay, on Westbank First Nation land, where interest had grown in the preceding months. Westrich Bay’s sales manager told Castanet that many of the project’s buyers were extended families or groups of friends, and that the marina was a draw for boat owners, including many from Alberta.
The article also mentioned Shelter Bay, the only other similar development on Westbank First Nation land at the time.
Availability described in the article has since changed. See current floor plans and pricing, or contact our sales team.