The NEW Kelowna: Young, Hip & Booming

July 13, 2017

Kelowna Bridge IMG_7274Lately, there has been a lot of talk about the New Kelowna and its changing dynamics in terms of population growth and a younger demographic making Kelowna home. Entrepreneurs are flocking to Kelowna to enjoy a blended lifestyle of work and play. Bringing with them their well-honed business savvy and their quest for an outdoors-driven lifestyle these new Kelowna residents are helping to redefine what it means to have the best of both worlds. Proximity to a growing airport makes commuting to urban business destinations a breeze. A tight rental market and an influx of people fleeing the real estate markets of Vancouver and Toronto, has helped inspire more creative architecture, which has created niche industries and businesses capable of meeting these new demands. Witness the emergence of new high rises, contemporary townhomes and condos, as well as the steady growth of new commercial spaces.  With this growth, Kelowna is seeing luxury car dealerships, a bursting winery, distillery and micro-brewery scene, and of course, an ever-expanding tourism and recreation industry. Calling Kelowna home, these inspirational entrepreneurs are fueling the growth of a high-tech boom. Whether it’s for the famed Kelowna climate or the enviable lifestyle, Kelowna is sure to shine.
Recently in the Press:
“Kelowna is getting younger, hipper and richer, according to a story by The Canadian Press that’s running in newspapers across the country, like the National Post and Winnipeg Free Press.
The city has the high-tech boom to thank because it is attracting young, well-paid workers who want the elusive mix of urban amenities and outdoor recreation at a price much cheaper than overpriced Vancouver. The article also points out what’s already well-known in Kelowna, that high-tech is a $1.3 billion-a-year industry with almost 700 companies employing 7,600 people, and over half of them under the age of 35.
The influx prompted more downtown condominium development, the need for the just-opened Okanagan Centre for Innovation office building downtown and wineries and restaurants that appreciate the new demographic.”
Source:
http://www.pressreader.com/canada/the-daily-courier/20170628/281505046231271
http://www.kelownadailycourier.ca/business_news/article_91c41376-5b8b-11e7-aa51-b7ae7ea50b62.html
ELLA 20-storey condominium (read more for details)
http://www.kelownadailycourier.ca/business_news/article_8df9a7fc-52c5-11e7-9865-3fcabb96a2f7.html
People are moving to Kelowna in droves
“Figures from U-Haul, the leader in do-it-yourself moving truck rentals, show Kelowna is the sixteenth busiest city in the country so far this year for incoming U-Haul trucks.
That’s up from No. 24 last year and is a 9.5 per cent increase in arrivals compared to last year.
Kelowna’s high-tech-and- construction boom is attracting new residents.
As well, the city continues to lure those who want to retire or semi-retire where the weather is nice and the lifestyle enviable.”
http://www.kelownadailycourier.ca/business_news/article_6186a21e-610d-11e7-aea4-f350ef108173.html

Indicators
“The population is ballooning, more people are working, business licences and household income are up, as are house prices and construction, rents and airport traffic. It’s a scene of growth and prosperity all round in Kelowna.
This week, the Central Okanagan Economic Development Commission started the quarterly release of nine economic indicators using data compiled from a variety of third-party agencies and governments.
The data doesn’t just paint a rosy picture of the community, but it helps entrepreneurs and companies already here, or thinking of relocating here, to make business decisions.
With a 2016 population of 194,882, up 8.4 per cent from 2011, the Central Okanagan is the fastest-growing region in B.C.
The average household annual income in Kelowna was $80,000 in 2014, up 2.1 per cent from 2013, and higher than the $75,000 in Toronto and $76,000 in Vancouver.
In the first three months of this year, 95,400 were employed in the city, up from 89,300 at the same time last year.
All the other stats also indicate growth with home construction starts 27 per cent higher, 15 per cent more business licences, 8.7 per cent more airport passengers, rents up six per cent, median home prices 15 per cent more and the value of building permits up six per cent.
The full report is available online on the Resources page at InvestKelowna.com.”
Source: http://www.kelownadailycourier.ca/business_news/article_a281243e-4d7a-11e7-85bb-439228f0493d.html

City of Kelowna Interactive Map
http://growing.downtownkelowna.com/

Recommended Resources
http://www.investkelowna.com/application/files/9814/9729/1980/COBusSvc_Guide_2017-07-12.pdf
https://www.kelowna.ca/sites/files/1/docs/community/Publications/community_trends_2016.pdf

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