Meet-up in Kelowna, BC?

21 Replies

Hey Canadians on BP! Are there any investors in Kelowna, BC that would be interested in attending a meet-up? Comment below and we can set something up in the coming months. Looking forward to seeing you soon!

Hi both!  I don't live in Kelowna (live in Vancouver), but I am wondering what's the market like in Kelowna?  I am wondering if it is a good location for buy and hold and if the cap rate there meet the 1% rule?

Updated almost 3 years ago

Sorry, I mean the 1% rule instead of a 1% cap rate. Just realized my typo.

Hey @Victor Zhou ! I’m still fairly beginner (I have one single family home with two rental units in it) but here is my opinion. In Kelowna itself is fairly difficult to find cash flowing properties (but not impossible!). The vacancy rate is extremely low so it’s easy to find renters once you do have a property. Keep in mind that this may change in the coming years because of a combination of all of the new properties hitting the market, the speculation tax and the crack down on Airbnb’s in the area. If you do decide to invest in Kelowna despite everything I just told you (my investment property is in Kelowna so I think with the right property it’s still a great place to invest) here’s a quick breakdown of the areas: 1. Upper mission: single family homes, fairly expensive. 2. Lower mission (Pandosy): mostly carriage homes, very happening place right now but also decently more expensive than other areas. 3. Glenmore: a lot of new stuff happening here. The buses suck here so students don’t typically go for it unless they can’t find something else or have a car. 4. Downtown: mostly carriage homes again. Some pretty sketchy areas here still so be sure to visit the area first. 5. Rutland: this used to be the sketchiest part of town and many people would advise you to stay away but I think this is outdated advice. Because of its proximity to the university this area has really transformed but prices are still lower than the rest of Kelowna. Again I would make sure to come visit because not all of the areas have transformed. About a 45m-1hr drive from Kelowna is Vernon. Vernon is still developing compared to Kelowna but prices are better than Kelowna and rental rates are comparable. You need to pay more attention to the area in Vernon since there are more sketchy areas. Generally, avoid the area close to the hospital. Hope that helped!
@Victor Zhou sorry, I just realized I didn’t 100% answer your question. Regarding the 1% rule: no, it’s extremely challenging to find a property that meets the 1% rule but the 1% rule isn’t the be all end all. Our property that we bought doesn’t meet the 1% rule but it’s still a good investment. Regarding buy and hold: if your main goal is to buy something that will rise in value significantly, stay in Vancouver. The further you get out of city centres the slower properties gain value. A good thing to look at is average salary in areas. The higher the average salary the more potential for growth because people have more money to spend. This is a good marker for rent as well, the max rent you can charge in an area is typically 1/3 of the average salary.
@Charlie Yu Hey Charlie, this is not for Kelowna at all. The hospital area in Kelowna is awesome (Pandosy as mentioned above). You should avoid he hospital area in Vernon, it’s a sketchier part of town with a higher crime rate and significantly higher turnover which means lost revenue for a rental.

Hi all,

I recently purchased an investment property in downtown Kelowna. Currently reside in Vancouver. If you guys have any future meetings, please let me know. I will be in town in the beginning of September. 

Hi everyone! Just checking in on this and I’m seeing some more interest in a meet-up so I’m going to organize something now! How does Friday September 14 sound for everyone? If this doesn’t work for you feel free to suggest another day. I’ll check in again in a week and set a date. Really looking forward to meeting all of you!

I am looking to sell my apartment in Kelowna BC. I think it’d be a great buy and hold. I wish I could hold onto it myself, but I have an offer that is waiting on the sale of my apartment.

Sure, count me in.

Please note there’s a local FB group called Okanagan Real Estate Investors and we meet almost every month and bring a guest speaker 

hey, would love to have a meet up with some likeminded people in the area! currently working on a BRRR myself and looking to keep learning! available throughout November after day job hours

Hey guys! Im located in Penticton. Would love to join a meetup sometime! Even if its just a few of us, that could be great.  Currently just house hacking my home, but really wanting to invest in a rental or a flip. Also, considering long distance investing.