Kelowna’s new 10-year capital plan proposes a massive $2.59 billion investment in public infrastructure, which could have a significant impact on the local real estate market. Whether you're looking to sell your home or buy a new one in Kelowna, understanding these upcoming changes can help you make informed decisions.
This major investment in infrastructure, including transportation, parks, and community facilities, could boost property values in Kelowna. Upgrades like the Highway 33/Clement Extension, the KLO bridge replacement, and new active transportation corridors are set to enhance accessibility and neighbourhood appeal, making this an opportune time to list your home. Buyers from out of town will be drawn to the improved amenities and connectivity, potentially leading to a quicker sale and a better return on your investment if your property is affected by these infrastructure upgrades.
If you're looking to buy a home in Kelowna, this capital plan promises an exciting future. With $726 million dedicated to transportation improvements and $358 million for parks, new residents can expect enhanced quality of life and increased property values over time - and even open up new areas of search for your home. Investments in community centers, protective services, and recreational facilities also make Kelowna a more attractive place to live. Additionally, infrastructure improvements, such as the Transportation Accelerator Program (TAP), aim to deliver projects faster, which could ease traffic and improve daily commutes especially for active transit options.
What You Need to Know: With $533 million earmarked for essential services like water and wastewater, and substantial funding for recreation and safety, Kelowna is set for growth. Approximately 65% of the capital plan is funded through city taxation, reserves, and borrowing, while 35% comes from external sources, including Development Cost Charges (DCCs) and government grants.
If you're considering buying or selling a home in Kelowna, the future of the city is looking bright. Give us a call to learn more about how these exciting proposed changes can affect your property value or home search. Our team is here to guide you through every step of the process. Contact us today to get started!
