In 2020, two-story homes are selling for an average $2.1 million in Vancouver, BC. Here in Kelowna, BC, two-story homes average $750,000.
Do the math yourself – single-family homes are nearly 3 times more expensive in Vancouver compared to Kelowna. But this difference may not last forever.
The Central Okanagan has seen a boom in housing sales throughout the summer of 2020. The chart below from OMREB shows year-to-date July housing sales for 2019 (blue) vs 2020 (orange).
Source: Okanagan Mainline Real Estate Board Monthly Statistics Graphs – July 2020
Single-family home sales above $650,000 have all increased since 2019, but the largest increase was in the luxury housing segment at $1 million and over. There were 149 luxury home sales in the Central Okanagan in July 2020 compared with 91 luxury home sales by July 2019 – a massive 64 percent increase.
Why are so many luxury buyers flocking to the Central Okanagan? Lets tour the luxury real estate markets of Vancouver and Kelowna with a generous $3 million budget and find out.
You might be surprised how much more house you can get in the Okanagan Valley.
Houses For $3 Million in Vancouver
Let’s start by exploring three Vancouver homes on the MLS around $3 million.
481 West 17th Avenue – $2.75 Million
Our first property is a “revitalized” 3,500 square foot home on a 0.146 acre lot. Built over 100 years ago in Vancouver’s Mount Pleasant neighborhood, this “charming” and historic single-family home features 6 bedrooms, 4 bathrooms, a retrofitted kitchen, remodelled interior, a fenced yard, and an eye-catching bottle-dash stucco exterior. The original owner was likely born sometime around 1890.
3536 West 1st Avenue – $3.35 Million
Next in our Vancouver tour is this 3,750 square, 3-story A-frame built in 1912. That’s the same year the Titanic set sail. This mostly well-kept property has an aged exterior with a remodelled interior featuring hardwood floors and synthetic marble countertops.
Much of this property’s value is driven by the prime location on West 1st near Jericho Beach in the trendy Kitsilano neighborhood. The rear carriage suite is there to maximize rental income, but it also means there’s not much of a backyard. This could be an ideal investment property for some, but it’s not quite a dream home.
4811 Elgin Street – $2.7 Million
Last in our Lower Mainland home tour is this brand-new 3,200 square foot house in East Fraser. Built in 2017 on a 3,500 square foot lot, you’ll get 300 square feet of yard space. If you live here, you’ll get a clear view of your neighbor’s wall from your Kitchen. Have a look.
With 5 bedrooms upstairs, a 2-bedroom legal basement suite, high-end appliances, and a modern interior, this home is definitely positioned as a luxury investment property. But it’s not quite a dream home is it?
Let’s see what $3 million gets you in Kelowna instead.
$3 Million Homes in Kelowna
142 Red Sky Court – $2.9 Million
The first home in our Kelowna luxury tour is 142 Red Sky Court, a custom 5,250 square foot home built in 2019 on a half-acre with 4 bedrooms, 5 bathrooms, a private pool, and a 3-car garage. Nearly every room in this house has unobstructed views of Okanagan Lake and the surrounding mountains.
Located in the master-planned Wilden neighborhood, this home offers peace of mind with state-of-the-art security, a backup generator, two geothermal heating systems for each floor, and a gorgeous covered outdoor deck. This is a true house-on-the-hill 15 minutes from downtown Kelowna.
774 Rockcliffe Place – $3.1 Million
Next in our Kelowna tour is this award-winning 5800 square foot custom home built in 2017 in the exclusive gated community of Highpointe. This home came equipped with 6 bedrooms, 5 bathrooms, a triple garage, 25 foot tall great room, and a backyard swimming pool and hot tub overlooking the City of Kelowna and Okanagan Lake.
With the latest in contemporary kitchen and bath designs, this stylish Kelowna home has an indoor gym, rec room, waterfall kitchen islands, modern appliances, a floating staircase, and high-efficiency heating and cooling systems.
1938 McDougall – $3.025 Million
Last up in our Kelowna tour is 1938 McDougall, Stunning contemporary architecture with floor to ceiling windows embracing the commanding views and 80 feet of sandy waterfront. The lake meets the sky in this modern home which is all about great design, the balance of color, texture and light. Set on 0.36 acres, over 4000 sq ft, 5 bed/5 bath open concept lakeshore home. Nana style folding windows and overhead retractable glass door engages a seamless transition to the lakeside patio & effortless access to the back yard & hot tub.
Rounding up Kelowna vs Vancouver
There’s really not much contest comparing $3 million worth of house in Kelowna with $3 million in Vancouver’s overheated housing market. The Kelowna properties we’ve explored are nearly three times larger than the Vancouver properties with double the interior square footage. Each Kelowna home was built in the 2010’s – not the 1910’s – and features ultra-modern designs, high-efficiency systems, and spectacular views of one of BC’s most beautiful areas.
If you’d like to take a closer look at any of our luxury Kelowna properties, please contact us.